You’ve heard us say, “A benefits plan is more than just health and dental.” But what do we mean by that?
Consider why you’re offering a group benefits plan. Is it only to keep your team’s teeth sparkling, bodies limber, and backs cracked? If so, then stop reading.
For most employers, that’s just the tip of the iceberg. For them, a group benefits plan protects, supports, and takes care of their team for the long run. If that sounds like you, then let’s look at what goes into building benefits beyond health and dental.
Building the benefits pyramid
We like to view group benefits as a pyramid. Starting with a strong base you can build upwards creating a long-lasting sturdy plan.
The base: Health and dental
If you’ve made it this far, you understand the importance of health and dental coverage. Teeth cleanings, prescriptions, glasses, and contacts, they’re all important. A Health Spending Account (HSA) is the most equitable way to cover these expenses. We’ve spent a lot of time talking about how great HSAs are. If you want to dive into more reading check out our countless articles over on our blog hub.
The middle: the “what-ifs”
The “what-ifs” get overlooked by other HSA companies who have health and dental tunnel vision. This is true insurance – coverage for those unpredictable events. Claims may be few and far between, but boy are you glad you had these benefits when you need them.
Coincidentally, Plan Members often underestimate the value of these benefits. They see the impact of health and dental coverage day-to-day, but it isn’t until they get an unwelcome surprise that they realize how thoughtful their employer was for providing coverage (don’t let that stop you from adding these benefits now).
Excess Medical
Excess Medical helps plan members with uncovered, unanticipated expenses that are above and beyond what their HSA will cover. It answers the question, “What happens if someone gets sick?” This could be a result of a catastrophic accident, a chronic medical condition, or a chronic illness.
Life Insurance
No one expects an employee or family member to pass, but if one does it’s almost an expectation that a benefit will come from the employer. An extra buck or two in premiums now goes a long way to comforting a Plan Member’s family in times of trouble.
Disability Insurance
Many families these days are living paycheque to paycheque. If something were to happen and they can’t work, what happens? Long-term disability acts as a lifeline during these tough times.
The peak: the add-ons
Nice-to-haves, extra supports, whatever you want to call it, this section is for all the bonuses you can provide to your team. Things like an Employee and Family Assistance Program (EFAP) or Group Travel coverage. These add-ons, while not necessities, make your plan special and provide very specific types of coverage.
Want to go a step further? If you have the day-to-day and the what-ifs covered, how about planning for the future by adding a Group RRSP?
Does our name make sense now?
We used to be called YourHSA, but as you may have guessed, we changed it because we’re more than just an HSA company!
We blend benefits features together to create well-rounded plans – plans that go beyond health and dental coverage to give peace of mind to business owners and their teams.
Now you understand the Blendable philosophy, why a group benefits plan should be more than just getting massages covered, and what you can do to create the perfect blend. So, what are you waiting for?
Get in touch with us!
Our Growth team loves to talk benefits, we basically can’t get them to stop! Give us a shout if you feel like your plan could be more well-rounded.
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