Administrative
Services Only (ASO)
Unlike small companies with limited resources, many medium
to large companies with low
turnover can often handle the funding needs of group benefits.
They might be able to
handle everything except the administration of the plan. They
cover all costs, and hold the
reserves. A third-party administrator looks after the payment
of claims.
This service
is called an 'ASO' - Administrative Services Only:
Sponsored
by medium or large companies Reserve
held by one employer Third-party
administrator (ASO)
Ratings
are entirely dependent upon the actual claims. In some cases,
guarantees are
put in place to cover unforeseen catastrophes by having an
insurance company cover
a portion of the plan.
Ratings:
based on actual claims Self-Insurance
component: risk management
Self-insurance
has many advantages. You can reduce your risks using different
kinds of
insurance, such as Stop-Loss.
Private
Health Spending Programs
Is your business spending money on health care? You might
as well get a tax break.
A Private Health Spending Account (PHSA) allows businesses
to write off medical and dental
costs as a business expense. Unlike traditional premium plans,
you only pay for what you use.
There are no premiums! This plan maximizes your opportunity
to fully utilize all health and
dental services - and take full advantage of Canadian tax
laws.
Sponsored
by medium or large companies