**As of May 2017, CDSPI no longer offers Group Benefits plans.**
Dentists often invest a significant amount of time and resources training a new employee. They can provide that person with an excellent work environment and pay them a competitive wage. Yet despite these efforts, some dentists may find it difficult to keep good employees who may decide to work elsewhere.
Clearly, a good salary is high on any employee's list of reasons to stay with an employer. However, many employees are also concerned about being able to deal with expected and unexpected health-related expenses. A group employee benefits plan can offer an effective solution to retain and attract valued employees while enhancing the health and morale of the entire dental office team. According to a survey,1 62% of employees with a group benefits plan said they have a more favourable view of their employer because of the benefits offered. The majority of those surveyed (65%) said that their benefits plan was a strong incentive for remaining with their current employer.
But of course, providing benefits comes at a price—one that is escalating. Annual increases in health benefit costs in Canada are outpacing inflation.2 So how can dentists contend with rising benefit costs while also having an effective means to strengthen their staff retention strategies? Fortunately, CDSPI Group Benefits offer an innovative and affordable solution.
Offered through Quikcard, CDSPI Group Benefits allow eligible3 dentists (outside of Quebec and Ontario) to protect themselves and their immediate family, or everyone employed in their practices, with employee group benefits. The CDSPI Group Benefits plan offers a range of health benefit options, including coverage for:
- Vision - prescription eyeglasses and contact lenses
- Extended health - such as ambulance costs, hospital stays and specified medical supplies
- Prescription drugs - for those requiring long-term medication or monthly maintenance prescription requirements
- Stop loss - provides prescription drug coverage in case of an unexpected medical event which necessitates costly drug treatment
- Dental - basic, major and orthodontic dental services
In addition, a range of employee group insurance products4 are also available, including life, disability, accident, critical illness and travel coverage.
What makes CDSPI Group Benefits distinct from many others on the market is that the plans are highly customizable. Instead of having to purchase a cookie cutter set of benefits for employees at a high cost, CDSPI Group Benefits give dentists the flexibility to create their own custom packages by selecting the type of health coverage and the limits they want for their employees.
CDSPI Group Benefits can be provided in a number of ways, such as on an insured basis or through affordable and innovative Health Spending Accounts (HSAs). An HSA is an innovative option for a benefit plan because dental employees can use it for almost any health-related expense. Unlike plans that only cover very specific types of expenses (e.g. prescription drugs, dental, and prescription eyewear), an HSA can be used towards the cost of a wide range of health treatments (e.g. laser eye surgery).
Unlike an insurance product, an HSA is fully funded by the employer (and if desired, also in part by employees) and administered by Quikcard. The dentist or employees contribute monthly to the HSA. These accounts are typically designed with some limits on individual expenses (e.g. claims up to $1,000 per employee per contract year) or on the type of expenses that can be claimed (e.g. vision and prescription only). These limits are determined by the employer, not Quikcard. The dentist can choose what and how much can be claimed, offering incredible flexibility and cost certainty.
Along with providing cost certainty, HSAs are also cost-effective. There are no sign up fees, no transaction fees and no medical questionnaires to answer. An administrative fee is only applied on claims made to HSAs. At the end of the contract year, any unused contributions in the account can be returned, or rolled into the next contract year. This is in stark contrast to more traditional plans where if the usage is lower than expected, the unused premium is not returned.
Advisors at Quikcard can provide dentists with the information they need to create a group health benefits plan for their specific needs and budgets. Call CDSPI Advisory Services today to arrange for a no obligation consultation. Call 1-877-293-9455, ext. 5002. For online information, visit www.cdspi.com/group-benefits.
CDSPI (www.cdspi.com) is a nonprofit organization providing insurance and investment programs and other services meeting the specific needs of the Canadian dental profession.
Quikcard (www.quikcard.com) administers comprehensive, innovative group benefits solutions for thousands of companies in Canada.
- The sanofi-aventis Healthcare Survey 2011, sanofi-aventis Canada Inc.
- Buck Consultants' 2012 Canadian Health Care Trend Survey.
- You are eligible to apply for CDSPI Group Benefits if you a licensed dentist resident in Canada, practising outside of Quebec or Ontario, who is a member of the CDA or a participating provincial or territorial dental association. Ontario dentists can contact the Ontario Dental Association (ODA) for information about the ODA Extended Health Care plan and Accerta for information about its Health Spending Account (HSA) and Group Benefits program.
In order for an eligible dentist to obtain CDSPI Group Benefits for themselves and their families only (and not employees of their practice), they must have a professional corporation or be a sole proprietor.
- Insurance products are provided by selected Canadian insurers and are arranged for by Quikcard Benefits Consulting Inc. and CDSPI Advisory Services Inc.