Happy employees = happy customers
Employee turnover costs companies millions of dollars in lost productivity. An effective way of having low employee turnover is to have a competitive employee benefits package. Your employees probably don’t have private health insurance, nor will they seek any out, so offering them group health benefits is also a way to protect your employees, whom you depend on to sell and produce your products and services.
Health benefits include coverage for prescription drugs (60-80% reimbursement of prescription costs), healthcare phone assistance and coverage for specialists (chiropractors, osteopaths, acupuncturists, psychologists and physiotherapists). Certain drugs are not typically covered by these plans, like birth control pills, fertile drugs or over-the-counter medication.
Choosing the right group benefits program
Health benefits are only part of the equation. You can also add dental coverage, orthotics, life insurance and short-term/long-term disability insurance. Employees will typically pay for part of the costs of this program, though it may be more advantageous for you to front all of the costs from a fiscal standpoint.
At CanTrust Canada, our licensed life agents are well versed with the ins and outs of group benefit plans. If you’re thinking of offering benefits to your employees, or you’re shopping around for a better plan, please contact one of our agents for a free consultation.
How to maximize your group benefits program
- If this is your first program, start small, with health benefits, life insurance and disability insurance. In a year, decide what to keep, what to increase and what to add.
- Monitor your employee productivity and turnover. An effective health benefits program should enhance overall productivity and decrease employee turnover.
- Dental care, vision care, and orthotics are optional components that can drive the cost of a program up quickly. Ask your agent to help you weigh the pros and cons of these options.
We’ve only scratched the surface here. Don’t hesitate to contact a CanTrust Canada agent to get more information on group benefits.
How to make the most out of your disability insurance
- While you can get multiple disability insurance policies, you will never be able to get more income than what you were already making.
- The amount you need should at least cover your current bills and debt payments, and provide enough money for additional costs related to your disability.
- The longer the waiting period before your coverage comes into effect, the lower your rate.
These are just a few things to look out for. Call a CanTrust Canada life agent today to get all of our recommendations.