While there may be many different options and plan variations available though various group benefits providers, the following are common benefits found in most comprehensive benefit programs:
Life Insurance provides your plan members with assurance that their families will be taken care of should they die suddenly or after a prolonged illness. The Life Insurance benefit is most often based on a multiple of the plan member’s earnings. However, depending on the plan sponsor’s wishes, the benefit may also be a flat amount or a combination of an earnings multiple and a flat amount.
In addition to basic amounts of Life Insurance, additional coverage such as Dependent Life Insurance may be part of a plan.
ACCIDENTAL DEATH & DISMEMBERMENT INSURANCE:
Accidental death & dismemberment insurance is an additional benefit that can be bought in conjunction with Life Insurance coverage. The amount of coverage is usually equal to the amount of Life Insurance selected by the plan member. It provides plan members and/or their families with additional benefits should the plan members die, lose a limb, become paralyzed, or lose their hearing, speech or sight as a result of an accident.
benefits help plan members and their dependents pay for medical expenses that aren’t covered by their provincial plan. Details of exactly what is covered, how much the plan pays, and what the deductible amounts vary among plans. An Extended Health Care package can include a combination of the following features:
Dental Care benefits help plan members and dependents pay for eligible dental procedures that are provided by a licensed dental professional. As well as covering preventive and diagnostic treatment, a plan may also cover:
Disability benefits are designed to replace lost income in the event plan members become totally disabled for a prolonged absence as a result of illness or accident. To qualify for this benefit while disabled, individuals must demonstrate that they are following appropriate treatment for their illness. Both Short-Term Disability and Long-Term Disability coverage are normally included in a disability benefit plan.
A HSA is an easy, tax-effective way to offer health and dental benefits choice and self-service to plan members.
Plan sponsors deposit HSA credits (“dollars”) into each plan member’s account every year. The plan member may use the allocated credits as needed for eligible health-related expenses not covered by provincial health plans or by the organization’s regular benefits plan. This can include expenses such as:
The purchase and implementation of a group benefits package is complex. Hatch & Muir are Chartered Life Underwriters and Certified Financial Planners. We can provide you with advice and help you implement the right benefits package for your employees.
Robin Muir, CFP®, CLU®, CH.F.C.