Ways To Insure My Group

By on February 24, 2013

Ways To Insure My Group

What are my options for Health & Dental Benefit Plans for my employees?

Full Insurance:

The most common way to insure a group is to use insurance from one of the major carriers. At Marathon we have insurers who will provide benefits for companies as small as one person. Our specialty is the small company who does not have a dedicated HR department and usually need extra help as it’s primary focus is running the business.

We work as your benefit department. We are here for advice and to help business owners, administration teams and your employees.  We design your program based on what makes sense for your company, and we provide suggestions for policies surrounding your employee benefit program.

Since we work with all insurers in Alberta, you can know that we will always do our best for you.

Self Insurance:

This structure is becoming more popular. With this type of coverage the employer out-sources administration of employee claims to a third party. The third party pays the health & dental claims and charges a small administration fee. The employer ensures there are always enough funds available to cover claims. This type of coverage can apply to Health, Vision, Dental & Short Term Disability coverage.

The advantage of this type of agreement is that it usually costs less than full insurance. The downside is that the employer needs to be able to handle varying monthly costs. The employer also gains some control of how much is spent on premiums.

With Self Insurance we find that in 3 in 4 years, the employer saves money.

Health Spending Accounts (HSA):

This is a great way to provide flexibility in your program. The HSA is a lump sum of money that employees can use for most medically necessary expenses. They can also use these funds for a funky pair of glasses, or extra dental work, or to cover extra health care items.  The HSA appeals to many young, single employees.

The amount of money in the account is up to the employer.