Achievex Group Benefit Solutions
Back to top
Solutions to Support Life Insurance Brokers
Achievex Group Benefits Solutions was founded to support life insurance brokers in their ability to offer Group Benefits to their clients.
The Achevex Group Benefit Solutions Offering
Achievex Group Benefit Solutions will offer the advisor the opportunity to offer their client a professional Group Benefits offering by leveraging off our available resources.
The Achievex Group Benefit Offering
Our team of licensed and experienced advisors and support staff will take care of every element of the clients’ needs ensuring that you (the advisor) maintain the strong, quality service delivery relationship with your client. We will:
- Work with the client to design the appropriate group benefits plan;
- Implement the plan selected by the client which includes on-site training of management and staff;
- Administer the implemented plan which includes setting up the client’s accounts, staff additions and changes and client billing;
- Implement cost-containment strategies for the health and dental benefits;
- Resolve any issues encountered by the plans members, including member claims;
- Report on an ongoing basis on the plans performance in comparison to the budget and plan targets;
- Continuously monitor and report to clients and advisors changing market conditions and product and benefit opportunities and enhancements;
- Report to clients and advisors any changes in legislation or taxation that may impact their benefits plan and their employees.
What are Group Benefits?
Group benefits can be broadly broken into four categories:
Healthcare and Dental Care Benefits
- Healthcare and Dental care Benefits;
- Insurance Benefits;
- Wellness Programs;
- Group Retirement Savings Plan.
A health and dental plan assists individuals and families pay their health and dental care expenses that are not covered by their provincial health insurance plans.
“Health” coverage can include the following products and services:
- Prescription drugs;
- Vision care (eye examinations, prescription lenses etc);
- Medical services and equipment (private nursing, orthotics, lab tests etc);
- Paramedical services (physiotherapy, audioligy, chiropractics, massage therapy, etc);
- Private and semi-private hospital room;
- Medical emergencies when travelling out of province/country.
Dental care overage can include the following products and services:
Basic Dental Care coverage which includes:
- Ongoing care and maintenance of teeth, roots and gum;
- Preventative dental care(scaling and polishing, fluoride treatment)
- Diagnostic treatments (examinations, x-rays, etc)
- Minor restorations (fillings, prefab crowns for primary teeth and other services completed in conjunction with minor restorations);
- Oral surgery (extractions, etc) and Endodontics(root canal);
- Periodontics (periodontal scaling, root planing, gum disease treatment);
- Adjunctive services – anesthesia, medications and pain relief.
Major Coverage Dental Care which include:
- Crowns and onlays;
- Dentures, bridges and denture related surgery;
- Post, pins etc;
- Replacement of existing appliances;
- Appliance maintenance (denture relines and rebases, denture or bridgework repair).
Insurance Benefits provide individuals and families with financial assistance from a loss of income arising out of illness or death.
The Insured Group Benefits can include:
- Life insurance (for both the employee and their spouse) – this insurance pays the deceased’s beneficiaries a lump sum on their death;
- Accidental death and dismemberment (AD&D) – this insurance pays the insured and/or their beneficiaries a lump sum on their death or physical dismemberment;
- Long term disability (LTD) – this insurance pays the insured a monthly amount if they are unable to work for an extended period. The number of monthly payments depends on the term of the contract purchased;
- Critical illness insurance – this insurance pays the insured a lump sum on diagnosis of a critical illness.
An Employee and Family Assistance Program supports and assists employees and their immediate family members in assessing and resolving work, health and life issues.
These programs provide confidential and immediate support for a range of health and wellness issues as well as other professional services. These can include:
Group Retirement Savings Plans.
- Professional counselling;
- Family, career, financial and legal support;
- Nutrition, fitness and health counselling.
A Group Registered Retirement Savings Plan (RRSP) functions much like an individuals Registered Retirement Savings (RRSP) in that it affords an individual the opportunity to save for retirement using pre-tax income. A Group RRSP is sponsored by the employee and often the employer assist the employee by making contributions to the employees retirement savings.
The employees contribution are drawn from the employees payroll thus assisting the employee with their savings discipline. Group RRSP also may have the added advantage that the fund management is available at a lower cost than the individual could achieve on their own, this leaving a greater amount for their retirement.