Group Benefits
Providing a win/win solution
When it comes to shopping for a benefit plan, it’s essential to partner with a group insurance specialist who understands the intricate balance between employees’ needs and employers’ objectives. The right plan should be a win/win for both parties involved. While cost is undoubtedly a crucial factor, equally important are the benefits provided, which should serve as a generous complement to employees’ compensation. A group insurance specialist can navigate the complexities, ensuring that the benefit plan strikes the perfect balance, offering comprehensive coverage that attracts and retains talented employees while aligning with the budget and goals of the employer.
Fully insured plans
As a brokerage, we offer a wide range of fully insured group benefit plans, drawing quotes from several reputable insurance companies such as Canada Life, Manulife, Sunlife, Equitable Life, RBC, Alberta Blue Cross, and many more. We understand that every business is unique, with specific needs and priorities. By gathering quotes from multiple insurers, we ensure that we find the best match for your company, providing you with peace of mind knowing that we have done the legwork to secure the most suitable coverage.
When it comes to group benefit plans, comprehensive coverage is key. We recognize the importance of offering complete protection for your employees. More and more we see employees relying on essential benefit plan components like disability insurance and unlimited drug coverage. Disability insurance ensures that employees have financial support in the event of a disability, protecting their income and providing peace of mind during challenging times. Unlimited drug coverage ensures that employees have access to the medications they need, without the burden of enormous prescription drug costs of the latest blockbuster biologics.
By offering fully insured group benefit plans with a range of options from top insurers, we can customize the coverage to meet your specific requirements. Our goal is to provide your company with a comprehensive plan that not only attracts and retains top talent but also safeguards the well-being and financial security of your employees. Trust our expertise to navigate the complexities of group benefit plans and find the best insurer and coverage for your company’s needs.
ASO (Administrative Services Only)
An ASO (Administrative Services Only) group benefit plan offers a unique structure that combines the protection of life insurance and disability benefits with the financial flexibility of self-insuring the healthcare side of the plan. This arrangement provides businesses with the opportunity to have greater control over their healthcare costs while ensuring that the catastrophic benefits continue to fall under the responsibility of the insurer.
On the pooled benefits side, things like life insurance, critical illness and disability benefits, the plan operates similarly to a traditional fully insured plan. The insurance company assumes the risk and responsibility for these benefits, providing peace of mind to employers and employees. This ensures that the crucial aspects of the plan, which protect individuals in times of illness, injury, or loss, are securely in place.
The self-insured component of the ASO plan applies to healthcare benefits. Here, the employer takes on the financial risk and responsibility for funding the healthcare benefits, such as medical, dental, and vision coverage. This allows businesses to potentially reap substantial cost savings by tailoring the plan to meet their specific needs and building in stop-loss where claims historically run high. The flexibility to design a plan that aligns with the company’s unique requirements can result in improved cost management and increased control over the benefits offered to employees.
An ASO group benefit plan combines the best of both worlds. It safeguards life insurance and disability benefits through a traditional fully insured approach while enabling businesses to self-insure the healthcare benefits, granting them the potential for significant financial benefits and increased control over their healthcare costs. It’s an innovative solution that strikes a balance between protection and cost management, providing employers with the opportunity to tailor a benefit plan that meets the needs of both the company and its valued employees. Ask us if ASO is right for your company.
Individual Health Plans
At Myers we understand that life transitions such as termination or retirement can lead to the loss of valuable health insurance benefits. That’s why we offer comprehensive individual health insurance solutions designed to bridge the gap and provide you with the coverage you need. Our individual health insurance plans are specifically tailored to replace the benefits you had through your employer, ensuring that you and your loved ones continue to receive essential medical coverage and peace of mind during this transition. We work closely with you to assess your unique needs, preferences, and budget, guiding you towards the right plan that offers comprehensive protection and access to quality healthcare services. With our individual health insurance offerings, you can confidently navigate life’s changes without compromising your health and well-being
What do group benefits cost?
When it comes to group benefit plans, there is a range of options available to suit different needs and budgets. Business Owner will often ask us what the cost of adding a benefit plan to their company would cost. While there are so many factors that affect price, the menu below would give you a good starting point on what a benefit plan could cost your organization:
Basic
- Prescription drug coverage with a $1000/year drug cap
- Paramedical services coverage, $300/per practitioner per year (e.g., physiotherapy, chiropractic)
- Flat rate $25,000 Life insurance. $10,000 for spouse, $5,000 for dependants
-
Dental coverage; basic only to a
max of $1000/year - No disability
- Estimated cost* per employee: $225 per month for a family. $95/month for a single.
Standard
- Prescription drug coverage with a $5000/year drug cap
- Paramedical services coverage, $300/per practitioner per year (e.g., physiotherapy, chiropractic)
- Flat rate $50,000 Life insurance. $10,000 for spouse, $5,000 for dependants
-
Dental coverage; basic and major to a
max of $1500/year - Long term disability to age 65 (non-evidence max of $3000/month)
- Estimated cost* per employee: $400 per month for a family. $225/month for a single.
Enhanced
- Prescription drug coverage with an unlimited drug cap
- Paramedical services coverage, $600/per practitioner per year (e.g., physiotherapy, chiropractic)
- 1x annual salary Life insurance. $15,000 for spouse, $10,000 for dependants
- Dental coverage; basic and major to a max of $2500/year. $3000 lifetime orthodontics limit
- Short Term Disability coverage for 45 weeks (non-evidence maximum of $1000/week)
- Long term disability to age 65 (non-evidence max of $3000/month)
- Estimated cost* per employee: $525 per month for a family. $280/month for a single.
*Please note that these estimated costs are for reference purposes only and can vary based on various factors, including the size of the group, industry, location, employee demographics, and specific plan customization.
