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Introducing the New, Fully-Pooled Catastrophic Hybrid Insurance Plan

By: Benefits by Design | Tuesday October 5, 2021

Updated : Thursday August 25, 2022

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In partnership with the Canadian Group Insurance Brokers (CGIB), Benefits by Design (BBD) Inc. is proud to unveil a new, fully-pooled and transparent catastrophic hybrid insurance plan!

Introducing the New Catastrophic Hybrid Insurance Plan

Designed with small- and mid-sized employers in mind, the CGIB Catastrophic Hybrid Insurance Plan (CHIP) brings a new level of rate stability, particularly in cases where high-cost drugs are a factor. What’s more, Advisors and their groups are offered transparency like never before, where both the premiums and claims paid are shared with stakeholders.

This is an ideal product for plan sponsors looking to control rate volatility in their group benefits plan, while offering essential health coverage for employees, and benefiting from transparency in premiums and claims paid from the health pool.

Interested in learning more? Download the full Overview below!

Download the Program Overview (PDF: 67 KB)

What’s Different About this Plan?

Sharp advisors will already know that we offer a group Catastrophic Hybrid Plan so what makes the CGIB CHIP plan different?

• A fully-pooled solution. All groups are placed into a single, large pool in order to spread the risk, providing additional stability and allowing for a single set of rates. This eliminates the need for tiered pricing based on claims experience.

• A single rate. One set of rates for Pharmacare and Non-Pharmacare provinces, allowing Advisors and their clients to obtain a quick and accurate pricing estimate.

• Transparency. In an industry first for a fully-pooled product, claims experience on the overall performance of the pool will be shared with stakeholders, providing transparency.

• Available exclusively to CGIB members. CGIB members enjoy exclusive access to this product, thanks to their increased breadth of knowledge of field underwriting and a focus on group insurance.

• Field underwriting. To protect the Essential Health Care pool and ensure long term stability of pricing, CGIB members will be expected to perform extensive field underwriting. This ensures their clients are protected, and that the plan not only survives, but thrives.

Want to learn more about field underwriting? Download our guide below!

Download the Field Underwriting Guide (PDF: 58 KB)

Update: One year later we have our first case study!

[Case Study] CGIB Catastrophic Hybrid Insurance Plan: A Solution for the Diverse Workplace

What is Included in the Plan?

This fully-pooled catastrophic hybrid plan includes essential health coverage, emergency medical travel, and a Health Care Spending Account (HCSA). Here’s a closer look:

Essential Health Coverage, including:

• Prescription drugs
• Accidental Dental
• Private Duty Nursing
• Medical Equipment & Supplies
• Semi-Private Hospital
• Ambulance

Travel Coverage, including:

• 100% Emergency Medical Travel
• Maximum of 60 days, $5,000,000 per incident

Health Care Spending Account (HCSA)

• Allotments determined by the employer
• Offers flexibility in coverage while protecting plan members
• Can be used to cover the Insurance Deductible

Insurance Deductible

• Single Coverage — $1,000 per plan member
• Family Coverage — $1,000 per plan member and $1,000 combined for eligible dependents, totaling $2,000 family deductible.

Looking for More Coverage?

This product naturally pairs well with other pooled options such as Life Insurance, Accidental Death and Dismemberment (AD&D) Insurance Short Term Disability (STD) Insurance, and Long Term Disability (LTD) Insurance to provide great coverage with affordable and stable rates.

Got more questions?

Download the CGIB CHIP Plan FAQ (PDF: 82 KB)