[vc_row][vc_column][vcex_heading text=”Health Spending Account vs. Traditional Group Benefits Plan” tag=”h3″ font_weight=”semibold” text_align=”left” font_family=”Open Sans” font_size=”21px” line_height=”48px” color=”#3e3e3e”][vc_column_text]See how much your business could save, while also providing group benefits your employees will actually use.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcex_heading text=”Group benefits or Health Spending Account?” tag=”h3″ font_weight=”semibold” text_align=”left” font_family=”Open Sans” font_size=”18px” line_height=”32px” color=”#3e3e3e”][vc_column_text]Traditional group benefits plans and Health Spending Accounts offer different advantages. Which one you choose will depend on your objectives. Do you favour unlimited benefits with an increasing cost structure, or do you prefer set benefit limits with a fixed predictable expense?
We can help you make sense of it all. Contact us to discuss your situation and customize a solution.[/vc_column_text][vcex_button css_animation=”left-to-right” url=”https://adibenefits.ca/contact/” title=”Lets Get Started!” style=”flat” align=”left” size=”medium” font_family=”Open Sans” icon_left=”fa fa-angle-right”]Lets Get Started![/vcex_button][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vcex_heading text=”Traditional Group Benefits Plan” tag=”h3″ font_weight=”semibold” text_align=”left” font_family=”Open Sans” font_size=”18px” line_height=”32px” color=”#3e3e3e”][vc_column_text]
- Combined benefit amount can be unlimited
- Claims processing fees are determined by the insurance company and are not guaranteed
- Future premium increases are based on total plan usage by group members, which is unknown
- No refunds for unused benefits
[/vc_column_text][/vc_column][vc_column width=”1/2″][vcex_heading text=”Health Spending Account:” tag=”h3″ font_weight=”semibold” text_align=”left” font_family=”Open Sans” font_size=”18px” line_height=”32px” color=”#3e3e3e”][vc_column_text]
- Combined benefit amount is fixed and determined by you.
- Claims processing fees are guaranteed and fully disclosed
- Your budget is fixed and does not increase unless you choose to increase the group benefit limit.
- Refunds are provided if any employees do not use all of the benefits available to them.
- You can choose to only make payments when claims are made
[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vcex_heading text=”Sample scenario, assuming 20 employees:” tag=”h3″ font_weight=”semibold” text_align=”left” font_family=”Open Sans” font_size=”18px” color=”#3e3e3e”][vcex_spacing size=”15px”][vc_table vc_table_theme=”classic” allow_html=”1″][bg#efefef;b;14px]Benefit,[bgefefef;b;14px]Group%20Benefits%20Plan,[bgefefef;b;14px]Health%20Spending%20Account|Dental%20Coverage,,|Preventative%20and%20Basic%20Services%20including%3A%20Cleanings%2C%20Scaling%2C%20X-Rays%2C%20Fluoride%20Treatment%2C%20Endodontic%20and%20Periodontal%20Treatment.%20Coverage%20%25,80%25,100%25|Major%20Restorative%20Services%20including%3A%20Crowns%2C%20Bridges%2C%20Dentures%2C%20Inlays%20Coverage%20%25,50%25,100%25|Combined%20Maximum%20Annual%20Dental%20Benefit%20Amount,%241%2C500,%242%2C500|Orthodontics%20Coverage%20%25,50%25,100%25|Orthodontics%20Maximum%20Benefit%20Amount,%241%2C500%20(Lifetime),%242%2C500%20(Annual)[/vc_table][vcex_spacing size=”15px”][vc_table vc_table_theme=”classic” allow_html=”1″][bg#efefef;b;14px]Benefit,[bgefefef;b;14px]Group%20Benefits%20Plan,[bgefefef;b;14px]Health%20Spending%20Account|Medical%20Coverage,,|Prescriptions,80%25%20(Unlimited),100%25|Hospitalization%20(Private%2FSemi-Private%20Room),100%25%20(Unlimited),100%25|Travel%20Insurance,100%25%20(%241%2C000%2C000),100%25%20(%241%2C000%2C000)|Paramedical%20Services%20(Chiropractic%2C%20Massage%20etc.),80%25%20(%24300%20each),100%25|Vision%20Care,80%25%20(%24200%2F24%20Months),100%25|[b;14px]Premium%2FBenefit%20Payment%20Calculations,,|Assumed%20Number%20of%20Employees,20,20|Assumed%20Yearly%20Premiums%20%2F%20Annual%20Budget,%2450%2C000,%2450%2C000|Premium%2FBenefit%20Payment%C2%A0Guarantee%20Period,Determined%20by%20Insurance%20Company,Determined%20by%20Employer|Combined%20Benefits%20Limit%20(per%20employee),Unlimited,%242%2C500|Assumed%20Claims,%2437%2C500%20(75%25),%2437%2C500%20(75%25)|Insurance%20Company%20Claims%20Processing%20Expenses%20%26%20Profit%20Margin%20%2F%20Admin%20Fee%20for%20HSA,%2412%2C500,%243%2C750%20(Guaranteed%2010%25%20of%20Claims)|Refund%20to%20Employer,%240,%248%2C750[/vc_table][/vc_column][/vc_row][vc_row][vc_column][vc_message style=”square” icon_fontawesome=”fa fa-exclamation”]It’s generally expected that, due to the increasing age of the work force and the rising cost of health care, the cost of a traditional group benefits plan will increase at a rate of approximately 15% a year. If that comes to pass, then the cost of the group benefits plan above will double over a 5-year period to $100,000/year.[/vc_message][vcex_spacing size=”20px”][vcex_button css_animation=”left-to-right” url=”https://adibenefits.ca/contact/” title=”Lets Get Started!” style=”flat” align=”left” size=”medium” font_family=”Open Sans” icon_left=”fa fa-angle-right”]Lets Get Started![/vcex_button][/vc_column][/vc_row][vc_row][vc_column][/vc_column][/vc_row]