Employee Benefit Solutions

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Group life insurance

Group life insurance as part of a benefit plan allows our clients to provide their plan members with the peace of mind knowing that their family and financial obligations will be met in the event of the unforeseen.

By offering employer-sponsored life insurance as part of a group benefit plan and providing plan members with access to additional optional employee life insurance, our clients can help ensure that their employees hold the right amount of Life Insurance to meet their specific and unique financial obligations.

Accidental Death and Dismemberment (AD&D) Insurance

Most Canadians are not prepared for the financial devastation that can accompany an unforeseen accident. By providing your plan members with AD&D coverage you can help protect them and their loved ones against the impact of a covered accident. AD&D benefits can also include bereavement, child and funeral expense benefits that are specifically designed to help your plan members’ loved ones in the event of a fatal accident.

Group critical illness

Being diagnosed and surviving a serious illness can often be only the beginning of very serious challenges for plan members. Significant expenses such as special medications or alternative treatments that may not be covered by regular health insurance benefits can cause plan members to be more worried about expenses and obstacles instead of their return to health and work.

That is why Tripemco Financial offers our clients the chance to provide their employees with group critical illness insurance.

Group critical illness will raise employee satisfaction, resulting in improved productivity and employee retention. In the event of a claim, this coverage allows the employee to focus on recovery by providing a lump sum, tax-free benefit that is on top of any benefits paid through the overall group benefits plan.

Group critical illness is not offset against other benefits and can help protect recovering plan members and their families from having to ask themselves what now? It can also protect their employer’s bottom line by potentially facilitating a quicker return to work.

Health benefits

The flexibility of Many of our underwriters claim systems enables them to customize our clients’ Health Benefits coverage to meet their specific needs, allowing them to provide the coverage levels their Plan Members need. Plans can provide full coverage or include plan member paid deductibles or co-payment amounts.

Health coverage can be designed to include:

  • Coverage for paramedical practitioners, from athletic therapists to psychologists;
  • Convalescent home services;
  • Ambulance services;
  • Private duty nursing care;
  • The appliances and supplies employees need to recover from accidents or illnesses;
  • Prescription drug coverage (including pay direct services);
  • Coverage for hospital stays and associated expenses;
  • Vision care services;
  • Dental accident;
  • Coverage for expenses incurred while an employee is outside of their province of residence;
  • Travel assist (Out of country emergency coverage);
  • Other medical expenses not covered under provincial health care plans; and
  • Survivor benefits.

 

Dental benefits

Dental benefits are designed to provide plan members with flexible and responsive coverage for themselves and their families as well as cost containment solutions for our clients. Dental benefits can be designed with any combination of deductibles and reimbursement levels, allowing our clients to select the right level of coverage at the right cost.

Dental coverage can be designed to include:

  • Diagnostic services;
  • Preventive services;
  • Restorative services;
  • Major dental surgical coverage;
  • Periodontal services;
  • Endodontic services;
  • Denture repairs; and
  • Adult and child orthodontic service options.

A health care spending account (HCSA)  is in essence an individual plan member’s account that provides reimbursement for covered expenses such as:

  • Eligible expenses not covered under a current benefit plan;
  • Eligible expenses in excess of current plan maximums;
  • Co-insurance and deductibles charged by current benefit plans; and
  • Expenses for dependents not eligible under other benefit plans, but eligible under the broader Canada Revenue Agency (CRA) definition of dependent health and non-health related expenses.

By design an HCSA addresses the unique and differing needs of clients and their plan members. For plan members it provides greater flexibility in how they choose to spend their allocated amount. For employers it provides a greater cost certainty by providing an established maximum cost per benefit period per plan member.

An HCSA is a flexible and easy-to-use solution to today’s complex benefit marketplace issues such as:

  • Changing workplace demographics and the need for plan flexibility;
  • Rising benefit costs; and
  • Employee retention and recruitment issues.

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Because simple and effective is a great benefit

A taxable spending account (TSA) is a simple and effective solution that enhances a group benefits plan by functioning as a personal health and wellness account for plan members. A TSA helps organizations be innovative and flexible, attracting and retaining valued staff.

A TSA, by design, is a responsive, flexible, simple solution:

Responsive: Part of the health and wellness solutions that matter suite of benefits solutions, a TSA allows plan sponsors to encourage health and wellness by covering the costs of services* that can help plan members lead healthier, more balanced lives.

Flexible: A TSA provides greater choice in employee benefits, reimbursing eligible expenses that are not covered through traditional group benefits plans.

Simple: A TSA is a simple addition to any group benefits plan and does not require any plan design changes.

*A standard TSA is designed to meet the needs of the majority of our clients.

Why is an TSA simple?

Because all plan sponsors need to do is choose:

  • Who will be eligible? A TSA can provide reimbursement for eligible expenses for dependents and plan members or for plan members only.
  • How much will be allocated to the TSA on an annual basis? The amount allocated for each plan member is a defined amount selected by the plan sponsor thus providing cost stability to the group benefits plan.
  • What type of TSA allocation? Plan sponsors can choose a balance carry forward or a use-it-or-lose-it TSA design.
    • A balance carry forward TSA design allows plan members to accumulate a balance over a set period of time (for example over two benefit periods). Under this option, Plan members can save up their TSA credits for an eligible expense that may be greater in cost than the credits allocated and available in a single benefit period.
    • A use-it-or-lose-it TSA design requires plan members to forfeit any unused TSA credits at the end of the benefit period with no tax implications for the tax year for unused credits.

 

Health and wellness solutions that matter

Because an standard TSA reimburses (on a taxable basis to the employee) expenses related to healthy living and well-being choices it effectively supports and promotes health and wellness. A TSA is part of a suite of health and wellness solutions that support individual and workplace health and wellness efforts.

All plan members gain access to reliable health and wellness resources through the various health care solutions. These health and wellness solutions that matter can lead to healthier, more balanced lives.

Why is an TSA effective?

Because an TSA allows plan members to choose from a broad choice of eligible expenses to an annual maximum amount, it provides the opportunity to clearly define and better predict benefit costs. Also, because a TSA features simple and effective administration, highlighted by:

  • TSA information (balances/what is eligible/benefit periods) being easily available to plan members.
  • Reports on TSA utilization available to plan sponsors through the plan administrator web service site.These reports can be easily used for taxation and accounting purposes, utilization trends and costs as well as provide comprehensive information on available balances and potential forfeitures (dates and amounts).
  • A simple TSA claim form provided to plan sponsors to make available to plan members with an easy-to-understand itemized list of all eligible expenses.
  • Straightforward monthly billing in arrears will be sent to the plan sponsor electronically.
  • Easy to track for tax reporting as each plan sponsor is responsible for tax reporting; a TSA is assigned a unique and separate policy number to make this process easy.

 

What is covered under a standard TSA?*

Health related services
  • Weight management programs;
  • Smoking cessation programs;
  • Nutrition programs and counselling;
  • Maternity services (prenatal classes, midwifery services);
  • Alternative health practitioners;
  • Sleep assessments; and
  • Stress management programs
Fitness related services
  • Fitness club memberships and classes;
  • Sports team costs;
  • Sports club fees (golf memberships, greens fees; ski passes…);
  • Personal training fees; and
  • Fitness and sports equipment
Work/life balance related services
  • Elder care costs;and
  • Day care costs
Personal insurance premiums
  • Critical illness (CI);
  • Life insurance;
  • Long term care; and
  • Long term disability (LTD)
Professional development
  • Courses and seminars;
  • Conference and classes;
  • Text books and reference materials;
  • Professional exam fees; and
  • Travel costs associated with eligible professional development
Technology
  • Computers;
  • Other electronic devices (smartphones; tablets); and
  • Software

Because a TSA is a flexible solution by design, the underwriter can customize any TSA to meet the unique needs of specific work place demographics or preferences and requests.

Disability and absence management solutions

Disability and absences can be a difficult time for both employees and employers and can have devastating impacts. Employers suffer losses in productivity, resources and customer service, and satisfaction levels when employees are away from work. The impact to employees needs to be measured both in terms of the potential loss of income and financial security as well as the isolation and uncertainty that can accompany serious health issues.

Our commitment to minimizing the cost and impact of disability is founded upon the principal that absent workers must be supported throughout the disability process in order to regain their health and successfully return to work. Where a return to work is not possible, we are committed we ensure that the disability manager is committed to providing fair and consistent support to employees suffering ongoing, severe disabilities.

 

Learn More

We understand that technology is only as relevant as the information it delivers. That is why Tripemco Financial offers online access to Canadian health and wellness resources. Through a holistic approach to group benefits, we provide valuable information, tools and support to deal with the physical and mental issues that can impact the ability to lead a healthy, balanced life.The resources at Tripemco Financial can help improve work-life balance and the overall health of our clients and their plan members.

Innovative online services for plan sponsors, members and advisors

As a result of our commitment to service, we developed our web services add on site. This online solution is flexible and comprised of three customized service modules offering our plan sponsors, plan members and advisors the self-service options they require.

Innovations provides:

  • Simplified plan administration and reporting;
  • Real time enrollment and change updates;
  • Environmentally friendly eSolutions;
  • Quicker turnaround times;
  • 24/7 access to a private, confidential and secure network; and
  • The opportunity for plan members to participate in managing and understanding their benefits.

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