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Group Benefits

Group Benefits

Many employees consider group benefits a crucial element of their total compensation, influencing their choice of employers in a competitive job market. Having a well-defined group benefits platform that balances meeting employee needs, fostering an inclusive culture, and maintaining your budget will help you attract, engage, protect, and retain one of your largest assets – your people.  Contact Northguard Insurance Brokers to see how we can help you find the best solution for your business and your people.

Employee Benefit Plan

Health and Wellness Accounts

Group Savings Plans

Employee Benefit Plans

Traditional group benefit plans are still the most common for Canada’s small to mid-sized businesses. These plans are complex, taking on various attributes and characteristics that reflect a company’s culture and budget. At Northguard Insurance Brokers, we operate as an independent broker and pride ourselves on working with most insurance carriers in Canada to find the best group plan for your business.   

 

The right benefits plan often has a combination of financial, health and wellbeing benefits including:

Financial Security:

  • Life insurance

  • AD&D

  • Critical Illness

  • Short Term Disability

  • Long Term Disability

Health and Wellbeing:

  • Drug Coverage

  • Dental Care

  • Vision Care

  • Paramedical

  • Extended Health Care

  • Out of Country Emergency

  • Employee and Family Assistance Programs

  • Best Doctors

  • Health Spending Account

  • Wellness Spending Account

Contract Us to start optimizing your employee benefit plan today.

In Canada, a Health Spending Account (HSA) is a type of employee benefit plan that allows individuals or employers to set aside funds on a tax-free basis to cover eligible medical expenses. HSAs are often offered by employers as part of their employee benefits package, and they provide flexibility in how individual employees can use the allocated funds for various healthcare costs. Contributions made to a Health Spending Account are typically tax-deductible for the employer and are not considered taxable income for the employee. This provides a tax-effective way for both employers and employees to fund medical expenses.

Wellness Spending Accounts (WSA) are very similar to HSAs, with the major exception that benefits under a WSA are largely taxable benefits for employees. They are much more flexible in terms of eligible qualifying expenses and can be modified to fit each company's culture.

Reach out to learn more about how we can support an HSA or WSA for your business.

Health & Wellness 

Administrative Services Only

An Administrative Service Only (ASO) plan is a group insurance plan where a Third-Party Administrator (TPA), or an insurer, takes on an administrative role without funding the benefits paid to claimants. In this arrangement, the plan sponsor (usually the employer) assumes all the risk and costs associated with funding the plan, foregoing the need to pay a third-party insurer to manage the risk.

While ASO plans can be most suitable for large organizations, they are still available for small and mid-sized businesses. Employers can potentially reduce costs compared to fully insured plans (where the insurer bears 100% of the risk), saving between 15% and 25%.

Ask us if an ASO plan is the right fit for your company.

Employee group retirement plans can form a critical component of your overall wellbeing strategy. With rising inflation and cost of living, employees are looking for more support than ever to help protect their financial security and plan for their future. Group RRSP, Group TFSA, Deferred Profit-Sharing Plans (DPSP), and Defined Contribution Pension Plans are investment options that help support the savings and retirement goals of your team, strengthening a corporate culture committed to their holistic health and happiness.

Ask us about investment related products for your business.

Group Savings Accounts

Need more details? Contact us

We are here to assist. Contact us by phone, email or via our social media channels.

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