Everyone loves a good pot of mama's delicious, home-made pasta. So, when given the option between a canned pasta sauce from the grocery store or your mom's special recipe with all of your favourite ingredients, which option would you choose?
The answer is simple - mama's home-made pasta sauce recipe! It has the perfect blend of everything you love and will keep you wanting more.
A Blendable group benefit program is just like mama's home-made pasta sauce recipe. Specially blended to appeal to your team and to meet the specific needs of your business. Just like a home-made sauce is far more tempting than a canned sauce, a Blendable group benefit program more appealing than a traditional canned plan.
So, as you decide that the home-made sauce/customized blended benefits are better suited for you, let’s talk about what that means.
The Must-Haves for Group Benefits?
As we know, most pasta sauces start with a tomato base. Similarly, most group benefit plans begin with the same base: health and dental.
Pasta sauce consists of two main ingredients, the tomato sauce and the meatballs. Likewise, there are two main types of group benefits:
- Transactional benefits (health and dental), and
- Insured benefits like Peace of Mind (life, critical illness, AD&D).
Health and dental benefits are must-haves when it comes to group benefits, but should they be insured?
Well if you ask us, the answer is NO! Everyday expenses such as dental check-ups, massages, and common prescription drug claims are low cost, high frequency claims that your business can budget funds for instead of paying premiums to insure them. That way, you only pay for the benefits that your team uses! You don't have to pay for unused benefits or premiums that increase when someone makes a claim.
Unlike health and dental expenses, protection from catastrophic events (life insurance, critical illness, accidental death, and dismemberment) should absolutely be insured. These are called "Peace of Mind" benefits as they protect your team from unexpected events. In contrast with health and dental benefits, "Peace of Mind" benefits generally have very stable premiums based on a massive pool of insured organizations.
What Is Customizable?
Now that we’ve got the basics figured out, we bet you're wondering how to customize a benefits plan. It's just like spicing up a pasta sauce. Here are a few ideas:
- Set limits for the amount of coverage that's offered to employees.
- Rollover any potential unused funds into a Group RRSP for employees.
- Rollback any of those unused funds back to the Plan Sponsor.
- Add travel coverage, or an Employee and Family Assistance Program
The possibilities are endless!
Sounds complicated? Not to worry, one of our trusted Advisor Nation members and the Blendable Growth Team will do the heavy lifting and the boring admin stuff.
Just like no two homemade spaghetti sauces are the same, every organization has their own unique needs; so why should every group benefits plans be the same?
Have we got you hungry to blend your own benefits recipe? Get in touch!
