Wellness as a Strategy, Insurance Benefits as a Solution

Your business needs competitive health and wellness benefits to attract the best talent. In fact, over a third (36%) of small business employees surveyed said they would rather have health and wellness benefits over a $40,000 raise.

Offering health and wellness benefits can foster a healthier, more engaged workforce and provide employees with the reassurance that their health and the health of their loved ones is covered.

We know the world of employee wellness and benefits can be confusing. Which option is best for your business?

Bensol is here to point you in the right direction. We are benefit specialists and we’ve been at it for 20+ years: we understand our business, and we take the time to understand yours.

Learn more about these options by expanding the sections below.

The Self-Funded Health and Dental Plan

Similar to a traditional benefit plan in design but the Plan Sponsor uses their own funds to pay Health and Dental claims, pays a reasonable admin fee and purchases Stop Loss insurance to cover major unexpected claims.

You may like this option because:

  • Full control over your program and costs – year over year
  • Administration fees are low
  • Lots of plan design flexibility
  • Expenses are incurred only when claim is made
  • Like the traditional plan, electronic claim reimbursement is included
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.

You may like this option because:

  • 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 Benefit plan to fund Paramedical and Dental claims
The Pooled Plan

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

You may like this option because:

  • 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 is not disclosed
The Traditional Benefit Plan

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

You may like this option because:

  • 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 is disclosed

Why Bensol? We’re glad you asked:

We understand our business, and we take the time to understand yours:

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.

Ready to elevate your workforce with wellness? Let’s chat.

Our preferred suppliers

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