Traditional benefit plans involve fully insuring all elements of the program: life, critical illness, short-term disability, long-term disability, health and dental. The organization pays premiums to the insurance provider, who takes on the risk.

Traditional benefit plans involve fully insuring all elements of the program: life, long-term disability, health, dental, etc. But not all plans are well-suited to this funding model.

In certain situations, the employer would be better off by self-insuring the health and dental components of the plan. This approach, known as "Administrative Services Only" or ASO, can yield significant cost savings for the plan sponsor.

Once we determine whether an ASO model is the best fit, we then find the right insurance provider and the right Third Party Administrator (TPA) for the plan. Together, they provide a seamless benefits program that meets the needs of plan members while improving the employer’s bottom line.

More and more companies are looking at Health Care Spending Accounts (HCSAs) because of their broad appeal. HCSAs offer employees tax-free credits or flex dollars to use or spend based on their own needs and budget. For example, employees can use these dollars to pay for deductibles or different medical expenses that aren't covered under the benefits plan, providing more flexible coverage compared to a traditional benefits plan.

A Personal Savings Account (PSA) is a taxable benefit that includes a wider range of eligible benefits focused on enhancing your well-being. Eligible claims under a PSA may include: fitness equipment, fitness club membership fees, nutritional counselling, accredited personal training and even personal services such as estate planning or financial counselling.