What are your options?

Group Employee Benefits

A group benefits plan is a promise made by an employer to their employees. Many employers regard their benefits plan as “good enough? For their purposes. However, having an acceptable solution is not the same as having the best solution strategically designed for your business and your employee population. 

Your situation is unique, and so should your benefits plan. Your company dynamics, demographics and situation will reflect which solution is best for you.

Health Spending Account

A health spending account. A health spending account is a simple way to offer all employees an equal amount of money to spend on their health care needs. This can be a great way to maintain premium costs in future years. There are additional options to health spending accounts, that can include life insurance, long term disability, critical illness, RRSP, EAP (Employee Assistance Program) and wellness packages. 

Traditional Plan

A traditional model through insurance companies, like Manulife, Canada Life, Sunlife and many more. These plans are administered through the insurance company. They base their rates on a target loss ratio and depending on the size and experience of your group, will reflect the premium cost. Most insurers are looking for a minimum of 6 months to a year in business to get started. There are additional options for traditional plan, that include adding life insurance, long term disability, critical illness, RRSP, EAP and wellness packages.

ASO- Administrative Services Only

Budgeted Administrative Services (ASO)  These plans are administered through a TPA (Third Party Administrator) An ASO model can help maintain cost, give more flexibility, and full transparency. There are additional options for ASO plans, that include adding life insurance, long term disability, critical illness, RRSP, EAP and wellness packages. 

Pooled Plan

 A pooled plan is comparable to an association plan. This type of plan can be a great starting point for new businesses, not sure what to offer employees. The rates stay constant, as the business is part of the bigger pool, compared to an individual insurance plan with the rates based on that groups experience. 

Hybrid Plan

A hybrid plan combines the advantages of both conventional benefits plans and Health Care Spending Accounts, resulting in a very flexible and cost-effective solution.

Group RRSP and Employee Savings Plans

Group RRSP’s is a great way to encourage employees to save for the future, with options for the employer to match contributions.  An employer can set up deposits going to RRSP or TFSA, or both. 

1-10 Employees
Is your group too small, or your deposit amount, not qualify for a traditional employee savings plan? There are options available for small businesses who don’t qualify for the traditional thresholds.

11 Plus Employees
There are several options for your group RRSP/TFSA plans to suit your needs.

Financial concept depicting the choice between investing in TFSA or RRSP for Canadian
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