Traditional Fully Insured Employee Benefit Plans 

Traditional fully insured employee benefit plans are of the shelf solutions from insurance companies. Insurance companies offer a platform of benefits on a menu to choose from that can be customized. All the administration is done by the insurance company to ease the administrative burden to the employer. They are best suited for small and medium size companies.

Advantages

The biggest advantage is that the insurance company takes on all the risk including uncontrollable expenses. Uncontrollable expenses are prescription drugs, short and long term disability, critical illness, life insurance and travel insurance.

The other advantage of traditional fully insured employee benefit plans is the insurance company takes on all the liability in the event of a lawsuit. With company self-insured benefit plans the employer is liable in the event of litigation by one of its employees. Self-insured plans are HSAs, HCSAs and PHSP's

Disadvantages

The biggest disadvantage is that benefits have limits and not all eligible medical expenses are covered. There is limited flexibility in the plan. Another disadvantage is the employer pays a monthly premium when no benefits are used.

The Menu of Benefits in a Group Benefit Plan Include:

• Group Life Insurance

• Accidental Death and Dismemberment

• Group Disability Insurance

  1. Short Term Disability 

  2. Long Term Disability

• Extended Health Benefit

• Dental Benefit

• Travel Insurance

• Group Critical Illness

• International Benefits for overseas employees  

• Benefits for temporary workers in Canada not covered by Provincial Health Care Insurance Plan

Set Up Your Company's Employee Benefit Plan

Employee benefit plans can be set up by companies of all sizes. You don't have to be a big large corporation to benefit from a group employee benefit plan. Stone-Hedge Financial Group Inc. offers affordable fully insured employee benefit plans for companies of sizes.  

Contact us for a Quote and Enrollment Form

The information provided on this web site is intended for general information only. It should not be construed as legal, accounting, tax or specific insurance and investment advice. Clients should consult a professional advisor concerning their situations and any specific insurance and investment matters. While reasonable steps have been taken to ensure that this information was accurate as of the date hereof, Stone-Hedge Financial Group Inc. and its affiliates make no representation or warranty as to the accuracy of this information and assume no responsibility for reliance upon it.