Group Health and Dental
Group health and dental benefits are popular with employees and employers because they help supplement existing government provided health care coverage. If you offer a strong benefits package, you can attract and retain the right talent for your company.
If you are a small to medium business and do not currently offer employee benefits, or if you are unsure if you can afford to offer employee benefits, we encourage you to speak to one of our group health and dental plan professionals at Erven Planning. We specialize in affordable, personalized plans and can help you pick exactly what you need for your company and employees.
Here are just some of the benefits of group health and dental plans:
- Your employees are healthier
- Your healthy employees will miss less work
- Your staff are motivated to work with the company that cares for the entire family
- Your prospective employees consider the benefits package when researching employers
- Your employees will be easier to retain
- Your employee morale will increase
- Your company will receive increased tax advantages
Offering these benefits to your employees will help make your company an attractive place to work, but your company will enjoy the rewards of a healthy, dedicated and loyal staff.
You can also personalize your group health benefits to suit the needs of your employee. For instance:
- Younger employees do not see a need for life insurance
- Employees with children place high value on access to orthodontics
- Employees with chronic conditions look for high value, long term prescription coverage
- Married employees value plans that include spouses and children
- Employees with extra expenses such as eye glass coverage, or access to a health spending account, value these expenses not covered by traditional provincial health care
Our expertise is in working with you to evaluate your employees and their health care needs and/or wishes; reviewing your company’s existing plan’s utilization, and determining the most effective and affordable benefits package. Your group health and dental coverage can be personalized for your workforce, making your benefits investment more valuable, but also making your company more attractive to work for.
Evaluating Your Current Group Health and Dental Plans
If you already offer a range of group benefits to your employees it is wise to revisit them periodically as the requirements of your workforce may change, and there could be another company that may offer the same coverage at a more competitive rate.
We have years of experience in maximizing the efficiency of group health and dental plans to benefit both the employee and the employer.
Some of the ideas we have introduced are:
- Removing vision, major dental and orthodontic coverage and implementing a health spending account to provide employees with a more flexibility.
- Adjusting the company/employee cost sharing to take advantage of income tax savings.
- Implementing a cost plus program for owners or principals to create significant income tax savings.
- Evaluating your Weekly Indemnity Benefit usage and implementing a self-administered program to generate significant premium savings.
Give us the opportunity to evaluate your current plan. Any one of 3 things can happen:
- We can find you a better plan for the same premium.
- We can find you the same coverage for a smaller premium.
- We can tell you that you have the best value plan but suggest ways to improve it.
With our years of experience in the group benefits market, we have developed a very sophisticated database of group rates, utilization data, and carrier pricing factors. We thoroughly analyze each year’s renewal from our carriers to determine if it is a reasonable cost in light of our experience and current market conditions. If your rates seem unreasonable, we will negotiate better premiums with the carrier before presenting the renewal package to you.
In addition, we thoroughly analyze your plan utilization to determine where benefit changes should be made or ways you can receive better value for your premium dollar.
Finally, from time to time, generally every 5 years, we take your plan to the market to determine if another carrier can significantly improve the value you receive for your premium dollar.
In essence, we manage your renewal conditions and make sure that you have the best financial products available to you, at the most economical price. At Erven Planning, we do not simply service your account – we provide superior management of your account so that you can be sure you have exactly the right benefits package for your company’s ever changing needs.