Employee Benefits

Consulting and Brokerage Services

Our success is based on building strong, lasting relationships with our clients.  We continually strive to get to know our clients better so that we can fully understand their needs and offer the most appropriate solutions and advice.

For existing programs, our services include:

  • Meetings to fully understand your business including: human capital needs, risk tolerance, and plans for growth
  • Complete program reviews including: analysis of plan design, funding arrangement(s), pooling arrangements, etc.
  • Comprehensive review of provider options including development of a detailed set of specifications and analyses regarding all financial and non-financial considerations, with regard to provider strengths and weaknesses.
  • Implementation management of new plans or existing plan transfers
  • Annual independent renewal rate analysis and negotiations with providers
  • Benchmarking
  • Claims data monitoring and forecasting, including trend reporting
  • Generation and suggestion of new concepts to amend coverage or structure

Products We Offer:

  • Employee Life, Dependent Life
    • Lump sum monetary death benefit
  • Accidental Death and Dismemberment (AD&D) – traditional or specialty programs
    • Lump sum monetary death or injury benefit
  • Optional Life, Optional AD&D
    • Additional coverage offered to employees on a voluntary basis
  • Critical Illness – mandatory or optional
    • Lump sum monetary illness benefit
  • Short Term Disability (STD)
    • Weekly wage loss replacement benefits
      • Fully insured
      • Self-Insured, third party adjudication and claims management
      • Self-insured – third party “advice to pay” models
  • Long Term Disability (LTD)
    • Monthly wage loss replacement benefits
  • Healthcare
    • Medical expense coverage
  • Dental
    • Dental expense coverage
  • Health Care Spending Accounts (HCSAs)
    • Flexible tax deductible funds for basic and/or extra spending on medical/dental items
  • Taxable Spending Accounts (TSAs)
    • Fully flexible funds covering valuable items and services for employees
  • Medical Second Opinions
  • Employee and Family Assistance Programs (EFAPs)
    • Professional counselling for life stressors
  • Executive Benefits
    • Life/Disability Top-up
    • Executive Spending Accounts
    • Health Risk Assessments

Accounting Methods

There are many options when building an employee benefits plan.  Most enterprises will have the choice to finance their own plan and take their own risks, or to hire an insurance company to do so on their behalf.  A company may decide to take a refund when premium is much higher than claims, if they are also willing to risk a deficit when premium is lower than claims.  Benefex will fully explain your options and forecast model results over the long term.

Underwriting Method

Benefex partners with a wide variety of benefit plan providers, and each of them cost their products differently.  We usually think of insurance as the concept of paying small amounts into a “pool.”  If everyone pays a small amount, the pool will usually have enough funds to cover the odd claim.  Under this method, our individual costs are usually based on demographics (such as age and gender) and therefore, the typical claiming pattern of those fitting your demographic.  But what if your costs were based on only the specific claims that you alone have made?  Benefex takes the necessary care to ensure that our clients are fully educated on all pricing methods and their consequences.