Goodreid Investment Counsel is a private, employee-owned investment management firm that focuses primarily on the needs of institutions and high net worth investors. Their managed portfolio approach enables them to provide investment solutions for their individual clients as well as pensions, estates, trusts, corporations, charitable and endowment funds and registered savings plans.
When Cathy Alfred joined Goodreid Investment Counsel in 2006 as their Business Manager, she saw a need for an employee group benefits program. As employee retention was a priority, Cathy wanted to find the best program to fit the needs of their employees and dependants.
Cathy sourced out a variety of fully-insured programs from a selection of group insurance providers and found all to have one similar characteristic.
“As a small business the plans we were offered had restrictions on the types of prescription drugs and services we could access, as well as low dental maximums and long waiting periods. For the amount of restrictions, we found the premiums to be very high.”
Cathy did not feel that there traditional programs met the needs of their employees, so she continued to search for an alternative. A short time later, one of the Portfolio Managers was meeting with a client who mentioned the Olympia Benefits program they were accessing for health and dental benefits. Based on the positive feedback the client gave, the Portfolio Manager provided the information to Cathy to investigate.
“After visiting the Olympia website and reviewing the information we decided this was the best plan for us. The Olympia program was cost effective for our company and would provide the flexibility our employees so they could access the services they require.”
Since using Olympia Benefits for their health and dental plan, they have heard only positive feedback from employees.
“Employees love the fact that they can choose what they use their spending account dollars for. If an employee wants to use the benefit to purchase glasses they can. If they want to use the plan to access a registered massage therapist they can. The employees really like the flexibility.”
Cathy has found the claims turn around time to be quick and she also noted that the MyOlympia online system is very user-friendly, making it easy to access the forms and account information she requires. By providing employees with access to their own MyOlympia program, the time spent on plan administration is minimal. New employees have found the Olympia program an attractive addition to their job offering.
Goodreid has found the plan to be very cost-efficient as they are only paying for benefits the employees use.
“As a small business we need to keep track of our cash flow. By only having to pay into the program when a claim is submitted, we are not paying out money for a benefits program when the program is not being utilized.”
“I have actively referred individuals looking for a health and dental program to the Olympia site as it is a great plan to have. The flexibility offered by the Olympia plan provides full health and dental coverage to employees. We could not find this type of coverage with a traditional insurance program.”
