Company Overview

Established in 2017, BioBenefits is the first national employee benefits program designed for life sciences in Canada.

BioBenefits offers access to a national pool of healthcare claims, helping employers spread their employee healthcare costs and risk across similar company profiles. The pool has helped Canada’s growing life science sector realize more predictable and sustainable benefit plan costs, without sacrificing plan design flexibility and coverage.

They offer a comprehensive multi-provider package, giving employers more choice when designing their total rewards strategy, and helping them attract and retain the industry’s top talent. With almost 400 insured lives being served by the program, BioBenefits is quickly becoming the provider of choice for employee benefit plan design and management within the sector.

Major Developments

BioBenefits has recently launched Canada’s first Portable Insurance Plan (“PiP”) for independent Canadian workers. This fully portable insurance coverage is designed to mirror traditional employee benefits but without any costs or admin obligations for employers.

The plan allows independent workers (contractors) to choose from two unique designs, both with no underwriting, no waiting period, and no lifetime maximums. Many contractors are not eligible for traditional group insurance and are at risk of not receiving the healthcare services they require. The PiP gives contractors the peace of mind of knowing they can get care when they need it, while also guaranteeing access to cash flow when faced with catastrophic injury or critical illness. This innovative contractor-compensation platform is helping life science companies scale their workforce faster with zero impact on their bottom-line.

Upcoming Events

BioBenefits offers free, no obligation employee benefit quotes. Whether you have an existing benefits program or are looking at implementing one for the first time.

Overcoming Challenges

BioBenefits has helped their clients continue to realize predictable claims experience and affordable renewals since the program’s inception. This has become even more important following the pandemic and the current economic challenges the sector and Canadians face.

To help address these financial challenges, BioBenefits has recently introduced financial wellness as a key pillar of its mental health support and plan designs.

To learn more about how BioBenefits can serve you, visit their website at biobenefits.ca.