Types of Benefit Plan Funding
Understanding Benefit Plan Funding
Test your knowledge about different types of benefit plan funding with our engaging quiz! Dive into essential concepts like ASO, BASO, and Large Amount Pooling, and discover how these funding arrangements can impact both employers and employees.
Whether you're looking to enhance your understanding or prepare for a professional discussion, this quiz is perfect for you. Key topics covered:
- ASO and BASO differences
- Large Amount Pooling benefits
- Billing processes for groups
- Who to consult for funding arrangements
What does ASO stand for?
Administrators' Standard Operational
Administrative Selections Only
Always Start Over
Administrative Services Only
What types of groups typical fund with ASO?
Large groups (>50 lives)
Small groups (<50 lives)
Groups operating in multiple provinces
Groups without an administrator
What is a difference between ASO & BASO?
BASO is always lower monthly amounts.
BASO never has a surplus / deficit.
ASO is fully insured where BASO is not.
BASO has budgeted set rates where ASO bills for actual claim amounts.
Which is true about Large Amount Pooling (LAP)?
LAP protects the employee from high deductibles.
LAP allows for all claims to swim in the deep end of the pool.
LAP protects the employer from high cost claims.
LAP is not a factor with ASO or BASO.
How many bills will a groups with ASO / BASO receive monthly?
1 for insured & 1 for ASO/BASO.
1 for each plan member.
Only 1 for the entire group.
None because they are paying actual claims.
Who should you first ask about funding arrangements for your groups when in doubt?
The MARS team member on the account.
The employer.
Mike.
Your local real estate agent.
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