Employee Group Benefits
Employee group benefits are packages offered by employers to support their employees' well-being. These can include health insurance, dental and vision coverage, and other perks. They provide financial security and access to essential healthcare services for employees and their families.
Why are group benefits good for your business?
Attract and Retain Talent
Offering comprehensive benefits helps you stand out in a competitive job market. Employees are more likely to join and stay with a company that values their health and future.
Boost Employee Morale and Productivity
When employees feel cared for, their job satisfaction increases. Healthy, happy employees are more productive and engaged at work.
Enhance Company Reputation
A strong benefits program can improve your company's image, making it a more attractive place to work and do business with.
How Frontline Benefits Inc. makes your journey easy.
At Frontline Benefits Inc., we set the bar for benefits by ensuring a seamless process:
Discovery Meeting
We identify your specific needs and tailor the benefit plan accordingly.
Information Gathering
We collect necessary data and documents to provide an accurate quote.
Draft Meeting
We present initial plan designs and gather your feedback for any adjustments.
Revise Meeting
We refine the plan based on your feedback and present a revised quote.
Implementation Meeting
We guide you through the final steps to activate the plan, ensuring you have all the necessary information.
Our easy-to-understand approach keeps you confident and informed at every step. At Frontline Benefits Inc., we make securing and managing employee group benefits straightforward and stress-free.
Group Benefit Pros and Cons
Having a hard time deciding which features are right for you? Below are 4 options for Group Benefits. The pros are in green and the cons are in red.
Health Care Spending Account
Get Your Quote TodayCorporations that need to take advantage of tax deductions, companies that may not qualify for traditional coverage (ie. risky profession, seasonal staff, transitional employees), can be added to any of the other plans to add a level of fixed cost protection and flexibility.
The employer funds a spending account that the staff can access using a card or an app.
Each employees account has a limit and once that limit is hit they won’t be able to make any more claims until the following year.
Pros
Flexibility
Certainty of Bottom Line
Cons
Administrative Services Only (ASO)
Get Your Quote TodayLarger employee size, ideally over 100, good cash flow where fluctuations in claims won’t be an issue.
The company structures the program exactly like a traditional group benefit plan; however, instead of the insurance company taking the risk of the claims the employer is directly taking the risk. This allows the employer to get back any portions of the premium paid that the employees didn’t use.
Pros
Can be more cost effective than experience rated or pooled plans.
Employer gets back what isn't used by the staff at the end of the year.
Cons
Experience Rated or Partially Pooled Benefits
Get Your Quote TodayEmployee size of 15 or greater, employees not expected to make excessive claims.
An insurance company will base your rates either directly or partially on what your company claims. Over the years you build “credibility” which can then be used by other insurance companies to determine what they will bill you should you ever decide to switch companies.
Pros
Risk is held by the insurance companies.
Options can be customized quite easily.
Better claims experience can help you leverage better premiums from other providers.
Cons
Fully Pooled Benefits
Get Your Quote TodayEmployee size of 15 or less, employees expected to claim higher than average.
Your rates are calculated based on a large pool of companies that are also using the benefit plan.
Rates are calculated each year based on the amount of claims throughout the entire pool along with changes in dental fee guides and increases in health care related expenses.
Pros
Premiums are relatively stable year to year.
Companies with high claims have the protection of the pool.
Cons