HYBRID PLAN DESIGN
Hybrid Benefits Plans
What is a Hybrid Benefits Plan?
Hybrid plans are a balance between a defined benefits plan and a defined contribution plan. A hybrid plan combines the advantages of both standard benefits plans and HCSAs, resulting in a flexible and cost-effective solution for your business. Employers can choose where they would like their plan to fall along the defined benefit–defined contribution spectrum to best suit their staff and budget.
Defined Benefits Plans
- Conventional benefits plan
- Premium rates are set annually in advance by the insurer
- Percentage of reimbursement, eligible and ineligible expenses, and annual and lifetime maximums are all defined
- Typically includes Life, AD&D, Long Term Disability, Extended Healthcare, and Dental Care
- Tax advantages, if defined properly for key executives
- Insurer controls costs
Defined Contribution Plans
- Health Care Spending Account (HCSA)
- Contribution amount per employee defined annually in advance by plan sponsor
- Employees can claim from their HCSA as they incur Canada Revenue Agency-eligible expenses
- Employer controls costs
- 100% cost certainty, rates will never change unless you choose to change them
Interested in a Hybrid Benefits Plan for Your Business?
HYBRID BENEFITS PLAN DETAILS
Hybrid Benefits Plan
For companies that like the familiarity of a traditional benefits plan but with more cost control and flexibility.
Plan Highlights
- Build a Hybrid plan with customized traditional coverage, with only the benefits you want to include, supplemented by a Healthcare Spending Account for flexibility and cost control.
- The Benefits Trust can create a traditional plan for you – keeping only the coverage you want, or you can keep your existing traditional plan, and strip it down to the extent allowed by your plan.
- You can create an Executive Class and add Executive Benefits to your hybrid plan.
Coverage Amount
- Conventional coverage limits and percentage paid (e.g. 80%) vary by plan (and can be customized).
- HSA limit is fixed by employer and can only be changed at annual renewal.
- HSA expenses will be paid at 100% up to set limit.
Administration Fee
- 10-20% of contributions
- No setup fees, annual fees, per-claim fees, or fees for booklets.
What’s Covered?
- Drugs
- Dental, including orthodontics and implants
- Vision, including laser surgery
- Expenses related to physical and learning disabilities
- Paramedical and registered therapists
- Hospital Coverage
Optional Catastrophic Coverage
- Travel insurance
- Life insurance
- Accidental death and dismemberment
- Critical illness
- Long-term disability
- Catastrophic drug coverage up to $1 million over a lifetime
Online Or Smartphone App Claim Submission?
Benefits Card?
Pay Direct Drug Card?
We Can Match Your Existing Plan
Keep the benefits blueprint you trust while enhancing it to make it exactly what you need it to be. Our team can quickly adjust and change your existing plan to work perfectly for you.
Most Traditional Employee Benefits Plans Look the Same
Cost
Service
Delivering more value means more than offering comprehensive employee benefits. It means creating a partnership with your provider that’s based on dedicated representative customer service. It means flexibility in the solutions we offer and responding to your inquiries immediately.
Plan Design
Support
The Benefits Trust Creates a Custom Benefits Plan to Meet Your Company’s Needs
With a third-party administrator like us:
- You pay for the insurance you want
- You only pay for the claims you have
- Administrative costs are fixed and transparent
Have An Inquiry About Our Plans?
Call us at 1-800-487-2993
Email us at [email protected]
Regular Hours of Operation:
Monday – Friday 8:30am – 5:00pm