The world of employee benefits can be confusing. Which option is best for you?

Your small business needs competitive health benefits to attract the best talent. When offered a $10,000 raise, or keeping benefits, 59% of employees would keep the benefits.

Extended health benefit options can be confusing. Bensol’s expert team is here to point you in the right direction. We are specialists working with small employers: we understand our business and we take the time to understand yours.

Alternatively, you can also learn more about these options by expanding the sections below.

The Health Spending Account

Much like a bank account – the plan sponsor allocates an
annual fixed amount of funds for the member to use for
reimbursement of Health and Dental expenses.

Funds used to meet individual needs
Funds are lost if not used (carry forward provision optional)
No pre-funding of the account
Expenses are incurred when claim is made
Works well when used in conjunction with a traditional plan to fund Paramedical and Dental claims

Catastrophic health insurance is an added expense
Monthly costs can vary dramatically
Member has to pay for claim then seek reimbursement
Members with high health needs complain about limited coverage

The Pooled Plan

Claims are pooled with participating firms
resulting in manageable premium adjustments.

Regular monthly premium with an annual guarantee
Insurance carrier assumes all the risk
Administration fees are low the larger the size of the pool
Premium is stable and manageable from year to year
Annual premium surpluses are invested in plan enhancements

Claims experience and expenses may not be disclosed
All members have to take the same insurance coverage
Limited plan design options
Insurance carrier can change plan features or remove coverage

The Administrative Services Only Plan

Similar to a traditional benefit plan in design but the Plan
Sponsor uses their own funds to pay Health and Dental claims.

Large Claim Pooling insurance is purchased to limit
the Plan Sponsor risk of catastrophic claims
Administration fees are low
Lots of plan design flexibility
Expenses are incurred when claim is made
Like the traditional plan, electronic claim reimbursement is included

Monthly costs can vary dramatically based on claims incurred
Premium adjustments for Large Claim Pooling insurance can
increase dramatically when catastrophic claims are incurred
Moving back to a traditional plan can result in coverage being
denied for members with pre-existing conditions

The Traditional Benefit Plan

A traditional benefit plan provides comprehensive coverage
for death, disability, health, and dental expenses.

Regular monthly premium with an annual guarantee
Insurance carrier assumes all the risk
Changing insurance carrier can result in lower costs
Annual rate adjustments can be negotiated
Plan sponsor is not responsible for annual deficits
Claims experience and fees are disclosed

All members have to take the same insurance coverage
Annual rate adjustment reflects prior year’s claims and can be volatile
Premium is not refunded – Insurance carrier keeps the surplus
Administration fees can be high resulting in less premium to pay claims

Our approach includes:

Comprehensive Intake – We get to know your business, employee structure, and unique needs. Small core staff? Contractors and part-timers? Employees with different needs? No extra time to administer a benefits plan? We hear you. Even the most complex situation can have a solution.

Full Market Surveys – Once we understand the best option for your business, we request quotes from all the leading insurance carriers to make sure you get the right plan for the right price.

Plan Design Audits – If you are already using an employee health benefits plan but are not sure if you are maximizing the return on your premium, we’ll review your current structure and make sure your plan design continues to offer value as your business evolves and grows.

Executive Benefits – From Key Person Life and Disability Insurance to Partner Buy-Out insurance, we can help you find the right coverage for your business needs.

Group Retirement & Savings Plans – Employees that are financially prepared are more likely to say they are productive in the workplace. We will design and service a GRRSP that builds employee loyalty and productivity.

It’s easy to benefit your employees. Seriously.

Get to know your options below, and then let’s chat!

Our preferred suppliers

  • Chambers of Commerce Group Insurance Plan
  • Empire Life
  • Equitable Life Canada
  • Manulife
  • Sunlife