An Alberta Municipality Received a $42,000 Refund from their Insurer
It’s that dreaded time of year again: time to review & renew your employee benefits plan. It’s an annual ritual that fills even the most experienced benefits administrator with stress & uncertainty.
Handling the benefits renewal process can be a daunting responsibility for employers. When the renewal process isn’t handled properly, costs increase while coverage decreases and everyone is unhappy. Typical concerns are:
- Will you be able to contain costs?
- Will the benefit plan adequately meet the needs of employees?
- What will happen if costs go up and coverages have to go down to meet budgetary constraints?
It is a lot to be responsible for. And worst of all, it seems like you have few options. There could be a solution, it’s under your nose and once you see what it can do you won’t look at group benefits the same again!
We have had the pleasure of guiding municipalities worrying about these very same issues. Common concerns are escalating costs, decreased coverage for those increased costs and of course, what would the impacts be for employees and their families.
In some circumstances, where the plan size was sufficient (it helps to have at least 75 employees) we helped them to create a sustainable and affordable benefit plan that not only reduced costs, but they also received a $42,000 refund of reserves AND an ongoing reduction in premiums. Sound too good to be true? It isn’t.
By making a simple change to how your benefits plan is underwritten, you might have a have a similar outcome for your plan. We’ll show you how.
Or if you prefer, simply call toll free 800 449 5866, and we will show you how a premium reduction and refund are possible.
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