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Trusted Tips & Resources

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain HSA's

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 A HEALTH SPENDING ACCOUNT

Heard about HSA'S ?



A health spending account (HSA) is a type of employer-funded benefit plan that allows employees to use allocated funds for eligible healthcare expenses. It is designed to provide flexibility and choice in healthcare spending, allowing employees to personalize their healthcare needs. Here's how a health spending account works:


1. Funding: Employers allocate a specified amount of money toward each employee's health spending account. The allocated funds can vary based on factors such as employee classification, job position, or years of service. These funds are typically provided on an annual basis and may roll over from year to year, depending on the plan design. Typically there are no up front expenses for the employer, the employer is only required to pay for employee claims when they are submitted by each of the employees.


2. Eligible Expenses: Health spending accounts cover a wide range of eligible healthcare expenses. These may include prescription medications, dental care, vision care, paramedical services (such as physiotherapy, chiropractic care, and massage therapy), medical equipment, and other health-related products or services. The eligible expenses are typically defined by the plan and may be subject to certain limits or exclusions.


3. Flexibility: Unlike traditional insurance plans with predefined coverage and limits, health spending accounts offer flexibility and choice. Employees have the freedom to allocate the funds according to their individual healthcare needs. They can decide how much to spend on specific healthcare services, treatments, or products, based on their personal circumstances.


4. Tax Advantages: Health spending accounts provide tax advantages for both employers and employees. Employer contributions to health spending accounts are typically tax-deductible as a business expense. For employees, the funds allocated to the health spending account are not subject to income tax, as long as they are used for eligible healthcare expenses.


5. Employee Empowerment: Health spending accounts empower employees to make informed decisions about their healthcare. They can choose the healthcare services or products that best meet their needs, rather than being restricted to predetermined coverage. This promotes personal responsibility and engagement in healthcare decisions.


It's important to note that the specific details and rules of a health spending account can vary depending on the plan and employer. It's advisable to review the plan documents and guidelines provided by your employer to fully understand how the health spending account works and the specific eligible expenses covered.


Health spending accounts can be a valuable benefit option that provides employees with flexibility, choice, and tax advantages for their healthcare spending. Contact Aurora to determine if a health spending account is suitable for your specific situation.




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 The Rising Cost Of Group Benefits In Canada

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! 

HOW TO MANAGE THE RISING COST OF GROUP BENEFITS 

Rising cost of group benefits in Canada



It is understandable to be concerned about the rising cost of group benefits in Canada. Several factors contribute to the increasing costs of group benefits, including rising healthcare expenses, increased utilization of healthcare services, evolving insurance regulations, and demographic shifts. Here are some factors to consider and potential strategies to manage the rising costs:


1. Analyze Plan Design: Review your group benefits plan design to ensure it aligns with the needs of your organization and employees. Consider adjusting coverage levels, co-pays, deductibles, or maximum limits to balance cost and coverage. Working with a benefits consultant can help you evaluate your plan design and identify areas for cost optimization.


2. Employee Wellness Programs: Implementing employee wellness programs can help promote a healthier workforce, reducing the utilization of healthcare services and related costs. Encourage healthy lifestyle choices, provide wellness resources, and offer incentives for employees to participate in wellness activities.


3. Shop Around for Competitive Rates: We regularly review and compare quotes from different insurance providers to ensure you are getting the best value for your group benefits plan. 


4. Consider Self-Insurance or Alternative Funding Options: Depending on the size and stability of your organization, self-insurance or alternative funding arrangements (such as level-funded or partially self-insured plans) could be worth exploring. These options provide more control over plan costs, allowing you to pay for claims directly rather than through traditional insurance premiums.


5. Employee Education and Communication: Communicate the value of group benefits to your employees and help them understand the costs associated with providing comprehensive coverage. Educate employees on the responsible use of healthcare services, the importance of preventive care, and ways to maximize their benefits. This can help reduce unnecessary healthcare expenses and mitigate cost increases.


6. Data Analysis and Predictive Modeling: Use data analytics and predictive modeling to identify trends, patterns, and high-cost areas within your group benefits plan. By understanding utilization patterns, you can make informed decisions on plan design adjustments, wellness initiatives, and targeted interventions to address specific health issues proactively.


7. Government Programs and Tax Credits: Stay informed about government programs, incentives, and tax credits related to group benefits. For example, the Canadian government offers tax incentives for employers providing certain types of group benefits. Understanding these programs can help offset some of the costs associated with providing group benefits.


Managing the rising costs of group benefits requires a proactive approach that considers plan design, employee wellness, market comparison, and data-driven decision-making. It is advisable to consult our advisors who specialize in group benefits to navigate the complexities and identify cost-saving opportunities specific to your organization.



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 The Benefits of Group Benefits

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! 

Importance Of Group Benefits Explained 

The Benefits of Group Benefits 


Group benefits refer to employee benefits provided by employers to their employees as part of a group insurance plan. These benefits offer several advantages to both employees and employers. Here are some key benefits of group benefits


 1.Comprehensive Health Coverage: Group benefits typically include health insurance coverage, which provides employees with access to essential medical services. This can include coverage for doctor visits, hospital stays, prescription medications, paramedical services (such as physiotherapy, chiropractic care, and massage therapy), and other healthcare needs. Having comprehensive health coverage helps employees manage their healthcare costs and ensures timely access to necessary medical treatment.


2. Extended Health Services: Group benefits often include coverage for additional health services that may not be covered under provincial healthcare plans. This can include vision care (eye exams, glasses, and contact lenses), dental care (preventive, restorative, and orthodontic treatments), and other paramedical services like psychologists or naturopaths. These extended health services provide employees with enhanced wellness and preventive care, promoting overall health and well-being.


3. Income Replacement: Group benefits typically include short-term and long-term disability insurance, which provides income replacement for employees who are unable to work due to illness, injury, or disability. This coverage ensures that employees have a source of income during periods of absence from work, helping them manage their financial obligations and maintain their standard of living.


4. Life and Accidental Death Coverage: Group benefits often include life insurance coverage, providing financial protection for employees' dependents in the event of their death. Additionally, accidental death and dismemberment coverage may be included, which provides benefits in case of accidental death or severe injuries resulting in permanent disability. These coverages offer peace of mind and financial security to employees and their families.


5. Employee Retention and Attraction: Offering comprehensive group benefits is an effective tool for attracting and retaining talented employees. In a competitive job market, quality benefits can differentiate employers and make their job offers more attractive. Employees value the security and peace of mind that comes with having access to health coverage, disability protection, and other benefits. It also demonstrates that employers care about their employees' well-being, fostering a positive work environment and increasing employee loyalty.


6. Cost Savings for Employees: Group benefits often provide more cost-effective insurance coverage compared to individual plans. Employers negotiate group rates with insurance providers, resulting in lower premiums for employees. Additionally, group benefits often cover pre-existing conditions without exclusions or waiting periods, which may be a limitation in individual insurance plans.


7. Tax Advantages: Group benefits can provide tax advantages for both employers and employees. In Canada, group benefit premiums paid by employers are typically tax-deductible as a business expense. For employees, the premiums paid towards group benefits are often made on a pre-tax basis, reducing their taxable income and resulting in potential tax savings.


It's important for both employers and employees to carefully review and understand the specific terms, coverage limits, and exclusions of the group benefits plan to ensure it meets their needs. Consulting with Aurora can help in selecting and customizing the right group benefits plan for the organization and its employees.


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 Critical Illness Insurance

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! 

Importance of Critical Illness Insurance Explained

Critical Illness Insurance Coverage Helps You Recover

A critical illness can strike at any time, and it can happen to anyone, regardless of their age or gender. Although the incidence of cancer, heart disease, and stroke are rising in Canada, the odds of surviving a critical illness are better than ever. Thanks to medical advances.

But surviving a health crisis can often involve a number of financial challenges for which you were unprepared. Long Term Disability payments can help replace lost wages, but not the additional costs associated with surviving a critical illness. Expenses like time off work, travel to and from treatments, home modifications or assistance at home are now added on top of your normal living expenses. That’s where Critical Illness Insurance comes in.


Ease the financial pressures associated with a life-threatening illness

Critical Illness insurance is designed to ease the financial pressures associated with a life-threatening illness by paying a tax-free lump sum if you become seriously ill. As a result, you can devote 100% of your energy to recovery, without worrying about how your illness has affected you financially.


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 Stop Loss Insurance

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! 

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