Administrative Services Only (ASO) allows you to control the cost of employees benefits — pay only for what your employees use.
ASO plan allows you to avoid costly insurance premiums for predictable health costs yet provide peace of mind with stop loss insurance to protect against catastrophic and unexpected costs. You can customize the coverage that best suits your needs. This means more control over costs and valuable coverage for your employees.
How does Honeybee ASO work?
With Honeybee ASO, employers purchase insurance to provide coverage against catastrophic employee claims. They pay for claims up to a reasonable deductible to keep their premiums low (think low-cost, high frequency-type claims), and they assume risk only up to that deductible amount. Funds are deposited into their claims reserve to pay for predictable, routine claims, like teeth cleaning. Any unused funds are returned to the employer.
ASO vs. Traditional Insurance
With a traditional insurance plan, companies don’t have any return of premiums while in Administrative Services Only (ASO) plans employers only pay for the claims that are incurred, any unused funds get refunded term-over-term.
Easy to access
Enrolment for small businesses (as low as 5 employees).
Stop loss pricing as low as $1,000.
Digital user experience
Honeybee ASO offers a complete digital experience, including enrolment.
Steady pricepoint year-over-year
No suprise costs, no need to re-evaluate year-over-year.
ASO is simple
1. Select your group's deductible (Stop Loss) level
Eligible claims submitted by employees are paid using the group’s Reserve Account up to the Stop Loss level. Once claims have reached the Stop Loss level, they are paid using the Stop Loss insurance.
2. Each month you pay a fixed deposit
The company pays a predictable fixed amount every month called a budgeted deposit. The budgeted deposit is determined using the groups’ claims experience, demographics, plan design/coverage and Stop Loss level.
3. Get happy employees
Let your team enjoy their Benefits plan that won't get you any suprise renewals and would allow you to refund unusued funds at the plan's year end!
See Honeybee in Action!
Find out what your employee benefits experience could look like.
What to Expect
Get answers to your questions about Honeybee ASO. In our demo we will:
- Ensure Honeybee has the right solution to help you achieve your business goals
- Show you how employees can easily use their benefits
- Guide you through the process of getting started
- Explain how we work with you and your advisor to put together a benefits plan that’s a perfect fit for your business
Don’t have an advisor? Not a problem – let us know and we’ll introduce you to one!
If you’re ready, fill out the form with your information to get started.