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Saving big on health benefits in Canada

Finding reliable and affordable health insurance in today’s marketplace can seem impossible. Health benefits offer you a confusing array of options — not all of them good, and few that are inexpensive. Sure, you may find an agent who will offer you a cheap policy, but here’s the thing: health coverage isn’t cheap if it doesn’t adequately cover your expenses when you need it most.

We all know the saying, ‘there is strength in numbers,’ and this is no less true when it comes to insurance. Nevertheless, although they have existed in many other industries for decades, Collective Purchasing Plans are rare in the benefits marketplace. Given the obvious cost benefits of such arrangements, you might ask – why? The answer, once again, is quite simple:

• Revenue & Profits: underwriters and brokers generate greater revenues by maintaining independent relationships with policyholders.
• Critical Mass: underwriters require a good business case to put aside their drive for profits per account to turn their sights on lower margins but higher revenue growth and retention rates.
• Comfort Zone: many brokers are comfortable and successful without innovating and we often trust existing broker relationships to provide new and innovative approaches.

All benefits’ plans have a set expense margin, the percentage of each premium dollar used to cover the insurance company’s administration expenses. Typically smaller businesses pay higher margins because their numbers don’t allow for cost efficiencies from an administrative standpoint, and they present a higher risk.

Through a Collective Purchasing Plan, businesses of any size benefit from lower expense margins than they would on a stand-alone basis. The lower expense margin translates into lower overall premium rates and important cost savings for member companies participating in the program.

Here’s what combining purchasing power can mean for you:

• Insurer’s expenses are lower per individual thanks to shared administration costs
• Improved plan design options and features such as preferred underwriting criteria
• Greater premium stability (fewer budget surprises)
• Influence and reduced time spent negotiating with insurers

Yes, we are stronger together – join a buying group to take advantage of big premium savings.

Joelle Parenteau of www.epicperks.com (A VAR office Suite Partner) comments “Any business can join the buying group at www.epicperks.com and instantly access preferred group benefits – with average savings easily ranging from $2,000 up to $20,000”.

“Epic Perks provides an invaluable service for business owners looking for health care coverage that is both appropriate and affordable. Thanks for making the enrollment process such an easy and pleasurable experience. The service and savings were superb!” adds Scott Fromson, CEO of F2 Investor Intelligence Inc.

Julian Lee, President of TechnoPlanet adds, “Group benefits are one of the easy things that VARs, MSPs and ITSPs can do to immediately start saving money. These savings go far beyond insurance premiums as you can get deep discounts on couriers, credit card merchant rates and many other business related expenses. We urge the channel to review the benefits of all the VAR Office Suite group partners to see how much money they can really save every month”.