When it comes to group benefits, every employer’s situation is unique and yet, not unique.
What do we mean by that?
While it’s true that no two employer’s employee benefits situations are exactly the same (consider factors like demographics, industry, number of employees, individual budget, benefits philosophy), there are common problems employers face when it comes to offering a benefits plan.
Employee Benefits Solutions with BBD
Industry and workplace demographics have changed over our twenty years in group insurance, but we’ve adapted to them, developing products and services to meet the needs of Canadians.
Here are some of the most common situations we see with employers, and the Benefits by Design product that could be the perfect solution:
Recommended product: Standalone®
Standalone is a Health Care Spending Account (HCSA) solution that brings a level of cost-containment to employers, while still providing the coverage employees need most since they are able to spend the allocated dollars (as determined by the employer) on what they want*. With no restrictions on the number of employees or hours worked, Standalone is a solution for businesses of any size.
*As regulated by the Canada Revenue Agency (CRA). You can download a list of eligible expenses here.
Recommended product: Benepac®
Benepac is a packaged group benefits solution that keeps employees healthy and financially secure through traditional pooled insurance products. We use the term “packaged” loosely – benefits can be sold individually or on an as-needed basis, so eligible employers** can choose the coverage they and their employees most need.
**Employers are those within an approved industry with a minimum of 3 eligible employees.
Recommended product: Benaccount®
Benaccount combines low-cost, high-deductible catastrophic coverage with a Health Care Spending Account (HCSA). This combination offers choice and flexibility to employees, while also protecting them from catastrophic situations that might otherwise leave them financially at risk.
Benaccount includes a $10,000 stop-loss threshold.
Recommended product: ASOnly®
ASOnly is a Budgeted Administrative Services Only (ASO) solution that provides coverage for the most commonly-used expenses to maintain employee health. Unlike traditional insurance, ASOnly plans have funding levels based on claims activity, so employers only pay for what their employees are actually claiming, rather than premium payments for benefits they are potentially not using (that’s where the “cheaper” comes in).
Recommended product: Health Assist®
Green Shield Canada (GSC)’s Health Assist provides individual health and dental coverage with no termination age. Coverage continues, regardless of age, as long as payments are made, making Health Assist a natural fit for employees losing coverage, no matter the reason.