Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Discuss Stop Loss Insurance

1. Mar 2023 Admin Saskatoon Insurance, Saskatoon Legal & Professional

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

What is Stop Loss Insurance?

Stop-loss Insurance takes claim off the Employer’s shoulders

When an employee has a health issue requiring expensive treatment, the associated high-cost claims can be significant for their benefits plan sponsor. But it’s impossible to predict when a large claim will arise, so stop-loss insurance, which takes the claim off the employer’s shoulders, is one option to help protect against these unexpected costs.

As a type of insurance policy that sits on top of a benefits plan, stop-loss is available to both fully- and self-insured plan sponsors. When choosing stop-loss insurance, an employer selects a threshold up to which it can reasonably cover claims — ranging from between $10,000 and $100,000 — and any claims beyond that will be covered by the policy.

Stop-loss not a substitute for plan management

The main benefit of stop-loss insurance is its ability to protect the Saskatoon employer from catastrophic claims. For self-insured groups, it primarily acts as a budgeting tool so there aren’t any unexpected hits that could affect accounting.

On the other hand, stop-loss can become costly. While a claim may be mitigated in the first year, premiums can rise in the following years, essentially providing only short-term stabilization. This is especially difficult if the claim is reoccurring, which is the case for most drug claims.

“Stop-loss doesn’t help you avoid cost; it simply helps you prevent an unexpected surge in costs in a given year. It’s not a substitute for plan management.”

Another drawback is that most plans only have a single market for stop-loss insurance, meaning employers can only purchase it from one group, typically their own health insurer, which limits them to that insurer’s quote.

To limit risk, employers can use a pre-existing condition clause for an employee’s first year of employment by setting benefits to a specific limit so they can’t bring in unexpected expenses. Another option is to put a limit on drug reimbursement levels or incorporate provincial drug programs into the benefits plan.

While stop-loss prevents large, unexpected claims from affecting a plan sponsor, it’s important to understand that issues can still arise after a claim is made and employers should be aware of all the available options, so they can make a decision before it’s too late.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Discuss Remote Workers

28. Feb 2023 Admin Saskatoon Insurance, Saskatoon Legal & Professional, Trusted Tips

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Should Your Business Hire More Remote Workers?

As businesses scrambled to adapt to strict new health measures, even the most stringent of change evaders were forced to bend to forces beyond their control. Employees began working remotely, keeping in touch with clients from their at-home offices and connecting with co-workers via Zoom or Microsoft Teams.

For some employers, the experience was a hard push into a trend that had already been happening long before the pandemic. And for some, the biggest and most surprising lesson they learned from the experience was that people working remotely actually works.

Of course, it doesn’t work for everyone. Businesses that require employees to be on-site because the work is physical in nature or retail shops that serve customers in-store need real people at work. But for those with employees who already do the bulk of their work digitally – and for those who discovered during the pandemic that they were still doing well without people in the office – taking a deeper look into hiring more remote workers may be worth the effort.

The Benefits of Having Remote Workers

Research undertaken by organizations such as Gallup, Harvard University, Global Workplace Analytics and Stanford University shows a number of ways employers benefit from remote workers.

On average, teleworkers are 35-40 per cent more productive than their office counterparts.
Employees working remotely are more strongly engaged than their in-office counterparts, with 41 per cent lower absenteeism.
Employers who offer the ability to work remotely have better retention of employees. 54 per cent of employees say they would change jobs for one that offered them more flexibility – like where they can work from.
Organizations save an average of $11,000 per year per part-time telecommuter.

Another benefit: hiring employees who work remotely means you can access skills that might be scarce locally. Thanks to technology, employers can literally hire employees from anywhere around the world.

How Do You Hire The Right Remote Worker For Your Business?

Pay attention to their behaviour, even before they interview.

Do they respond quickly to your emails? Do they communicate clearly, politely, and respectfully? Can they spell? How they communicate with you reflects how they’ll communicate with your clients.

Make sure they’re suited to working remotely.

Just because someone wants to work from home doesn’t mean they’ll be good at it. Weed out the couch surfers from the keeners by asking if they’ve worked remotely before and if they’re set up with the equipment to complete your projects. In the interview, ask them to walk you through a typical workday.

Ensure they’re a good fit for you and your culture.

Invite some of your employees to sit in on the interview and ask their own questions, including questions that aren’t all “business” so you can get a sense of the candidate’s personality and if it fits with your work culture. And don’t forget that your current employees can be a great resource. Ask them if they have recommendations for potential hires.

Give them actual work.

For candidates who look particularly promising, give them a paid test project with a firm deadline. The assignment should involve all aspects of the job – including working with your team and with supervisors – so you can see how they work, how well they meet deadlines and how they interact with the rest of your staff.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain Workplace Cannabis Policies

19. Feb 2021 Admin Saskatoon Insurance, Trusted Tips

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Workplace Policy Revisions Regarding Recreational Cannabis

Workplace Policies & Cannabis

Recent changes in the law surrounding the use of Cannabis products in Canada have a lot of employers asking how to handle this in the workplace. This recent article from Global News does a great job offering some suggestions on preparing your organization for handling the legalization of Marijuana and recreational use.

As you can see, now, more than ever, it is important for organizations to ensure they have a good drug policy in place that properly includes provisions for cannabis impairment in the workplace. It’s a good reminder that employers cannot tell their employees what they can and can’t do off duty, but expectations around impairment that could affect an employee’s ability to do their job safely, do need to be clearly outlined.

The legalization of marijuana is still a relatively new issue, but you do need to protect the health and safety of all of your employees with set company policies. As the lawyer from the Global article points out, companies do have to take into consideration the use of medicinal marijuana, so it’s not as simple as having a zero-tolerance policy.

If you have questions about your organization's drug or impairment policy or if you need help creating one, contact the team at Aurora Workplace Solutions.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain Benefit Costs

19. Feb 2021 Admin Saskatoon Financial Services, Saskatoon Insurance, Trusted Tips

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions is a Trusted Saskatoon Group Benefits and Insurance Professionals!

Employers, Are You Concerned About the Rising Cost of Group Benefits?

A survey from Aon that shows while Canadian employers are highly concerned about the rising costs of group benefits (due to drug expenses), they still prioritize the productivity and engagement of their employees and recognize the importance that group benefits play in creating healthy employees and a healthy work environment.

Canadian group benefit sponsors were surveyed by Aon to identify their Top 10 benefits and workplace priorities.

The results were:

Top 10 Workforce Priorities

Employee productivity/engagement
Employee wellness
Attracting, retaining employees; developing skills for changing business environment
Workplace mental health
Employee financial wellness
Family support obligations, the effect on productivity and well-being
Chronic illness effect on productivity
Multi-generational workforce
Delayed retirement – productivity and performance challenges
Delayed retirement – employees working past normal retirement age.

Top 10 Group Benefits Priorities

Escalating drug costs generally
Escalating specialty drug costs in particular
Escalating extended health costs generally
Chronic illness effect on plan costs
Need to personalize employee benefits experience
Rising payroll costs (e.g. minimum wage, CPP contributions)
Compliance/governance obligations
Cost-shifting – public to private
The administrative hassle of employee benefits
National Pharmacare discussions

“The key takeaway from our survey is that plan sponsors are keenly aware of the need to manage rising benefits costs, but they also put a high priority on ensuring their employees are engaged and healthy,” commented Canadian health & benefits chief actuary Greg Durant. Durant prefaced that although the top priorities sound contradictory, there are ways for employers to achieve a balance – they will just have to “think outside the box” in order to meet both their workforce objectives while creating value for their people. One suggested method to achieve this balance is to create wellness programs that could potentially reduce overall extended health costs.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

If you are ready to set up a group benefit or retirement plan, or just want to learn more about their services, just Click Here For A Quote.

'Creating Brilliant Futures'

Aurora Workplace Solutions is a Trusted Saskatoon Group Benefits and Insurance Provider!

Trusted Saskatoon community welcomes Aurora Workplace Solutions to the Saskatoon Insurance Category

1. Feb 2021 Admin Saskatoon Insurance, Trusted Brag Blogs, Trusted Tips

The Trusted Saskatoon team is thrilled to welcome Aurora Workplace Solutions Inc. to the Trusted Saskatoon community. They have joined the Trusted Saskatoon insurance category, and offer insurance products, group benefits, retirement plans, seminars, and training. Aurora Workplace Solutions Trusted Saskatoon Group Benefits and Insurance Professionals!

Have You Heard of Aurora Workplace Solutions?

Aurora Workplace Solutions has over 50 years of combined experience in the industry. They have a reputation for working hard to provide new and improved ideas to serve their clients, and they are always looking to offer an outstanding level of care and professionalism.

Small and large business owners alike are generally spinning lots of plates. They are busy working on and in their business, and they often rely on Trusted 3rd party advisors to assist them with major financial decisions. The categories most need assistance with are insurance, accounting, legal, HR, and group benefits. Aurora Workplace is a wonderful choice to assist with several of these areas, and they can be counted on to provide the best possible advice and recommendations for each client and their unique needs.

Collin Willms is well known in Saskatoon, pre-covid he was a regular attendee at networking events, and consistently stepped up to volunteer his time for various local organizations and charitable events and causes. Collin has great personal style and an easy friendly smile, so it is no surprise that he came highly recommend to the Trusted team by his clients. Collin heads up a stellar team of advisors from across Saskatchewan, as Aurora has offices in Saskatoon, Tisdale, and most recently Regina.

The insurance and group benefits industry is full of confusing acronyms, and there are so many options to consider; getting the right advice is key! It is great to have a trusted local team focused on finding the right options for their client's individual circumstances. Aurora takes the time to explain the why and the how, they are not the kind of company that you just hear from once a year at renewal time. When we spoke to Auroras clients we heard repeatedly how they considered Aurora to be a part of their team.

Also, it was noted several times that they go out of their way to get to know their client's businesses really well, this means they can recommend them to their other clients and networks. Collin even went as far as signing up for challenging cross-fit classes with one of his clients Chad, Owner of Synergy Strength and Conditioning, and now he is a committed cross-fitter who regularly brings guests along, including other clients. When it comes down to it, the Aurora team are great relationship builders and that is a real strength in the financial industry.

Don't just take it from us, read the real words from Aurora clients that Trusted representatives gathered. We call and survey the clients of businesses that apply to be a part of Trusted. This is just part of our in-depth Trusted Verification Process and it is a pass or a fail. We are happy to share that Aurora Workplace Solutions were rated highly by every single client we spoke to, and they passed all of our tests and checks with flying colours.

"Collin Willms and the team at Aurora Workplace Solutions have been easy, straight forward, and helpful, throughout all our business requirements. They are quick to respond to questions and offer solutions. We at CJ Karz auto service are very satisfied with our business with Colin and Aurora Workplace solutions.”- Matt Jamieson and Angela downing at CJ Karz Auto service.

"We've been working with Collin from Aurora Workplace Solutions for a few years now and appreciate their great service and knowledge base. I definitely rate them a 10 out of 10 and would highly recommend them to other business owners looking for workplace benefits for themselves and their employees." Dave T

Aurora Workplace Solutions are well equipped to serve any client. If you need help growing your business. Check out their listing in the Saskatoon Insurance Category!

If you are ready to set up a group benefit or retirement plan, or just want to learn more about their services, just Click Here For A Quote

Trusted Tips & Resources

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Discuss Stop Loss Insurance

What is Stop Loss Insurance?

Stop-loss Insurance takes claim off the Employer’s shoulders

Stop-loss not a substitute for plan management

'Creating Brilliant Futures'

Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals!

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Discuss Remote Workers