11 considerations for choosing a group plan
What to consider when you’re choosing a group plan to meet the needs of your business and your employees
Most Canadians consider health insurance and retirement plans to be the most important options within their employee benefits. This is especially important in high-risk and/or high-stress industries.
Here are 11 key factors to consider when you’re assessing financial and health options as part of the group plan for your company and your employees.
Support employees financially by providing:
1. Comprehensive and flexible group retirement solutions your employees can understand and appreciate.
2. A range of investment options to help employees preserve and grow their savings over time.
3. Education and guidance, from enrolment to retirement, to help engage your employees in their retirement plan.
4. User-friendly tools and mobile apps to help your employees assess their finances, understand their options and take control of their financial future.
Support employee health by providing:
5. Comprehensive and flexible group benefits plans, including pharmacy benefits, health care and dental care.
6. Short and long term disability insurance that can provide employees with income replacement should they become disabled due to an injury or an illness.
7. Group critical illness benefits to provide a non-taxable lump-sum payment following the diagnosis of a covered illness.
8. Employee and family assistance programs to help employees manage stress and achieve work-life balance.
9. Tools that can help employees steer their way through the health-care system and may give them access to world-class doctors when they need a second opinion.
10. Information and resources on how to detect and manage the most common mental health issues. For example, you can point your employees to resources on the Mental Wellness Solutions website.
11. Online tools to inform, encourage and support your employees in leading a healthier lifestyle.