Decoding Health Benefit Plans
The Smart Plan design of Canadian employees benefits allows employees to unbundle their traditional benefits from life and disability, in order to find greater efficiency and savings. With just over 90 percent agreement, Canadians prefer their state sponsored healthcare over a U.S. type of benefits system. It probably helps that the provincially managed Medicare system is cost effective and simple to maintain also. Regardless of the group health benefits, most Canadian health care costs get funded from income taxes, their are some implications to employee benefit solutions.
When coupling the various employee benefits packages, it could be necessary to have an employee benefit audit to verify compliance with the evolving regulations and best practices. The Canadian Employee Health Benefits Plan can be a way of locking in pricing and benefits based on the employee benefits insurance premiums. Whether you are looking at company insurance costs, deferring compensation retirement plans, or overall employee health benefit plans, your research will allow you to stay competitive in the marketplace, especially in lieu of the CEHBP.
Any company with quality employees, should consider what group health benefits you can offer to them without inadvertently affecting their other benefits. While salary is a big consideration for employees and potential recruits, it does not have to be the only deciding factor. Your complete employee benefit audit can help you structure packages that include additional insurance components, and any additional group benefits deemed necessary. Typically the cost of additional benefits to employees is much lower than employee turnover or cash incentives.
On a general level, you can look at the number of paid company holidays and other paid time off and other benefits like gym memberships or related amenities. You should insure that it fits into the best practices for your industry, allowing you to stay competitive, and you can provide some flexibility as well with unpaid leave or floating holidays as necessary. In all cases, you should look at your legal obligations when it comes to insurance packages and health benefit plans, but generally a salary employee expects comprehensive levels of coverage to be picked up or reimbursed by the employer.
Also be aware that as you compile the health benefit plans and retirement benefits that they come with their own set of government regulations. This is where you will need some detailed oversight and potentially an employee benefit audit to maintain compliance. For example, if you have both full time and part time employees, there may be different requirements around exclusions of any benefits. Finding the right balance will insure that you have low turnover and high allegiance from your employees. Helpful info also found here: www.cehbp.com