There are many group insurance options available so it's important to understand which benefits are valued most by your employees while ensuring costs can be sustained long term. The Capri Team is here to educate you on all available group benefit options and help you design a plan that supports your efforts to attract and retain talented staff.
Group Benefits Coverage Options
The Capri Benefits Team has experience with all group benefits options including:
- Group Life Insurance, Dependant Life Insurance & AD&D
Group Life Insurance & Accidental Death & Dismemberment (AD&D) coverage provides financial support in the unfortunate event an employee dies or has a serious accident causing loss of use of a limb or body part(s). Dependent Life provides financial support in the event an employee's spouse or dependant dies. Life insurance provides peace of mind during an already difficult time.
Nobody ever expects to suffer a loss of income resulting from an injury or illness that prevents them from working. Financial protection during this time is critical to employees and his/her family. Disability insurance is one of the most important benefits every working person should have. Speak with a Capri Benefits Advisor to learn more about Short Term Disability (aka Weekly Indemnity) and Long Term Disability coverage for your employees.
1/3 of all accidents cause financial loss.
Source: Stats Canada, 1993
- Extended Health Care
In recent years, government has reduced provincial health coverage and is shifting more costs to individuals. This means more out-of-pocket (and potentially costly) expenses unless the individual has an employer-sponsored benefits plan.
Common Coverage in an Extended Health Care Plan includes:
- Prescription Drugs
- Private Duty Nursing
- Paramedical Practitioners such as Chiropractors, Massage, etc.
- Out of Province/Country Emergency Coverage
- Medical Supplies and Services
- Vision and hearing aids are not always but frequently included.
- 60% of total healthcare costs are for prescription drugs.
- 1 in 3 claimants have drug expenses over $1,000 per year.
- 1 in 25 claimants have drug expenses over $5,000 per year. Source: Great-West life
- Dental Care
Seeing a Dentist on a regular basis is equally as important as going to your Family Physician. Care of your teeth contributes to overall health and well-being so it's important to see a Dentist.
Common Coverage in a Dental Plan may include:
- Basic Services: diagnostic and preventative treatments such as cleanings, fillings, periodontics, tooth extractions and minor surgical procedures.
- Major Restorative Services: dentures, crowns, bridgework – removable and/or fixed prosthodontics to replace missing teeth and major surgical procedures.
- Orthodontics: procedures and appliances such as braces to straighten and correct teeth defects.
Any of these options can be included in your plan and easily tailored to suit your needs and budget.
- Employee Assistance Plans
There are many life challenges including divorce, parenting and death – to name a few. Sometimes employees need additional support to help them through a difficult time. Employee Assistance Plans (or EAPs) provide counselling and resources to employees and their families. EAPs are an integral part of a Group Benefits Plan to support overall wellness and are proven to prevent absences and injuries.
- Health Care Spending Accounts
In addition to your core employee benefit options, many employers now provide employees with a Health Care Spending Account. Employers provide a specified budget for employees to pay their health and dental expenses not otherwise reimbursed through the core plan.
Health Care Spending Accounts ensure cost containment while providing flexibility and choice.
- Flexible Benefit Plans
Flex plans provide flexibility and choice for employees – it's not one size fits all. A Capri Benefits Consultant can help you navigate multiple plan options including full-choice flex plans, modular plans and anything in between.
- Other Benefits Options
Capri can help you evaluate these other health insurance options:
- Critical Illness – Lump Sum amount paid when an employee is diagnosed with a critical illness (e.g. Cancer).
- Cost Plus – Employers pay additional health and dental expenses in a tax-effective manner.
- Kidnap & Ransom Insurance – For employees travelling to high risk regions.
- Directors & Officers Liability Insurance
- Medical Access Insurance
- Global Medical Insurance
- Medicare Replacement Insurance
- Long Term Care
- Executive Health Assessments
- Guaranteed Issue Life & Long Term Disability