Features of the The Architype Benefits Health and Dental Plan
Why the Architype Benefits Plan works better and costs less at the same time:
- Your company plan can be a conventional pooled style health and dental plan, much like you have now
- You can also set up a plan with individual spending accounts – employees can spend the premiums posted to their accounts on either health or dental, as they need.
- Because spending on individual accounts is limited to the amount of paid premium that is currently in an employee’s account, no employee can over-spend. It’s exactly like a bank account. No money left means wait a few months until enough new money comes in monthly to top up accounts. The company can’t be forced into a cost increase by excess claims.
- You can use your funding for health or dental, as need be. Very few employees have large needs in both areas at the same time. So there is more flexibility in the use of money, thus lower cost from more efficient money use.
- At the end of the year, what is unspent in an employee’s account is retained for use in the next year. (By comparison, insurance companies keep the unspent balance and supposedly adjust the rate to compensate – maybe.)
- If an excess of funds builds up that is larger than required, we have a standard feature – REFUND OF EXCESS PREMIUM. This goes to the employer or the employee, depending on the option selected.
- An employer can arrange to have unused money returned to employees as contributions to their RSP – thus retaining most of the tax advantage.
- If an employee leaves your company with unspent money in their account, the unspent balance is returned to the employer, not lost to the insurance company
This plan has been available in BC for about 12 years now. The advantage of Architype Benefits is that we have more flexibility of plan design than most of our competitors. Chief amongst these are the REFUND OF EXCESS PREMIUM, and the individual account option that guarantees NO PRICE INCREASE ON HEALTH AND DENTAL.