The following signs likely indicate that an insurance benefit plan for group members has not to get updated throughout the years. Suppose any of these indicators apply to your particular situation. In that case, you get likely advised to examine the significance of the plan’s terms while considering the budgetary constraints you face:
1: You Don’t Have a Single-Parent Family Rate
As society changes, we are seeing many families with single parents. Offering rates specific to their circumstances reflect that the families can have one income instead of two. Naturally, this change usually requires raising family rates. Your financial advisor must evaluate the impact of this change.
2: Your Maximum Disability Insurance Benefits for Disability Are Insufficient
Besides having adequate financial security, employers must ensure that their workers can support themselves in the event of a handicap. Therefore, giving the most generous maximum possible regardless of proof of insurance is essential.
3: The Same Group Insurance Benefits Plan Covers All Employees
Group insurance gets intended to safeguard your employees from specific risks. The needs aren’t identical for every employee. When you first start, it’s typical to have one benefits program for all employees to simplify the administration. Giving employees more freedom by introducing things like a Health Spending Account or a Modular Plan may be helpful as your team expands. Additionally, offering more comprehensive protection to specific categories of employees, like professionals or managers, is suitable.
4: You Don’t Have an Employer Assistance Program (EAP)
Mental health problems account for more than 30% of all long-term disability cases. Establishing tools that employees can access in the event of personal or professional issues is essential. An Employee Assistance Program (EAP) is an affordable tool that will aid your employees and their dependents in various ways, including emotional support.
5: Different Co-Payments for Brand-Name and Generic Prescription Drugs
There was a period when it became fashionable to set an amount of reimbursement higher for generic compared to name-brand drugs to encourage the use of cheaper generic medications. In addition to penalizing people who use medicines that don’t have a generic counterpart, this policy is now obsolete. Technology has allowed us to force generic substitutes directly at the pharmacy using direct payment cards.
6: There Are No Cost Management Measures in Place
The cost of group insurance has increased significantly due to factors such as aging demographics and the growing utilization and cost of medication. There are a variety of cost-management measures that are possible to implement over and above the compulsory generic substitution mentioned above. If you haven’t yet implemented this, it might be time to think about taking the necessary steps.
Discussion, Reflection, and Analysis
The function of an advisor is to help you offer an insurance plan for your Group suited to your and your employees’ requirements. Before making any changes, the first step would be to create a complete analysis of your policy and decide what you and your employees require. Ottawa Life Insurance can assist in this process and also survey your employees. The informed choices will be much easier to make!
Please do not hesitate to contact us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for an assessment of your group insurance benefits plan.
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