What ASO Group Benefits Mean For You And Your Business
In today’s fast paced and unpredictable world, affordable health and dental care is a necessity. Studies have shown that productivity and general satisfaction are closely linked to the health of the individual. So it is essential for businesses to offer their employees an accessible and affordable coverage plan. A practical and affordable choice for health and dental benefits would be an Administrative Services Only plan. With an ASO plan, you pay only for claims that are submitted and approved. This differs greatly from a more traditional insurance plan which bundles otherwise separate benefits together, creating unneeded coverage and high expenses. The premiums on other plans often include expenses such as sales commissions, claim, profit, risk management, reserves, and inflation factors. A budgeted plan is highly transparent and you know that you are not paying for products you do not and will not need. With an Administrative Services Only plan, you work with Sovereign Consulting Inc.’s administrator to create a plan that caters specifically to your business. This plan can be designed for any size or kind of business. Unlike a traditional, high cost insurance package that assumes the risks of each individual solely, with an ASO plan all participating employees are insured together. Instead of operating on a risk principle, ASO plans work on a reimbursement program which drives the cost down. ASO administration handles relatively low cost and high frequency transactions instead of larger, catastrophic life events. The administrator handles all payments, cards, adjustments, and claims. It is also much cheaper for small Ontario business owners – you pay on 15% to 20% instead of the usual 25% to 30%. With a traditional benefits package, you pay for assumed costs and price increases and you are unable to get reimbursed for parts of the package that are unneeded or unused. You are also not able to leave the plan if you find it is too expensive or does not meet your needs. With our program, actual costs can be reviewed monthly and steps can be taken to alter the plan if needed. It is may be time for your business to consider an Administrative Services Only plan through Sovereign Consulting Inc. and to provide your employees with coverage while saving substantial amounts of money. It’s time to stop overpaying for unneeded coverage – contact Sovereign Consulting Inc....
Read More