Group Health Insurance? Consider - Administrative Services Only (ASO)
Looking for a group health insurance plan? You might want to consider an alternative to traditional business health insurance called Administrative Services Only (ASO).
Until just recently ASO has only been available to very large corporations with 1000's of employees. ASO is now available to smaller and medium sized businesses as well. So if you have 5 or more employees you can consider this option and take advantage of the potential savings that larger companies have enjoyed.
Why ASO instead of Group Health Insurance?
Some businesses offering a traditional benefit plan express frustration that benefit plan costs escalate continuously due to inflation and claims. Cutting the health benefit plans is generally not an option for employers. If this is your situation, then implementing ASO may be a solution that works for you.
An ASO plan eliminates the 30-40% mark up that traditional group benefit plans frequently employ. And with the right reporting costs can be contained for the long term.
Only a select group of insurance brokers are offering ASO plans currently. Has your benefit plan advisor told you about the new alternatives to the traditional plan?
The clients of these advisors are finding that they can reduce costs without reducing benefits to their employees. Some employers use these savings elsewhere, and others use the savings to improve the benefits for the executive team. The key point here is that there are savings available.
In short, your business could enjoy immediate savings, future cost-containment, and greater flexibility in your group health benefits
If you want more information visit this Administrative Services Only page or return to Group Insurance Canada to read more about all types of group.
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