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Thinking About Getting a Group Plan? Why Evaluating Benefit Premiums is The Last Thing You Want to Do

pricing Oct 07, 2020

Investing into an employee benefits strategy makes good financial sense as it’s a way to commute “income” to an employee on a tax-free basis while helping them maintain their health so they can be productive at work. It’s a classic win-win. However, there is another side to this coin.

Benefit plan premiums generally go up every year. As your employees age, submit more claims, inflation creeps up and practitioners charge more. You’re feel-good-benefits-plan can become a financial annoyance if it’s not set up properly at the onset.

First, know this. The big insurers LOVE to buy new business. Did I say love, I meant LUST. In all seriousness, most of the big insurance companies are the big offenders here. Until a group plan has longevity, predictable claims experience, tor small businesses; we’re not convinced these carriers are always best aligned for the needs of these types of enterprises in the early days of their benefits plan offering....

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The Most Overlooked Employee Benefits Cost is That of Benefits Management Itself!

Uncategorized Aug 17, 2020

One of the most overlooked healthcare costs is that of benefits management itself. Paper-based enrolment forms are frustratingly complicated, prone to errors, and a major drain on HR resources. But thanks to modern benefits solutions, they’re also becoming obsolete.

Putting pen to paper to fill multiple pages of enrolment forms is a painful experience for plan members – especially the younger generation – and plan administrators, who have to chase employees to get the forms back, decipher handwriting, then transfer the information into an admin portal, which is not always user-friendly.

Automating group benefits management means more than just convenience; it can reduce costly information errors by up to 30%, and save countless hours sifting through spreadsheets and paper forms. It’s a sound solution to mitigating risks related to the handling of sensitive personal data required from group benefits plan members.

While many Canadians still depend on paper...

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Return to Work Preparation – A 360 Degree Approach

Uncategorized Aug 10, 2020

As businesses across Canada prepare to reopen, employees may feel apprehensive. Many employees will be relieved to be back at work but have concerns about how to maintain physical distancing and work safely through this transition period.

While most employers are evaluating the physical workplace to determine how to keep employees safe, addressing employee anxiety and workplace mental health are important considerations. Many employees report symptoms of anxiety and even panic when thinking about the return to work. A majority of Canadians (83%) say that mental and physical health are equally important during this time.*

What can employers do during this unprecedented return to work? Take a 360-degree view, and consider all aspects of employee health and safety. Organizations need to ensure they have taken into account employees’ emotional need for confidence in the return to the work plan. There needs to be a process and mechanism for hearing and considering employees...

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