FREQUENTLY ASKED QUESITONS

What are group benefits?
Group benefits allow for an employer to offer its employees additional coverage
outside of provincial health care to attract and retain employees.

Group benefits coverage options:
  • Life Insurance
  • Accidental Death & Dismemberment Insurance (AD&D)
  • Dependents Life Insurance
  • Extended Heath Care
    • Prescription drugs
    • Paramedical services - chiropractors, podiatrists/chiropodists, naturopaths,
      osteopaths, acupuncturists, physiotherapists, audiologists, massage therapists,
      psychologists/social workers, speech therapists and clinical dieticians.
    • Ambulance
    • Eye exams
    • Nursing care
    • Hearing aids
    • Medical equipment
    • Orthotics/Orthopedic shoes
    • Medical Emergency Assistance
    • 24-month Survivor Benefit
  • Dental
  • Critical Illness Insurance
  • Long Term Disability Insurance
  • Short Term Disability Insurance
  • Business Overhead Expense Insurance
  • Administrative Services Only (ASO) Coverage
  • Health Spending Account
  • Wellness Account
  • Retirement through a Group Registered Retirement Savings Plan
  
What can you do for me?
Our job as a benefits broker is to evaluate your current needs and recommend the
program, pricing model, company or a combination of companies required to ensure your
company has the benefits required for your employees, with the cost your company can afford.
We work with you to develop a tailored plan to fit your company's needs and budget.

I have a plan and am looking for a second opinion?
One of the most important factors when shopping for a new carrier is to compare your
current plans Target Loss Ratio (TLR) to the new carriers TLR. This will assist you in
understanding the chances of large rate increases over the next few years. Always make
sure to look at the long term, not just the short-term savings.

What is the difference between a fully pooled plan and a partial pooled plan?
A fully pooled plan is based on a large number of companies being pooled together. The rates
and price of the plan is based on the usage of the whole group within that pool. Chambers Plan
is the largest fully pooled plan in Canada.

A partial pooled plan is based on an individual group's/company’s usage of their plan. Rates
and prices are based off that individual company’s usage. Carriers like GroupSource,
Great West Life, Manulife, and Sun Life use partially pooled plans.

What is it going to cost me?
The cost of a benefit plan is dependent on you, the employer. It is the employer’s choice if the
cost of the plan will be fully covered by the employer or split with the employees. The benefit
coverage, average age of the group, and annual usage will also determine the price.

How does my renewal work?
At your renewal, the insurer will determine your Target Loss Ratio (TLR) — the ratio of
administrative expenses to claims payments. Every plan has administration fees and benefit
fees, and these are both part of the overall premium you pay for your benefits. At renewal time
the insurance company separates these expenses from your claims to determine your new
premiums. Each insurance company has a different level of expenses, which determines how
TLR’s are calculated.

Do you provide service for individuals?
Yes we do! We work with employees to develop cross coverage plans, to ensure financial security
through both the employer and individually.

Please contact us for more information.