Group Employee Benefits Consulting - Edmonton & Area

Like many other industries, group employee benefits insurance has become very specialized. This is largely a result of how the group benefits insurance industry is set up. Each insurance company comes up with their own cost structure, using their own metrics, for five or more benefit coverage categories under one group benefits policy: there are no universal industry standards. Add to this a changing legislative landscape, taxation, new technology, and the need for HR related liability protection, and you can see why enlisting the services of a benefits specialist is smart business.

When it comes to high-quality employee benefit plan advice and expertise, life insurance generalist agents have effectively had their day; attempting to be all things to all companies is now impractical and costly. This is easily borne out in any review analysis done by an experienced employee benefits specialist. As with many industries, you can choose to be really good at one thing, or be mediocre at many... we choose the first approach.

We Can Negotiate Significant Group Employee Benefit Savings For You

Many companies looking for employee benefits coverage think they can simply call an insurer and request a plan quotation, like getting a quote for hardwood, inventory items, etc. The reality is, you will always be referred to either an internal direct representative (as with Alberta Blue Cross) or a preferred group employee benefits broker. And, unless the broker you're put in touch with has the tools, experience and expertise to be able to give you a proper, apples-to-apples, plan comparison from each insurer, you will end up getting five different plan designs, with different cost structures, from five different insurers. For this reason, and many others, it is strongly advised you enlist a knowledgeable and experienced group benefits broker from the start. A skilled and experienced group benefits broker will be able to give you a true apples-to-apples quotation from all relevant insurers, as well as alternate plan options that you may not have considered.

No national group employee benefits insurer will quote directly to companies. Alberta Blue Cross, a provincial group employee benefits insurer, has direct representatives, but they still incorporate an advisor fee into their rates. Why would you limit your options by dealing directly with one insurance company, when you can get access to the entire insurer market by dealing with an established employee benefits brokerage.

Furthermore, group employee benefits insurance is essentially the last financial service that can still be effectively negotiated in a way that yields significant savings, but it takes the technical tools, experience, expertise and connections of a credible employee benefits consultant to do so.

At HFI Benefits, we start with a group employee benefit plan review

Allowing us to do a no obligation 'lay of the land' benefit plan review is the simplest, easiest, no-risk way to determine where you currently stand, so we can advise you on any changes or additions that may need to be made. All we need is an electronic copy of your most recent renewal report and the plan summary or booklet. No letters are signed, nor any phone calls made to any supplier at any level. If you don't currently have a benefit plan, all we need is an employee census data sheet and a general idea of what coverage options you're looking for.

MORE INFORMATION: See our benefit plan review page for more details.

Ancillary benefit coverages and services that HFI Benefits provide:

• Employee and Family Assistance programs or EAP’s, EFAP’s
• Individual Critical Illness (CI) insurance
• FollowMe or CoverMe individual Health & Dental plans
• Out of Canada or Emergency travel insurance plans
• Group Critical Illness (CI) plans
• Group Optional Life plans
• Buy-Sell Agreements
• Keyman or individual Life insurance
• Group RRSP & company Pension plans
• Individual Estate planning

Frequently Asked Questions

How long has HFI Benefits been around?
HFI Benefits Inc. was set up as a separate specialized corporate entity with Phil D. Jones as president in February 2007. Phil spent 25 years in the financial services and employee benefits industries before starting HFI Benefits Inc. The founder of the HFI Financial Group of companies was one of the first to start offering partial self-insurance (ASO) to Extended Health Care (EHC) and Dental group clients in the late ‘80’s.

Why should I deal with HFI Benefits vs another employee benefits broker?
We have the optimum combination of industry knowledge and technical experience with a consistent, dedicated and responsive team. Phil Jones and Lisa Jobagy have worked on both the insurer and broker sides of the industry and have the in-depth knowledge and expertise that the vast majority of other employee benefit consulting firms simply don't have. We know our stuff.

How are group employee benefits insurance brokers compensated?
Generally, group plans have an advisor compensation structure automatically built into the plan rates: either a tiered scale that reduces as annual premiums become larger or, conversely, a flat % scale(s) of the policy's annual premium (or paid claims in the case of ASO plans). Some large employer plans are charged a fee-for-service per hour rate. One of these structures also applies to any direct quote from an insurance company. Any insurer that provides direct quotes to a company will build them same compensation into plan rates that a benefit broker does, so regardless of whether or not a broker is involved, a compensation structure is included. But, you get access to the entire insurer market and competitive rates when you deal with a benefit broker instead of dealing directly with an insurance company.

Why should you deal with an employee benefits broker?
Employee benefit brokers have access to all group insurance companies in the market, so they can provide unbiased advice and composite, 'apples-to-apples', comparisons of all insurers as opposed to being limited to providing advice on one.

Isn't it more expensive to deal with an employee benefits broker than directly with an insurance company?
No - regardless of whether or not you are getting your benefit plan through an employee benefits broker or directly from an insurer, the compensation built in to your rates is the same; the difference is the internal representative of the insurance company - who only represents that company - will receive the compensation instead of the employee benefits broker.

What's the most effective and cost efficient benefit plan to offer my employees?
A core insured benefit plan through an established group benefits insurer that provides catastrophic pooled benefits: Life, Accidental Death & Dismemberment, Short-Term Disability (partially pooled), Long-Term Disability, as well as Prescription Drug coverage and Travel coverage, in combination with flexible benefits: HSA (Health Spending Account), WSA (Wellness Spending Account), and RRSP contribution option.

What is partial self-insurance ASO?
ASO (Administrative Services Only) is a term generally used to describe EHC (Extended Health Care) and Dental claims funding through an established group benefits insurer whereby there is no insured component with regards to everyday common EHC and Dental claims. Out of Canada Travel coverage and Prescription Drug coverage are normally still insured components of the plan.

Who is the best employee benefits insurer?
Certain insurers have more competitive pricing than others in certain industry sectors. In fact, all insurers have certain industries they will not provide quotes for. An experienced employee benefits broker know understands the strengths and weaknesses of each insurer

We Provide Expertise, Recommendations, and Ongoing Service & Support
Group Employee Benefit Consults - Edmonton
Executive Benefit Plan Brokers
Employee Benefits Advisory
Edmonton Office
780-705-7800
#200 - 6904 Roper Rd NW
Are we the best employee benefit brokers in Edmonton?
Our clients think so, and we hope you will too.
Please contact us to arrange a no-risk, no obligation employee benefit plan review.