Most employers of any size provide benefit plans for their employees. As a business owner or manager, you can view an Employee Benefits Plan as either a necessary cost of doing business or an opportunity to build and strengthen the bond with your most precious resource, your employees.
A benefits plan can only achieve the goals of both Employer and Employee if considered thought is given and advice sought based on the particular employee group to be insured. There are many types of benefits plans, and many plan designs available. As a plan is the confidential information of the company it is intended for, we don’t provide examples. We have presented a summary of the types of coverage available. Contact us for a conversation about your Company Benefits package.
It ‘s hard to design an appropriate Group Benefits plan without consulting with a professionally trained advisor. A group benefits professional will start by determining the needs and motivations of the Employer.
Your Overall Budget for Benefits: You can expect that your employees will want Extended Health and Dental benefits, but younger employees may value different services than your older workforce. We can work with you to create a plan which fits your budget and goals.
Budgetable Renewals: It is not unusual for the insurance company to set an initial price below its expected requirements, but that only means you will face price increases at renewal. We help ensure the pricing is fair and your renewals are not a surprise.
Administrative requirements: you will want to ensure the plan you purchase has efficient online portals which make administration easy for your HR or payroll department. You also want to look for intuitive Plan Member websites and mobile apps for tablets and smartphones. With the right plan, employees can submit routine health expense claims with their smartphone app.
Health and Wellness: we can help you design programs for your workforce which will encourage healthy living. We can help you promote educational opportunities to learn more about disease management, necessary lifestyle changes to achieve healthy outcomes, and encourage mental wellness in the workplace and at home.
What’s in it for me…. Communication is crucial to positive engagement about the benefits plan, regardless of the age or demographic of your workforce. We provide regular employee communications to inform your employees about their rights and obligations.
Service is Crucial: if claims payment isn’t quick and comprehensive, employees become dissatisfied. Poor service providers can cause employees to think negatively of their employers. We intervene with the Insurer to help resolve issues quickly and to everyone’s satisfaction.
Coverage is important: Employees who feel their benefit plan meets their specific needs are more likely to think positively of their employers. Without this feeling, employees may be dissatisfied with the premium they are required to contribute. When we design a plan, we balance the needs of the Employer to keep within a budget, and the needs of the employees to have a plan they are pleased with.
An excellent compensation and benefits package will establish the Employer’s image in the community as a thoughtful, caring Employer, which helps to attract high-calibre employees.
A well-designed plan will contribute to retaining existing employees, thereby decreasing turnover costs.
Sufficient Life and Disability coverage relieve Employer of possible moral obligation to assist the family in the case of death or disability of a key employee.
Taxes are high. Most of the benefits are non-taxable (either on T4s or in benefits reimbursed to the employee) A well-drafted benefits plan will result in a more efficient allocation of your overall employee compensation.
Group coverage is more economical than insurance purchased individually by an employee. Further, coverage up to certain limits is provided without any medical statements. A better price and without medical exam – both are compelling reasons to provide benefits for your employees.
A properly-designed employee benefit plan can be a powerful tool to satisfy the need for cost containment and at the same time provide employee satisfaction and retention. Click here to find out more about the benefits available.
Benefits continue to be, for the most part, tax-free rewards and incentives you can offer employees. To find out how benefits are currently taxed: click here to find out more.