Group Insurance

Georgia GroupGroup Insurance

Traditional Benefit

The fully-insured funding option often referred to as “traditional” insurance, is likely the most familiar funding model.

Insurers calculate your monthly premiums to cover the expected cost of health and dental claims.

They will also account for other factors such as administration fees, taxes, trend and inflation, and more.

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You pay the same monthly premiums typically a year during which the rate will not change. After a year your plan comes up for renewal. A new set of rates are calculated based on factors such as claims experience, demographic changes, and more. As a general rule, approximately 70 – 85% of the total premium collected is for claims costs. The remainder will cover the insurer’s administration fees and other expenses.

A fully-insured funding model’s main advantage is the consistent costs that allow for easy month-to-month budgeting for the year.

Pooled Plans

We have a Pooled benefit solution set up for our clients in order to lower their premiums substantially without sacrificing the benefits. When you join our pool you have a greater buying power as part of a specific large pool which means:

1. Insurance is offered at wholesale prices.
2. Reduced administration costs as a result of renewal occurring at the same time.
3. Provide stability of prices at annual renewal date.
4. Lower Extended Health Care and Dental costs to plan members

Contact us today to explore this option.

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HCSA myHSA - Health Care Spending Account

A self-insured funding model allows you to pay directly for employees’ health and dental expenses. Insurers will support employers in handling the claims, but the funds themselves come from the employer. This arrangement has the potential to reduce the cost of benefits, as you will not be paying for some risk costs of providing insurance that you would under other funding arrangements.

Examples of Self-Insured Funding

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There are many different solutions for providing a self-funded solution to your employees. HCSA is one of them.

Health Care Spending Account (HCSA)
With a Health Care Spending Account (HCSA), employers select an amount of money to provide employees for eligible health and dental expenses. Employees have flexibility and choice in how they spend their dollars and on what. The Canada Revenue Agency (CRA) regulates the eligible expenses under an HCSA.

Employers pay for incurred claims. Unused funds are retained directly by the employer.

We have partnered with myHSA which is a great provider in this space. You can also combine this model with your traditional benefits.

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