Group Life Insurance: The benefit amount is paid to the named beneficiary upon the plan member’s death.
Dependent Life Insurance: Provides a life insurance benefit for the plan member’s spouse and dependent children.
Optional Group Life Insurance: Statistics indicate that Canadian families require insurance coverage at a level of 4 to 6 times the annual household income. One of the most valuable assets that we as individuals possess is the ability to earn an income. Loss of income through untimely death can have a devastating effect on a family’s lifestyle and dreams, unless provisions are made for the replacement of lost income.
Optional Group Life Insurance provides the opportunity for you and your spouse to purchase additional life insurance to supplement the basic life insurance protection.
Accidental Death & Dismemberment (AD&D): AD&D pays a benefit for death, loss of or loss of use of limbs, loss of speech, loss of hearing or loss of sight as the direct result of an accidental cause.
Optional Accidental Death and Dismemberment: Accidents happen everywhere – on the job, at home, on holidays, and in many other situations. This insurance provides an opportunity to purchase economical supplemental Accidental Death & Dismemberment Insurance.
This coverage can be applied to you, your spouse, and your dependent children.
Short Term Disability (W.I.): Also known as weekly indemnity, this is a plan that provides income protection to plan members who are totally disabled for a short period of time, typically less than six months. STD will generally reimburse a percentage of income between 50 and 70 percent.
Long Term Disability (LTD): A plan that provides income protection to plan members who are totally disabled for an extended period of time, typically more than six months. LTD will generally reimburse a percentage of income between 50 and 70 percent.
Out of Country Emergency Medical Care: Benefits for emergency medical expenses incurred while traveling outside Canada. Expenses may include hospital room, physicians’ services, medical supplies, x-rays, prescription drugs and ambulance service.
Extended Health Care: Coverage for an extensive list of medical services generally including: prescription drugs, home nursing, out of country emergency medical services, hospital room, paramedical practitioners, medical equipment, eye exams, ambulance, etc.
Dental Care: May be part of an employee benefit plan. Generally covering basic dental services and could also cover major dental services and orthodontics.
Stop Loss Coverage: To mitigate the impact of unexpectedly high claims under a self-insured plan, a Stop Loss Insurance is added to the plan.
Once claims for an individual or family have reached a certain amount, the cost for any further claims during the policy year transfers from the employer to the insurer.
The Stop Loss Benefit can be set up on a per individual basis or a per family basis and can be designed in two different ways:
- Applied to drug claims only
- Applied to the entire Extended Health Care benefit (excluding Emergency Out-of-Country coverage)
Stop Loss benefit amounts, start at $500.
This coverage is available in two types:
1. Specific stop loss-Coverage is initiated when a claim reaches the threshold selected by the employer. After the threshold is reached, the stop-loss policy would pay claims up to the lifetime limit per employee for the self insurance medical plan.
2. –Aggregate stop loss-Coverage is initiated when the employer’s self insurance total group health claims reach a stipulated threshold selected by the employer. Typically, this threshold is 125% of the self insurer’s annual estimated group health claims cost.
Critical Illness (CI) Insurance: This coverage, available from some insurers, pays a lump sum benefit, usually following a specified survival period such as 30 days, on the diagnosis of a specified critical illness. The benefit is intended to help offset the costs associated with surviving a critical illness. CI generally covers cancer, heart attack or stroke plus a number of additional illnesses which vary from plan to plan.
Long-term care insurance (LTC or LTCI): An insurance product that helps provide for the cost of long term care beyond a predetermined period. Long-term care insurance covers care generally not covered by traditional benefit plans or provincial health care plans.
Employee Assistance Program (EAP): A program designed to help employees and their dependents resolve a broad range of personal problems that may affect job performance. Services may include psychosocial, financial, and legal counselling.
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Bauer Benefits: Providing Group Insurance Solutions in the Kitchener Waterloo and surrounding area since 1986.