Not enough employers are aware when purchasing employee benefit plans about the option of “pooled benefits” and how it can often be the better option. Pooled benefits are a group of companies supporting each other during high and low claiming years to keep premiums stable and affordable because not everybody has high claims at the same time.
How does this help you?
You get the power back in your hands when it comes time to renew your plan. Most employers aren’t even aware that the option of a pooled plan is available and are inundated with the traditional experience plans. The reason why most employers in Canada are not on pooled plans is because they aren’t even aware of their existence.
By combining all our clients as a single unit we are able to obtain better rates, you are part of a very large buying group, represented by an insurance expert, negotiating pricing and plan design on your behalf.
That’s the advantage and purpose of being in a pool.
Employee Benefit Plans: Which benefits are pooled?
One of the deceptive practices of insurance agents is only pooling catastrophic benefits such as life insurance, disability and out of country emergencies. These are large claims that have little bearing on the premium pricing for your employee benefit plans and are pooled by all insurance companies.
The benefits they do not pool that affect your premiums dramatically are the extended health and dental claims. Our company is unique because we will shelter you from the high claims of these two plan benefits with all our clients and that’s what you should expect from whoever you choose to provide your employee benefit plans.
To learn more about group benefit plans, click here.