Our SelectFlex Benefits plan for small businesses has been very popular for groups of three or more. We have also found that groups of less than three are best served by an Executive Benefits Plan and/or Healthcare Spending Account Plus plan (HSAP) (read more in our previous blog, “Can a Business Owner Have a Benefits Plan for One?”).
We have seen strong demand for Executive Benefits and HSAP plans for groups of one or two, while SelectFlex has been requested primarily for groups of three or more. As a result, we are re-focusing our Select Flex Benefits plan as a dedicated plan for small groups of three or more to best meet our clients’ needs.
Changes to SelectFlex Benefits
Effective July 1, 2016, SelectFlex will no longer be available for new cases of one or two lives.
Businesses who currently have a SelectFlex Benefits plan for groups of one or two will continue to have coverage through their grandfathered SelectFlex plans.
What Is SelectFlex Benefits?
SelectFlex is the perfect plan for small businesses who want simplicity, flexibility, and cost control. More than an “off-the-shelf” benefits plan, SelectFlex provides a range of options for employers to design a benefits plan specifically for their business.
It includes a core Extended Health Care plan, with additional optional add-ons including pooled coverage, dental care, and health care spending accounts. This ensures that clients get the plan that is right for their business rather than settling for a standard package with inclusions that they don’t want.
Please visit the dedicated SelectFlex website for updated information, plan overview, and premium calculation worksheet.
The Benefits Trust helps successful business owners build a better benefits plan than they can get anywhere else. Contact us today to learn more about the products we can provide for your clients!
More from The Benefits Trust:
- What’s New at The Benefits Trust?
- New! Balance Checker for Healthcare Spending Account Plan Members
- How Do You Transition from a Conventional Benefits Plan to a Healthcare Spending Account?
- SelectFlex Benefits for Small Groups of 3 or More Employees - June 9, 2016
- Can I Have a Benefits Plan for One? [Video] - April 19, 2016
- Happy National Employee Benefits Day 2016! - April 4, 2016
- How Do You Transition to a Healthcare Spending Account? - March 15, 2016
- Access to Publicly Funded In Vitro Fertilization for Women under 43 - October 26, 2015
- Do You Know These Details about Employee Assistance Programs? - October 16, 2015
- What Is a Healthcare Spending Account? [Video] - July 2, 2015
- FREE eBook! Get “The Smart Employer’s Guide to HCSAs” - February 19, 2015
- Do You Know These Important OHIP Coverage Details? - February 13, 2015
- The Four Pitfalls of Self-Managing Your Healthcare Spending Account - January 14, 2015