As a business owner, you utilize many tools in pursuit of success for your organization. Some you rely on more than others, and some you may not leverage to full advantage. Is your group health coverage one of them? Unlock the power of group benefits by sponsoring a plan or optimizing your current plan for maximum impact – it’s an opportunity you shouldn’t overlook!
Group Health Coverage
Often an employee benefits plan is referred to as “group health coverage” but usually it’s much more than extended health.
A traditional employee benefits plan usually includes:
- Extended health and dental – This is the most high-profile category of benefits and includes things like prescription drug coverage, paramedical services, vision care, and more. Dental coverage usually includes routine examinations, preventative services (such as cleanings), and sometimes major restorative services. This category of benefits is used most often so is usually the first type of benefits employees think of.
- Disability coverage – This coverage provides income replacement if an employee is absent due to injury or illness. Short or long-term disability coverage is most common. This benefit is valuable because a long absence without coverage can have a devastating impact on a person’s financial situation.
- Accident and Serious Illness (ASI) – This coverage provides a lump sum payment if an employee is diagnosed with a covered serious illness or if they suffer an accident. It’s the more modern version of accidental death and dismemberment coverage.
- Life insurance – This coverage provides a lump sum payment upon the death of a covered person. It gives an employee’s family some measure of financial support during a very difficult time.
These days many employee benefit plans also incorporate additional benefits that go beyond traditional coverages.
- Employee and Family Assistance Program (EFAP) – An Employee and Family Assistance Program gives employees 24/7 access to support for mental health. It includes free short-term counselling and helps facilitate longer-term counseling when needed. It also includes lots of other online resources to help create a healthy work/life balance and address life’s many challenges.
- Virtual Healthcare – Usually included as an add-on to extended health, virtual healthcare allows employees to connect virtually with a doctor or nurse practitioner using a computer or mobile device. Doctors and nurse practitioners can diagnose illnesses, order requisitions, make referrals, and write prescriptions. Employees can access the service from anywhere in Canada, any hour of the day or night. It’s very convenient and a popular benefit for many employees.
- Disability Management Services – A compliment to disability coverage, disability management services provide functional and emotional support for your employee who is absent due to injury or illness. Services ensure the employee feels connected to the workplace. They can range from help with paperwork or appointments to the creation of a return-to-work plan (to help get the employee back to work as soon as they are able).
The Power of the Right Benefits
Now that we’re familiar with the elements of group health coverage, it’s time to look at the power of those benefits. The right employee benefits plan has the power to positively impact your organization. Some of the outcomes of a great benefits plan include:
1. Attract and Retain Employees
It’s a competitive labour market and it can be difficult to attract the best employees to work for your company. It can be equally hard to retain the employees that you have. A great employee health benefits plan can help.
Research shows that the quality and scope of employee benefits offered can impact a prospective employee’s decision to accept or reject a job offer. It also influences current employees. Employees report that they are less likely to seek other employment if they have a good employee benefits plan.
Recruiting, hiring, and training new employees is a costly process. The power of a good employee benefits plan is that it positively impacts recruitment and retention.
2. Improved Productivity
A good employee benefits plan has the power to boost productivity. Healthy, happy employees who feel supported are more productive.
An employee experiencing physical discomfort, or a mental health challenge can have a difficult time concentrating on work. This can mean that their productivity suffers.
An employee benefits plan helps by giving employees access to medical services and support that can help address these issues. Accessing these services and providers without coverage can be expensive, so employees may not get help if they don’t have coverage. The power of your employee benefits plan is that it gives employees the means to address health concerns so they can focus on work.
3. Fewer Absences
It’s hard to dispute that employee absences aren’t good for business. The power of your employee benefits plan is that it can help reduce them.
When an employee is absent, sometimes replacement coverage is brought in (which costs money) and sometimes other employees have to step up and take on additional work to compensate for the absence. Both scenarios aren’t great. A temporary replacement costs money and is likely not as good at the job as the original employee. Having other employees take on additional work can also backfire; they can become burned out, or their own work may not get done.
The power of your employee benefits plan is that it gives employees access to services and support to either prevent negative health events from occurring or effectively treat them when they do occur. Paramedical services, your employee and family assistance program, dental coverage, prescription drug coverage – the list goes on and on. Your benefits plan gives access to these products and services, to help keep employees healthy so they aren’t absent.
4. Support for Growth
If your goal is to grow your company, your employee benefits plan can help. A good benefits plan can help attract and retain the best employees. You’ll need your workforce to grow too.
It can keep your employees healthy and happy, so they are operating at their highest potential. This impacts productivity and performance. The power of your employee benefits plan is it can support your company as it grows.
Good advice is key
Have you considered the real power of group health coverage for your employees? Is your plan the best fit for you and your employees so that you’re getting maximum return on your investment? Review your options with one of our licensed advisors on the phone or in-person or contact us for a comparison quote.
Whether you’re looking for extended health and dental coverage, disability coverage, or life and critical illness coverage, GroupHEALTH has affordable benefit packages that work as hard as you do.