What are Group Benefits - really?
By Fernanda Lazzaro
LAS Customer Service Representative
If you review on our website the list of services we offer, you will come across one under the Financial category called “Group Benefits”. At a conference in May, I spoke with our program partner, Mosey and Mosey, during which I realized that insurance is a complicated beast. If a municipality were shopping for a new group benefits insurance company or wanted to compare rates, the process isn’t a simple 24-hour turnaround. I sat down with DJ Nascimento, Account Executive at Mosey and Mosey and asked him the following:
What is Mosey & Mosey’s role in the LAS Group Benefits program?
We have been the group benefits program partner for LAS since 2009. We are an employee group benefit consulting firm and currently have over 200 public sector clients across Ontario. We are able to obtain volume discounts, offer higher group life and long-term disability maximums and reduced overall administrative costs.
What group benefits services are available for municipalities?
Mosey & Mosey helps you develop your benefit plan philosophy, control plan expenditures, and minimize the internal resources required to effectively manage your employee group benefit plan.
What are the steps in giving a quote?
To obtain a quote, we will ask for some information which can be provided directly from the client, or they can sign a letter of authorization and we can attempt to gather the required information from the insurer, this information includes a copy of the current plan design, employee data, claims and rating history.
How long can this quoting process take?
The time required to gather the necessary information has a big impact on how long it takes to obtain quotes and put together a proper proposal. I would say that it could take approximately 4-6 weeks to prepare a proposal which then can be presented to the client. Please remember that there is no cost to obtain a quote!
Why would a municipality switch their current provider?
The LAS program can provide cost savings through economies of scale purchasing and reduced overall admin fees. Based on previous history, savings obtained has been as high as 25% but typical annual savings for program members have been around 15% at time of enrollment. Some of our clients have decided to utilize these savings to enhance their current plan design without seeing an increase to their rates. We also provide guidance and assistance during the transfer of your group program. Our team here will put together a plan of action to ensure a seamless transition for you and your employees.
If you would like more information about how your municipality could receive a quote and take advantage of the group benefits rates, please visit our website, or you could contact DJ directly at firstname.lastname@example.org.