With these types of plans, we can marry the protection of insured traditional plans with the cost savings of self-insured plans. For example, we could set-up a plan that offers insured coverage for life insurance and disability insurance but use self- insurance products for the extended healthcare and dental benefits. In order to protect employees from catastrophic events, we can add emergency travel insurance and fully insured “stop-loss” protection for the healthcare benefit. Stop-loss protection will insure your employees for any claims incurred over a certain annual limit. For example, the employer would be responsible for paying the first $10,000 in annual healthcare claims and should a family need more, the stop-loss protection would cover anything incurred above $10,000 in a given year. Self-insured dental plans make a lot of sense since they provide more flexibility for employees and the lowest possible cost for employers.
Up until recently, this type of plan was only available to employers with hundreds of employees. Now, there are Canadian providers who can offer this type of plan to employers with five or more employees. Employers can achieve a greater level of cost stability and employees get the ability to customize their coverage to meet their specific needs.
Why People Choose Us?
At IP Benefits, we value your business. We are ready and willing to help you with any questions or concerns that arise regarding your benefit plan. Our expertise can help you set-up a plan for the first time, review your existing plan to make sure that your rates are competitive, and help with all of the administrative tasks that go along with running a successful plan. Do you have employees with claim problems? We’ve seen almost everything and can usually get results in a very short period of time. No issue is too small and nothing is too big for us to help you resolve.
This format of employee benefit plans is by far the most common for small/medium sized enterprises. Core benefits include life, disability, extended health and dental insurance.