As a service to prospective clients, we offer a “NO FEE AUDIT” of their Group Benefits Program. There is absolutely no charge for this service. Generally, the “No Fee Audit” includes the following:

1) We examine the existing funding/underwriting methods for each Benefit Category to determine whether or not they make sense for a company based on its size/headcount and premium/claims. We analyse employee demographic data as well as a complete breakdown of the past financial history under the various plans to validate the current premium levels/pricing, expense charges, reserves, pooling mechanisms, levels and charges, stabilization funds, etc.

2) We review the existing Benefits. This review involves several factors including the following:

• Analyze the contractual provisions of the current Benefits to ensure that the needs of the employer and the employees are being adequately covered.
• Compare the existing plan design opposite current trends and practices as well as a comparison with general practices, keeping in mind potential “collective bargaining” constraints.

3) We examine the current premium cost-sharing arrangements with employees to assess them against current competitive practices and also to determine whether or not the employer is taking maximum advantage of current income tax legislation.

4) We review the terms and conditions of the existing Group Benefits Program to determine how well it complies with current federal and provincial legislative requirements.

5) Based on the work above, we present an Audit Report providing detailed proposals for premium reduction and/or cost savings, contractual improvements and plan design changes.