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SMART BENEFITS FOR A STRONGER BUSINESS
Employee benefits are one of your biggest expenses – let us help you ensure you’re getting the most value for your business and your people.
Group benefits are a vital part of an employee’s total compensation, significantly influencing their choice of employer in today’s competitive market. A well-designed benefits platform that balances employee needs, fosters an inclusive culture, and respects your budget will help you attract, engage, protect, and retain one of your most valuable assets—your people.
We Support:
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Growing organizations with evolving expectations from their people
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Businesses undergoing downsizing
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Companies facing rising premiums due to an aging workforce
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Mergers and acquisitions
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Companies navigating succession or considering a sale
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Organizations aiming to maximize the value of their existing plans
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Entrepreneurs in need of individual or small team coverage
Employee Benefit
Plans
Health and Wellness Accounts
Group Savings
Plans
Employee Benefit Plans
Traditional group benefit plans remain the go-to choice for Canada’s small to mid-sized businesses. These plans can vary significantly, with features that reflect a company’s unique culture and budget. At Northguard, we operate as an independent broker, collaborating with Canada’s top insurance carriers to find the ideal group plan tailored to your business.
A comprehensive benefits plan often includes a mix of financial, health, and wellbeing options, such as:
Financial Security:
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Life Insurance
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AD&D
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Critical Illness
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Short Term Disability
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Long Term Disability
Health and Wellbeing:
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Drug Coverage
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Dental Care
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Vision Care
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Paramedical
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Extended Health Care
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Out of Country Emergency
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Employee and Family Assistance Programs
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Best Doctors
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Health Spending Account
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Wellness Spending Account
Health & Wellness
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.
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%.
Group Savings Accounts
Employee group retirement plans are a vital part of a comprehensive wellbeing strategy. With rising inflation and the increasing cost of living, employees seek more support to protect their financial security and plan for the future. Group RRSPs, Group TFSAs, Deferred Profit-Sharing Plans (DPSPs), and Defined Contribution Pension Plans provide investment options that help your team meet their savings and retirement goals, reinforcing a corporate culture committed to holistic health and happiness.
