An employee benefits program is the platform to your organization’s success. Leveraging a strategic benefits plan can optimize recruitment, employee retention and overall competitive advantage. Realigning your benefits and group retirement savings plans with your organizational mission and vision is crucial to delivering an effective message to your employees.
At Benchmark Benefit Solutions, we:
Develop creative solutions that are more flexible, comprehensive and cost-effective
Pool resources to maximize the value of your investment so we can offer a better-designed product, attractive pricing and more value
Re-allocate underused benefits so your dollars are better spent
Focus on implementation and ongoing management of the plan, including regular updates and reports, market trend analyses and client contact
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.
Flex benefits are a way to make your plan more meaningful to employees. Flex benefits let the employee choose different kinds of benefits and allocate the contributions according to priorities. For example, employees may be able to buy vacation days or elder care coverage, or allocate benefit dollars in a certain way so the plan can be tailored for different needs.