Dental benefits are a popular addition to any Canadian employee benefit plan. Beneplan is able to provide a dental plan through one of our preferred carriers. Plan members will receive a card that they can use to pay for dental services at the point-of-sale.
Dental is a very stable and predictable benefit. Although it is sometimes packaged and sold as part of an ‘insurance’ plan, it is truly not an insurance product. It is both frequent and typically low in cost. It is well suited for self-insurance so we offer two basic choices to fund the benefit:
- Fully Insured Dental Plan: Your company would join The Beneplan Co-operative, and be provided with stable monthly rates much like any insurance company, but if at the end of the calendar year your claims are lower than the projections, you receive a refund, and if not, you are not liable to pay back the deficit or penalized. However, your rates will increase in the following year based on a weighted average of the last three years of dental claims.
- Self-Insured Dental Plan: Your company would join The Beneplan Co-operative, and be provided with stable monthly rates. A reconciliation is provided at year-end with the premiums paid, fees, taxes, and claims. If there is a surplus on the account, the company would receive a full refund back, and that amount should be treated as income and therefore taxed. If there is a deficit on account, the company would need to pay the difference.
Beneplan Inc offers highly competitive fees through preferred carriers to administer a dental plan. Please contact us at 1-800-387-1670 or request a quote through admin[at]beneplan[dot]ca.