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Ballooning health care costs, an aging population and government off-loading of health services they traditionally covered, have all combined to make well-managed and cost-effective company benefits plans a critical component of modern life. This complex new world has rendered old approaches obsolete. The days when a health benefits insurance plan could be sold solely on the cheapest rates are gone. Today, employers need value-added services from their consultants to keep them fully abreast of the technological advantages of a managed health care approach; completely knowledgeable about how coverage can best be provided and costs controlled; and heads-up on how federal and provincial legislation will affect the benefits their workers receive.
Employers need all of these services to remain competitive in providing the coverage that will help them attract and retain the best and the brightest employees. That's the consulting edge HFI Benefits Inc. and Associates deliver to employers. With their ability to design custom-tailored benefits plans, execute comprehensive implementation to ensure plan effectiveness, and manage the ongoing administration that makes a plan work, HFI Benefits Inc. offers employers one-stop shopping to handle all of their employees' benefits needs.
The HFI Benefits Inc. approach includes:
in-depth review of a company's current situation
narrative analysis of the current plan, highlighting opportunities to improve plan design, administration and funding conducting a Market Study to select the most appropriate carrier
handling all plan implementation and communication to employees
providing experience reporting quarterly to help budget for renewals and make appropriate changes to the plan
renewal analysis to ensure an equitable arrangement for employers
The entire employee benefits market is changing very rapidly. Many employers are seeing the cost reductions associated with Administrative Services Only (ASO), discovering the advantages of "Flexible Benefits", employee health and welfare spending accounts (EHAc'S), and employee assistance programs (EAP's).
At the same time the employer can remove much of the Canadian Insurance redundancy in providing these new flexibilities while reducing corporate costs significantly. For example, a group of only 100 lives may save $25,000 to $40,000/yr. moving from the traditional insured approach to ASO.
Employee Retirement Benefits
Employee group RRSP's or Pension Plans can help to provide immediate monthly tax incentives with the convenience of payroll deductions. Why wait for your income tax refund in what .... June? Get it now! Each month!
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