SERVICES AT A GLANCE
Maximizing Your Success through Smart Benefits.
HMA offers a dynamic range of insurance solutions that empower employers of all sizes to create impactful employee benefits packages, tailored to meet the unique needs of both their organization and their workforce.
Profit Sharing
3G Benefits is the third generation of plan design which allows small to medium sized enterprises to take advantage of plan customization and accounting models typically reserved for large firms.
By combining the assurance of traditionally funded programs with added profit sharing potential, 3G clients benefit from the stability of a fully insured plan and capitalize on bottom line savings offered through this unique proprietary solution.
Profit Participation
Loyalty Dividends
When your Health & Dental claim’s experience performs better than anticipated (below the Target Loss Ratio) up to 50% of the underwriting surplus is returned as premium credits the following year.
Customizable Benefit Plans
The remaining surplus is shared by all groups on the plan, based on their share of overall Health & Dental premium in the past 5 years.
Keep your current plan design, or walk through change suggestions with your HMA Advisor. If you’re new to benefits, we can help design a sustainable plan for your team.
Drug Diversion Program
If you have an unlimited drug program, you’re likely paying 15%+ of your Health rate in Stop-Loss fees to cover the risk of high-cost drugs.
Our Drug Diversion Program is designed to reduce the financial impact of high-cost medications on your claim's experience, while lowering Stop-Loss fees for groups with unlimited drug plans.
What you can expect:
Low admin fees
Significantly reduce stop-loss fees
Divert high-cost drugs off of claim’s experience
Keep your employees 100% whole on the prescription they need
The Chambers of Commerce Group Insurance Plan has been protecting Canadian firms for over 40 years. More than 30,000 small to midsize businesses choose the Chambers Plan to protect their employees with comprehensive group benefits, including Health and Dental insurance, making it Canada’s #1 employee benefits plan for small business.
The Chambers Plan provides a simple, smart, and stable solution for small businesses by combining the accessibility, flexibility, and stability of pooled benefits. With Chambers Plan, you and your employees can take benefits into retirement as well. Once retired, Plan members can seamlessly transition to the Retiree Plan that includes robust Health insurance, Dental insurance, and Optional Life insurance.
Health Spending Accounts (HSAs)
A flexible approach to group benefits
Have your employees voiced the desire to choose where their benefit dollars are spent? Health spending accounts and wellness spending accounts provide that flexibility. Plus, if you already have a benefits plan in place, these two spending accounts can be offered in conjunction with your current plan design to provide your employees with enhanced coverage options and increased flexibility.
Why HSAs? Aids in cost management
A great way to manage the costs of your benefits plan while still providing value to your employees is through the allocation of your benefits. This is accomplished by moving an insured benefit to your HSA.
Flexibility for your employees
Because any CRA-approved medical expense can be claimed under an HSA, you are providing your employees with the flexibility to claim what matters most to them.
Promote employee wellness
While an HSA is for medical expenses, its wellness counterpart allows for employee reimbursement of a wide range of wellness expenses like gym memberships, fitness equipment, professional development courses and more.
ASO
(Administrative Services Only)
Instead of the monthly premiums of traditionally funded models, the costs of administrative services only (ASO) plans are based on claims, coupled with an administrative fee and applicable taxes as set out by your custom-built plan design and in accordance with CRA guidelines.
Why ASO?
Fees are based on claims paid
Your fees and taxes are calculated based on the actual claims paid, whereas with traditionally funded plans you pay taxes and fees based on your overall premiums paid.
Lower administration costs
With an ASO plan, the administration fee percentage is typically lower than traditionally funded programs which equate to bottom-line savings for your business.
Endless plan design options
ASO plans carry an immense amount of flexibility which allows for tailoring of deductibles, co-insurance, covered benefits and exclusions to perfectly fit the needs of your employees.
The Quoting Process
If you currently have a plan, we will need the following information to provide you with an accurate quote:
Employee Census: A detailed list of your employees, including relevant demographic information.
Most Recent Bill: The latest billing statement to assess current plan usage and costs.
Current and Last Renewal: These documents provide us with insight into your claims experience.
Plan Booklets for Each Class: A copy of the benefit plan details for each employee class to ensure we fully understand your coverage offerings.
If you’re new to benefits, we only require a completed employee census to provide you with a quote. A template can be found here for you to download and complete ahead of our meeting.
Group Retirement Plans
Want to have a direct impact on your employee’s future and incentivize employee retention? Adding a group retirement savings plan is the next step to getting your employees excited about growing their career within your company.
Why Group Retirement?
Encouraging savings
A group retirement savings plan is a great way to encourage employees to save for retirement. They get to watch their retirement funds grow while they grow in their career with you.
Gain a competitive edge
In a competitive employment market, the total compensation package you provide for your employees can encourage employee retention and incite the right talent to join your organization.
Employer Contribution Matching
Many employers use a matching structure where the employer matches the contributions of the employee up to a certain percentage. For example, an employee class may have a 3% match and an executive class may have a 5% match, meaning the employer will match up to that amount (even if the employee wants to contribute more).
Example 1:
Employee chooses to contribute 3% off their paycheque (pre-tax) into an RRSP Account
Employer matches the 3% into a RRSP or DPSP account
Example 1:
Executive chooses to contribute 8% off their paycheque (pre-tax) into an RRSP Account
Employer matches up to 5% of the contribution into a RRSP or DPSP account
Advantages of a Deferred Profit Sharing Plan (DPSP)
There are many advantages when making the employer contribution of a Group Retirement Plan into a Deferred Profit Sharing Plan (DPSP).
Avoiding extra payroll expenses:
When an employer contributes to a RRSP account, CRA views the contribution as additional pay. Both the employee and employer have to pay their share towards EI & CPP. In a DPSP, neither the employee or the employer will have to pay additional payroll expenses for contributions to the account.
Building in a vesting requirement:
With a DPSP, the employer has the right to include a vesting period of up to two years. If an employee chooses to leave your company before that period expires, all DPSP contributions are returned to the employer.
Tax deferral for the employee:
Like in an RRSP, employees don’t have to pay tax on the money that they have within a DPSP account until they choose to withdraw it.
Contributions are tax-deductible for the employer: Employers have 120 days after the end of their fiscal year to remit tax-deductible contributions to the DPSP.
Life Insurance
Whether it's covering financial expenses or ensuring stability for those who rely on you, HMA offers a variety of life insurance options tailored to meet your needs.
Why Life Insurance?
Buy/Sell Insurance: If you have multiple partners in the business, do you have a plan for each partner’s shares if they were to pass away? Cover your Shareholder’s Agreement with policies on each partner.
Permanent Insurance: Protect your family from large tax obligations due on your death. There are significant advantages in running this through your business or holding company.
Personal Family Coverage: Provide your loved ones with financial stability to cover everyday living expenses, debts and reduction of income.
Disability Insurance
Unexpected injuries or illnesses can happen at any time, often when you least expect it. If you had to take extended time off to recover, could you still meet your financial obligations? Long-term disability coverage offers essential income protection, allowing you to concentrate on your recovery rather than worrying about your finances.
Why LTD Insurance?
Extends beyond traditional EI coverage LTD plans are meant to dovetail with employment insurance coverage and will commence after the mandatory waiting period has been fulfilled.
Replacing your income
Also referred to as income protection insurance, LTD plans can help you replace between 60-85% of your income if you’re unable to work due to injury or illness.
Maintain your quality of life
Many individuals rely on their ability to earn a steady paycheque and the inability to do so can provide significant impacts on their quality of life. LTD coverage helps to mitigate this.
Critical Illness Insurance
A serious diagnosis can be a challenging and emotional journey for any family, and unfortunately, it often comes with significant costs. Critical illness insurance helps relieve the financial strain, allowing you and your loved ones to focus on what matters most your recovery rather than the financial challenges that may arise.
Why Critical Illness Insurance?
Covering the cost of care
Treatment of critical illnesses are often quite expensive and isn’t always covered by your group benefits or provincial health plan.
Income replacement
A life-altering illness means that you and the loved ones who are supporting you may be unable to work, and this coverage helps bridge the gap created by lost wages.
Low cost for peace of mind
The relatively low cost for a critical illness policy means that it won’t detract from your financial situation and is available in the event that you need it.
Health & Dental
Without health and dental coverage through your employer, the rising costs of medical care can quickly become a financial challenge.
Individual health and dental insurance plans can help reduce the impact of everyday medical expenses, including prescription medications, vision care, routine dental treatments, and more.
Why Health & Dental Insurance?
Fills Coverage Gaps
While Canada’s healthcare system offers many benefits, there are still important services not covered by government plans. Individual health and dental insurance helps bridge these gaps.
Coverage for Everyday Expenses
Routine visits to the dentist, seeing specialists (such as massage therapists, chiropractors, or counselors), and other common medical expenses no longer need to be paid entirely out of pocket.
Emergency Medical Coverage
Depending on your plan, you may also qualify for emergency medical coverage while traveling outside Canada, as well as access to semiprivate or private hospital accommodations within your home province.
