Name: Perlinger Group Benefits
Address: Calgary, AB
Telephone: 1-877-217-7829
Price range: $000 - $000

With 2020 in full swing, as a business owner, you are in the midst of reviewing your plans, policies and deciding on the outlook for the new year. One of those assessments is the group health insurance plan for your employees. It could be time to consider updating or getting a new policy, especially if your current plan indicates the following:

You’ve added several employees

If your business is growing and you’ve added new employees to expand your operations, it comes with caveats that you need to adjust your group health insurance plan. Make sure that your policy is designed to cover all your new employees, and if any amendments have to be made to your policy. If your company is growing rapidly, you can get Modular Flex Plan, which is an excellent option for companies with 50+ employees.

Your Group Insurance Benefits plan is the same for all your employees

Although group insurance benefits are there to protect your employees, not all your employees face the same issues, risks and medical conditions. While it is reasonable to have a singular benefits plan to cover all your employees if you notice that their needs are vastly different, consider offering greater flexibility by including either a Health Spending Account or Wellness Spending Account or both. It can go a long way to keep your employees satisfied.

Your deductibles are still set too low

As health prices rise, it is essential to make sure that your employees are covered when using their group health insurance. This is where it is vital to consider the deductibles of your plan and how it affects your employees. It is best to discuss it with your insurance company and find the best approach, whether that is increasing the deductible, eliminating it or reducing the reimbursement percentage.

Your maximum disability benefits are too low

Your employees want to know if their future is secure if the unfortunate should happen, and they cannot work any longer. Upon reviewing your group health insurance, if you notice that your employees are not receiving sufficient replacement income should they become disabled, it is time to consider adjusting your plan. That added security can go a long way to easing any fears your employees might have. Make sure you also account for inflation when adding the numbers.

Life Insurance is not high enough

Your employee’s financial security is one of the critical points in your plan. But more than that, it’s security for their family. Life insurance is a key point in all this, so you have to consider if the life insurance fee is high enough to help support the family if something tragic were to happen. It is usually recommended to offer at least one time the annual salary as basic life insurance coverage.

Perlinger Group Benefits has been offering exceptional group benefit plans since 1992. Our goal is to provide the best group health insurance plans to meet your business’ needs, regardless of the size of your business. We make it affordable and easy to get access to comprehensive benefits plans. Contact us today: Direct Line 403-217-5560 | Toll-Free 1-877-217-7829 | Email [email protected].

Most Canadians consider group health insurance plans part of their workplace agreement and consider it as one of the most critical factors in them joining or working with a company.

However, choosing a group health insurance plan that keeps your employees happy, and benefits your business can be difficult if you do not consider the following factors.

The Four Factors To Consider When Choosing A Group Health Insurance Plan

1. The Demographics of Your Employees

According to a Sun Life Financial report, Gen Y employees believe that positive mental health is essential for an employee’s overall well-being. Meanwhile, Millennials, Gen X and Baby Boomers believe that the physical support is the most important. This research highlights the specific generational differences when it comes to group benefits.

As an employer, you have to consider the employee demographics in your office when deciding on a group benefits plan. Does your company have a broad mix of generations or not? Are they young go-getters, or wise boomers? Consider who is working for you, and how you can appeal to them by constructing a plan around their needs, regardless of how different they are.

2. Your Financial Restraints

With a firm idea on what your employees want, it is time to see how it can fit into your budget. Think about how much you are willing to spend on benefits and how much you can realistically afford. You have to take into consideration premiums, co-insurance policies, deductibles and out-of-pocket maximums that form as part of your plan. Calculate every angle and dollar, so you know what you can or can’t provide to your employees.

3. The Amount of Coverage

Typically health spending accounts, pharmaceutical drug coverage, and dental insurance in Canada are considered typical of many group insurance plans. But that doesn’t mean it covers the needs of your employees, and provides them with the optimum care they need.

You have to look at what you can get for the amount you want to spend. You can get group health insurance plans for as low as $75 per employee, but they don’t get enough coverage. Or you can pay a little more and they get everything they need. Assess the type of coverage you’ll get for the price you want.

4. The Industry You Operate In

Consider the industry that you work and what kind of coverage will best help your employees. For example, blue-collar jobs require more physical demands, which can place a burden on your employees. Providing them with physio benefits can help them recover quicker if they get injured. They’ll also be happier knowing they have coverage if something does go wrong.

White-collar employees, on the other hand, face high-stress situations, which can cause significant mental issues. Your employees might appreciate having mental health benefits, such as coverage for seeing a psychologist, or massages, as part of their group benefits plan.

Knowing your industry and what your employees’ experience will help you determine a benefits plan that suits your company.