As insurance companies merge, the market of group insurance providers shrinks and less competitive premiums are offered to companies great and small looking to provide benefits to their employees at a cost that suits their budget. As witness to this ongoing dilemma with employers, JSJ Insurance & Financial Group Inc. offers a cost-effective way for companies from 10 to 1000+ employees to self-insure!
By allowing you, the employer, to create your own plan design that best suits the needs of your employees, you can offer the best benefits plan for the least amount of cost. The associates of JSJ Insurance & Financial Group Inc. can present you with options, both traditional and more flexible employee benefit plan types, and help you to decide which method would best suit your needs and budget. Upon plan implementation, JSJ acts not only as the group benefits advisor, but also as Third Party Administrator (TPA), managing the administrative and claims aspects of the plan.
Benefits Equal to a Major Carrier
Want to keep the ‘traditional’ benefit plan of Employee Life Insurance, Accidental Death & Dismemberment, Short and/or Long Term Disability Benefits plus Health, Drugs, Vision and Dental, but with a bottom line affordable to your company? Let us help! We can obtain Life, Accidental Death & Dismemberment and Disability (“pooled”) benefits through a major carrier to complement your self-insured Health and/or Dental Benefits Plans.
Many insurance companies today have set plan designs requiring groups to include certain benefits in their plan as a minimum to be eligible for coverage. But what if a pre-fabricated plan design doesn’t meet your needs? Through self-insurance, the employer is given more flexibility by designing the plan themselves, choosing maximums, inclusions and exclusions based on their employees’ needs, leading to further cost savings!
To accompany those further cost savings, JSJ offers convenience and service with fast claim turn-around, local personalized service, assignment to both health and dental professional available, and periodic claims tracking reports so that you can know your plans solvency statistics. With future additions such as Electronic Dental claim submissions in the works, there no doubting the benefits of self-insuring your group benefits plan with JSJ!
What about the risk of excess claims?
You may be thinking that self-insurance isn’t for you because the major carriers have the backing to pay limitless claims that should arise. However, available with each Health Care Plan is Stop Loss Insurance, or Catastrophic Insurance as it is commonly known. Stop Loss Insurance provides a claims “cap” amount that the self-insuring employer would be responsible for should an employee become critically ill, hospitalized, or require expensive treatments or prescription drugs. Stop Loss Insurance maximums are available in the amounts of $3,500, $5,000 and $10,000, meaning the maximum you choose is the amount you are responsible for paying per employee. Claims beyond that are covered by a reinsuring company, to a maximum of $1 million. This coverage provides the security any employer desires when self-insuring!
If your company is experiencing an increase in your employee benefit premium and find that employees are having to suffer with benefits being removed in order to manage costs, then self-insuring may be an option for you. Self-Insurance doesn’t fit every company’s needs however, so we encourage you to contact us in order to discuss the most suitable and cost-effective employee benefits plan available to you.
What people are saying about Self-Insured Group Benefits
“Since changing to a self-administrating group insurance we have been able to save approximately $6000.00+ on a yearly basis.
With the guidance and knowledge of the staff from JSJ we have acquired the flexibility to tailor a drug and health plan that best suits our mandates as well as our employees’ needs.”
- Sharon Ryerse, Secretary/Treasurer, Beclin Security Inc., St. Catharines, ON
“On January 1, 2006 Tradewood Industries entered into a contract with JSJ Insurance, and Mr. Jack Wallace, to administer our health and dental benefits.
I am pleased to report that this has been a very positive experience for Tradewood. The transition from our previous carrier to JSJ was relatively seamless and the level of service we have received to date has been nothing short of excellent.
If you are considering a new approach to your benefits needs I strongly recommend that you give JSJ Insurance an opportunity to provide this service to you.”
- Robert Semmens CMA, Controller, Tradewood Industries, St. Catharines, ON