Employee Benefits Programs
With our aging population, the cost of healthcare and retirement are more of a concern than ever for employees. Workers are trying to take care of their families’ medical needs, while at the same time plan and save for retirement at a time when money is tight. According to a recent study, 42% of companies surveyed with 2 to 100+ employees did not offer health benefits to their employees, and far fewer offered a retirement program, such as a profit-sharing (25%), group RRSP (20%) or employee pension (15%). Businesses trying to grow and retain their talent must invest in their long-term employee policy.
Our experts at Reliance Insurance can help you understand your options when implementing health insurance and retirement planning options for your employees.
Why offer health insurance and retirement benefits?
- It offers distinction to your company as a long-term player and gives you a market edge.
- Pooling of risk enables groups to purchase a program with volume discounting on its plan design.
- There are tax-advantages to be enjoyed by both the employer and employees.
- Enables employee engagement and loyalty with structured properly and monitored.
- Plan design taxability can enable you to customize your program rather then force a one-size fits all model.
- Acknowledging the stresses associated with physical/mental health enables you to keep costs in check related to absence management and employee wellness.
We can help you structure an employee benefits plan by:
- Orchestrating education session on usage/cost of health services
- Assisting employees in monitoring fraud and plan abuse to protect renewals and bottom-line costs
- Providing you with complementary plan design reviews to ensure the program is the right plan design at the right price
- Conducting risk assessment on the value of health/retirement programs as a tax-preferred form of compensation
Bringing in employee health insurance and retirement benefits is a smart move for businesses who want to attract and retain top talent, but it requires some strategy. Talk to our team at Reliance Insurance for expert guidance on this important investment.