Join The Group
The Chambers Plan Group Retirement Savings Plan In Saskatoon

YXE Benefits offers the simple, stable, smart group benefits choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Saskatoon Chamber members.  In our latest post, we share information on The Chambers plan group retirement savings plan.

The Chambers Plan offers an innovative group retirement savings plan designed to help Saskatoon businesses like yours be competitive and assist in your employees’ future financial needs.

Stay Competitive With a Group Retirement Savings Plan

  • Submit contributions
  • Access support tools and reports that are easy to read and understand.

group retirement savings plan

Having access to our online retirement planning tools, statements, and educational materials, Chambers Plan Group Retirement Solution works well with your company’s overall compensation approach by enhancing the future financial security of your employees and their families. Implementing a comprehensive retirement savings plan will help you to stand out when recruiting and retaining employees and create a sense of long-term loyalty and pride in your team.

Benefits to Your Employees

  • Low fees. The investment management fees (IMFs) in a group plan are typically lower than the management expense ratio fees charged by individual mutual funds and banks.
  • Immediate tax savings. Employees see immediate tax savings with the group RRSP if contributions are deducted from their gross pay, which means they pay income tax only on the reduced amount.
  • Simple online administration:
    • Fast and easy online enrolment
    • A secure website featuring comprehensive education and support tools
    • Ongoing online administrative support, including access to live support through our customer service centre and from licensed financial education specialists
    • An annual statement that is mailed to the employee’s home, summarizing account activity

See related YXE Benefits posts on group benefits.


We encourage you to connect with us on our Saskatoon social media platforms on Facebook, Twitter & Linkedin. 

Contact us today for a quote…. find out if you can benefit!

‘Join the Group- It’s Time To Benefit’
www.yxebenefits.ca

 

What Is Stop Loss Insurance?

YXE Benefits offers the simple, stable, smart group benefits choice for Saskatoon businesses; combining accessibility, flexibility and the stability of pooled benefits. Saskatoon companies choose the Chambers group plan because it offers unsurpassed value & outstanding customer service. The Chambers plan group benefits are for Saskatoon Chamber members.  In our latest post, we share an article by Benefits Canada on stop-loss insurance.

YXE Benefits Saskatoon

Stop-loss Insurance takes claim off the Employer’s shoulders

When an employee has a health issue requiring expensive treatment, the associated high-cost claims can be significant for their benefits plan sponsor. But it’s impossible to predict when a large claim will arise, so stop-loss insurance, which takes the claim off the employer’s shoulders, is one option to help protect against these unexpected costs.

As a type of insurance policy that sits on top of a benefits plan, stop-loss is available to both fully- and self-insured plan sponsors. When choosing stop-loss insurance, an employer selects a threshold up to which it can reasonably cover claims — ranging from between $10,000 and $100,000 — and any claims beyond that will be covered by the policy.

Stop-loss not a substitute for plan management

The main benefit of stop-loss insurance is its ability to protect the Saskatoon employer from catastrophic claims. Forstop loss insurance
self-insured groups, it primarily acts as a budgeting tool so there aren’t any unexpected hits that could affect accounting.

On the other hand, stop-loss can become costly. While a claim may be mitigated in the first year, premiums can rise
in the following years, essentially providing only short-term stabilization. This is especially difficult if the claim is reoccurring, which is the case for most drug claims.

“Stop-loss doesn’t help you avoid cost; it simply helps you prevent an unexpected surge in costs in a given year. It’s not a substitute for plan management.”

Another drawback is that most plans only have a single market for stop-loss insurance, meaning employers can only purchase it from one group, typically their own health insurer, which limits them to that insurer’s quote.

To limit risk, employers can use a pre-existing condition clause for an employee’s first year of employment by setting benefits to a specific limit so they can’t bring in unexpected expenses. Another option is to put a limit on drug reimbursement levels or incorporate provincial drug programs into the benefits plan.

While stop-loss prevents large, unexpected claims from affecting a plan sponsor, it’s important to understand that issues can still arise after a claim is made and employers should be aware of all the available options, so they can make a decision before it’s too late.

See related YXE Benefits posts on health insurance.

We encourage you to connect with us on our Saskatoon social media platforms on Facebook, Twitter & Linkedin. 

Contact us today for a quote…. find out if you can benefit!

‘Join the Group- It’s Time To Benefit’
www.yxebenefits.ca

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