There are many reasons an employer looks at adding an employee benefits program to their employment offering: Attracting new employees, retention, and providing a sense of well-being.
Take a look at how an employer provides a benefits program that brings value to employees.
Flexibility is the key
The challenge for business owners is to build a employee benefits program that provides comprehensive coverage that is attractive to employees without the cost becoming unmanageable. By combining self insurance with a Health Spending Account and using insured products to cover the unknown risks, an employer can develop a competitive program with cost control.
How to create a customized employee benefits program
A customized employee benefits program combines a Health Spending Account for extended health and dental expenses with additional insurance products to build a sustainable program.
The employer designs the HSA group portion, allocating a set amount of money for each employee classification each plan year. Funds can be allocated on an annual or monthly basis and the employer has the option to allow unused funds in a plan year to rollover. With the HSA, the employee now has the flexibility to spend their HSA dollars in a way that best suits their personal and family needs now and in the future.
To protect the employee and their family from unpredictable medical expenses, a variety of products can be added:
- Catastrophic Drug coverage
- Emergency Travel Insurance
- Exceptional Expense Insurance
- Long Term Disability
- Life Insurance
- Critical Illness
The cookie cutter approach to employee benefits in Canada is no longer working. Companies and employees are unique, why not design a benefits program that accommodates employees on an individual level?
Do you own a small business with employees? Take a look at Olympia's Health Spending Account for a small business with employees.