Benefits administration is an important role. The plan administrator serves as the main contact between employees and the insurance company.
Here are a few of the responsibilities of a plan administrator: managing enrolments, additions, and terminations; updating salaries; handling monthly billing; and communication with employees.
Vital Partners' by-your-side service model sets plan administrators up for success.
Insurer or carrier
The company that provides the insurance product such as: Sun Life, Great West Life, Equitable Life, Encon, etc.
There are a number of ways to inject flexibility into a benefits plan. Here are a couple of examples:
A benefit plan that would allow employees to choose coverage levels based on their needs.
A health spending account or wellness account that allow employees to use predetermined allocation for whatever matters most to them.
More information about employee and employer advantages can be found here.
An employee enroled in a group benefits program.
In our industry, we use the term marketing to refer to sourcing of products and pricing.
Vital Partners actively sources the most appropriate and cost-effective suppliers for each individual client.
Health Spending Account (HSA)
An HSA (Private Health Services Plan) is a Canada Revenue Agency approved method to provide, medical, dental, and vision benefits in a tax-efficient manner.
Wellness Spending Account
Wellness plans are taxable, which makes them extremely flexible. A company determines what types of expenses to cover based on their unique objectives.