OPTIONAL GROUP PRODUCTS
Optional Group Life Insurance
The optional life benefit allows employees to supplement the life insurance coverage provided by their benefit plan. Option life coverage can be available to employees only or to both the employee and his or her spouse. Some insurers also offer optional life coverage to dependent children. Medical evidence is required and coverage typically ceases at age 65 or the employee's retirement. Rates are usually based on age bands (e.g. 40-44, 45-49, etc.), gender and smoking status. Premiums for optional life coverage are paid by the employee.
Option Group Accidental Death & Dismemberment
Optional AD&D coverage provides an accidental death benefit typically equal to the employee's optional life amount.
Vision Care
A health care plan which covers routine eye examinations, and which may cover all or part of the cost of eye glasses and lenses.
Critical Illness
Critical illness provides a lump sum benefit payable to an employee who survives after a covered illness or injury has occurred. It provides financial resources that allow the employee to adjust to the changes in their lifestyle that will result after having suffered a critical illness or injury and helps the survivor deal with the financial demands of recovery.
Group Pension Plan
Also referred to as Employee Benefit Pension Plan
A plan, fund or program maintained by an employer, an employee organization, or both. Such plan, fund or program provides retirement income to employees or results in a
deferral of income by employees for periods extending to or beyond the termination of covered employment.
Health Care Spending Accounts (HCSA or HSA)
A Health Care Spending Account (HCSA), also known as a Health Spending Account (HSA), is an individual employee account that provides reimbursement for eligible health care
expenses or other benefits that are not covered under provincial health insurance plans or other benefit plans sponsored by the employer. A Health Spending Account can be
implemented on a stand-alone basis within a traditional benefit plan or part of a flexible benefits plan.
Spending accounts can sometimes be the answer to situations where an employer wants to give employees increased involvement and more choice in their benefits while also
limiting its financial responsibility. A Health Spending Account is an easy, tax-effective way to offer health and dental benefits choice and self-service to plan members.
Administrative Services Only Programs (ASO)
An arrangement where an organization will perform specific administrative functions relating to health care programs such as claims processing for self-insured groups or third
party providers/payers for a fee.
An ASO plan enables large employers to assume the costs of their health insurance, dental care and short-term disability insurance benefits.