A common question we get from business owners is; What is the average renewal increase for groups in the pooled product?
We are happy to report that the Olympic Benefits Plan will be offered in 2019 at the same rates as 2018. The pool has met all benchmarks in 2018, and we are pleased to continue to offer businesses affordable rates for group health benefits. On a similar note, this will be the 4th year in a row that the extended health rates remain unchanged. Northern Financial Group is able to offer these continued low rates because we pool together thousands of members. This works in the favour of all participants by increasing negotiating power with the underwriter. Businesses participating in the Olympic Health Group Benefits plan are viewed by the underwriter as a large corporation (one policy) – not several small to medium sized policies. This is an advantage for businesses that participate in the pool by increasing their group’s loss ratios (relative to stand-alone policies). A higher loss ratio is equivalent to reducing the expected gross profit margin of the insurance company. If the insurance company is taking less it means your business is keeping more.
You asked, we listened – more coverage options
Throughout 2018 we received many requests related to coverage flexibility of the Olympic Group Benefits Plan. We compiled the most requested changes to coverage and will be implementing two highly requested options for 2019 and beyond:
- Option to increase the Silver health
- Businesses now have the option to increase Silver health coverage for massage, chiropractic and other paramedicals from $500 to $1,000 per certificate.
- Option to increase the spending
account allocation in the Bronze health plan.
- The bronze health plan is a hybrid option which is becoming increasingly popular for younger groups or groups looking to contain costs. The spending account in the Bronze health coverage can now be increased from $500 to $1,000 per certificate.
Northern Financial Group can help whether you’re running a company with three (3) employees or hundreds of employees. If you’re interested in finding out how Northern Financial Group can help your business find a group health benefits plan that works for your company, please contact us at [email protected].
Happy New Year!