Self-Insured Benefit Program
Operating as a third party administrator, Generations Insurance & Wealth Management offers the employer the ultimate flexibility in benefit plans at a greatly reduced cost. Generations Insurance and Wealth Management manages and adjudicates medical claims according to:
- The rules that you set for your Employee Benefit Plan
- Revenue Canada rules for a medical expense tax credit
When a medical claim meets these rules, then the claim cost and administration fee can become a company deductible expense. This claim is a business expense to the company but not a taxable benefit to the employee.
Self-insured benefits mean you the client will be paying the lowest cost possible. Depending on the complexity of your plan the administration fees on claims paid will be 10% to 12%. We would require a copy of your current benefit booklet, previous claims experience and rate history to assist in determining costs.
No more faceless call centers where you push number after number waiting for a live voice to help you. We pay claims locally which means much quicker turnaround time (claims paid on a daily basis), more control for you and happier employees.
The self-insured plan can be designed to suit your needs or can be set up to duplicate your current contract. You have total flexibility in plan design and there is supplementary coverage available for:
- ESI Drug Card
- Stop Loss – Excess Extended Health Benefits Re-insurance
- Out of Country Coverage