We take a forward-looking approach to benefit plan design and claims funding. By using insurer-backed self-insurance, you can significantly reduce the cost of your plan. We also provide an optional HCSA (Health Care Spending Account)/WSA (Wellness Spending Account) that can be accessed with both a web-application and mobile phone applications (iOS and Android), and can be added to any plan, for a company of any size. We have over 70 years of combined industry experience, on both the insurer and broker sides of the industry.
We Negotiate for the Long-Term Success of Your Business
Often inexperienced broker will get "low-ball" rates for their client thinking they're saving their client money, but this is a tactic insurance companies use to get business; they offer low rates for the first year, then at the next renewal, they jack up the prices to recover their losses. And, insurance companies will not quote your plan more than once ever 3-4 years. An experienced employee benefit broker understand this, and will negotiate good rates for you that will be consistently reasonable year-over-year. When you employ an experienced group benefits specialist firm, you know you're getting the best rates possible and you know that those rates will be consistently reasonable year-after-year
Experienced Employee Benefit Specialists
The employee benefits insurance industry has become very specialized over the years. Each insurance company has five or more benefit coverage categories and uses their own metrics to come up with their own cost structure. With changes in legislation, the introduction of new technology, the need for HR liability protection, and changes in taxation, it's easy to see how complex employee benefits can get. This is why it's important to have an employee benefit specialist on your side. Companies often come to us for a benefit plan review and it's very easy for us to tell that the broker who helped the design their plan is not an employee benefit specialist. There are many generalist brokers who choose to make employee benefits a secondary offering, but the problem with that is employee benefits is the largest and most complex type of insurance offering of the three: employee benefits, life insurance, and general insurance.
It's important to enlist an employee benefit specialist firm to help you with your employee benefit plan. We often hear of companies who think they can simply call insurance companies and request a plan quotation, but the reality is, you will always be referred to either an internal direct representative (if you call Alberta Blue Cross) or a preferred employee benefit firm (if you call any other insurance company). And, unless the broker you're referred to has a solid fundamental understanding of employee benefits, and is not a generalist, they will not be able to provide you a quality rate comparison of many insurance companies and you will end up paying a lot more for you plan than you need to.
Why You Should Consider Health & Wellness Spending Accounts
You're always looking for ways to help retain good employees or attract new ones; Health and Wellness spending accounts are a great way to do that. Traditional Health Care Spending Accounts (HSAs) have been around for many years as an enhancement to a core benefit plan, but the more flexible Wellness Spending Accounts (WSAs) are relatively new. WSAs came about as a result of an increased awareness of the importance of employees' health, fitness and general well-being. More and more research is showing how important it is to take a holistic approach to health, but HSAs don't cover many wellness related products like gym memberships, workout equipment, sports memberships, supplements, etc. these taxable products are covered by your WSA. With QubeFlex 2.0, our HSA and WSA application, your employees can choose where to allocate their credits (dollars), so they can use them towards a health and wellness plan that works for them. QubeFlex uses a very user friendly web and mobile application to make HSAs and WSAs simple and convenient.
How We Administer Health & Wellness Spending Accounts
With QubeFlex 2.0, employers simply determine the employee classes they want to use and how many credits (dollars) per class that they want to allocate; for example, single employees (which could be employees who are not married nor have dependents) may be given 300 credits, while family employees (employees who are married or have dependents) might get 500 credits. At the beginning of each plan year, using a simple and intuitive web or mobile application, employees decide where to allocate their credits. An employee's allocations cannot be changed within the plan year unless there has been a ‘life changing status change’; this CRA guideline provides an element of insurance risk so claims can be treated preferentially from a tax perspective.
There is also a specific list of non-taxable HSA eligible claim categories on the CRA website
Why QubeFlex 2.0
Although Health and Wellness spending accounts are offered by most traditional group insurers, many have group size restrictions before they’ll allow them to be added to a traditional insured benefit plan. Depending on the insurer, the restrictions can be as high as 25, 50, or even more required employees on the policy, and insurers tend not to be as flexible when it comes to HSA and WSA offerings, which is why we use QubeFlex 2.0 as our primary Health and Wellness Spending Account option: QubeFlex 2.0 can be added on to ANY benefit plan.
Frequently Asked Questions
Do company’s need to have a traditional core insurance plan in place in order to set-up a Health & Wellness spending account?
For a traditional group insurer’s spending account, yes; for QubeFlex 2.0, NO.
Are all claims under a Health & Wellness tax deductible for the employer?
In general yes; however, wellness claims are a taxable benefit and must be declared that way on their respective employee’s annual T-4’s.