Frequently Asked Questions...

... when you are a plan administrator.

What is the minimum number of people I need for group benefits plan? The minimum number of people for a group benefits plan is two. For individuals, we suggest the Navigate Individual Benefits Program. These programs are are available without medical underwriting. Click HERE for more information on this plan.

 

What benefits are available in a group plan? A standard group plan includes Life Insurance and Health & Dental (including prescription drugs). However, a large percentage of programs will include Disability as well. Group benefits plans can be extended to include Critical Illness, Vision Care, Spending Accounts, Registered Pension Plan, Group RRSP and enhanced Executive Compensation.

 

Can we make changes to the plan design once the plan is implemented? Yes. As changes to the plan are required, amendments may be done. However, there can be restrictions. A Navigator is knowledgable and can inform you of all restrictions.

How much does a Group Benefits plan cost? Costs are determined by various factors, such as the overall number of employees and demographics of the group. Quotes are sent to market with multiple carriers and an evaluation of this material is prepared to determine how much the plan will cost. A Navigator will make a recommendation based on cost and coverage with you.

 

Are premiums fixed from the date of inception? Rates are generally effective for next 12 months. Some benefits may have a guaranteed premium for longer. A group has an annual renewal date (12 to 15 months after date of inception). At that time, the insurance carrier will determine (based on the dollar amount of claims paid versus premium received) what the rates will be for the next year. They can go up or down, or even stay the same. The Life Insurance & Disability portions of the rates can also change up or down; however, the rates for these benefits are all based on the average age of the group and volumes of insurance for each age band.

 

Do I need Alberta Health Care if I have Group Benefits? Yes. In fact, you must have Alberta Health Care coverage in order to be a member of a group plan.

 

Do I need to WCB coverage if I have Group Benefits? Yes, however, some industries are exempt from paying WCB. Also, owners may opt out of WCB if they have disability coverage.

... when you are an employee.

What is the minimum number of people I need for group benefits plan? The minimum number of people for a group benefits plan is two. For individuals, we suggest the Navigate Individual Benefits Program. These programs are are available without medical underwriting. Click HERE for more information on this plan.

 

What benefits are available in a group plan? A standard group plan includes Life Insurance and Health & Dental (including prescription drugs). However, a large percentage of programs will include Disability as well. Group benefits plans can be extended to include Critical Illness, Vision Care, Spending Accounts, Registered Pension Plan, Group RRSP and enhanced Executive Compensation.

 

Can we make changes to the plan design once the plan is implemented? Yes. As changes to the plan are required, amendments may be done. However, there can be restrictions. A Navigator is knowledgable and can inform you of all restrictions.

How much does a Group Benefits plan cost? Costs are determined by various factors, such as the overall number of employees and demographics of the group. Quotes are sent to market with multiple carriers and an evaluation of this material is prepared to determine how much the plan will cost. A Navigator will make a recommendation based on cost and coverage with you.

 

Are premiums fixed from the date of inception? Rates are generally effective for next 12 months. Some benefits may have a guaranteed premium for longer. A group has an annual renewal date (12 to 15 months after date of inception). At that time, the insurance carrier will determine (based on the dollar amount of claims paid versus premium received) what the rates will be for the next year. They can go up or down, or even stay the same. The Life Insurance & Disability portions of the rates can also change up or down; however, the rates for these benefits are all based on the average age of the group and volumes of insurance for each age band.

 

Do I need Alberta Health Care if I have Group Benefits? Yes. In fact, you must have Alberta Health Care coverage in order to be a member of a group plan.

 

Do I need to WCB coverage if I have Group Benefits? Yes, however, some industries are exempt from paying WCB. Also, owners may opt out of WCB if they have disability coverage.

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