Premium Refund Method
Here’s a novel idea: Pay-for-what-you-use-benefits! Our premium refund method returns unused premiums back to you every year.
Our video on the premium refund method using “administrative services only,” shows you how the program works for Canadian employee benefit programs.
FAS Seafood
“$16,000 a year is what we’ll be saving every year now because of how OnPoint was able to contain our costs. We were never presented these options from our previous benefits consultants. You’ll be amazed at what their premium refund analysis report will show you!”
Raintree Financial
“We’re getting back about $5,500 a year now. Their ability to use data and creativity together is why we aligned our program with them, plus their HR and Payroll tech-syncs save our Admin team hours every month. Overspending will never happen again. We know our costs, reduced our risks and are now giving our Advisors a plan that they understand and will actually use.”
%
Average Annual Savings
Fully Insured
- ✔ Consistent, month-to-month costs during the rate guaranteed period
- ✔ Insurer manages the plan’s risk during rate guaranteed period
- ✖ Less transparency into rate charges and adjustments
- ✖ Yearly negotiation may happen with the insurer
- ✖ No return of premiums if the actual costs of the benefits plan are less than paid premiums
Premium Refund Method
- ✔ Greater flexibility in plan design structure and coverage, with the same servicing as insured plans
- ✔ Pay directly for the costs of the plan, no additional hidden charges
- ✔ Renewal negotiations are not required
- ✔ Extra protection and insurance for high-risk costs is available
- ✖ An unexpected high-cost claim may have a more significant negative impact financially [which can be removed when you integrate the appropriate stop-loss coverage!!!]
We Answer Your Top Questions On The Premium Refund Method using Administrative Services Only.
Have a question we haven’t answered? Send us a message below.
What is ASO or the Premium Refund Method?
Traditional plans are laced with fees, commissions and reserves that keep your premiums higher than plans that use ASO or the premium refund method. With ASO, any unused premiums (expenses not claimed), get returned back to you at each renewal, unlike traditional plans where those unused premiums stay with the Insurance Carriers and Providers adding to their profit. This is know as benefit premium wastage and we’re experts and identifying it and removing it.
We don't have a benefits plan yet. Can we use this refund method?
The refund method works really well when we have a history of claims experience to base the plan funding on. Without that history we can use a modifed version. Let’s chat.
Aren't we taking on more risk with this method?
Traditional ASO started with dental only as it’s lower risk and has stable trends. More and more companies are seeing the value of using the refund method with the health coverage as well. Using stop-loss or catastrophic coverage to limit risk exposure is where you can transfer the risk that traditional plan already have built-in. Going this route you’ll reduce your overall costs.
Is this new? How come my current Benefits Advisor hasn't mentioned this?
Benefits is all we do. We’re experts at it, and we’re not afraid to recommend products, solutions and strategies that often pay less commission. Our goal is to lower your costs, provide meaningful coverage that is braggable which delivers a huge ROI back into your organisation.
I'd like to see if this will work for us, how do we find out?
We’ll do a refund method analysis for you. Book a quick discovery call with us and we can initiate that for you.
Is the refund we get back just an overpayment?
In traditional plans when you pay more than your claims, the difference is kept by the insurance carrier. PURE PROFIT. With the refund method the difference is returned back to you. It’s pure cost, transparent and fair!