01 Nov Employee Benefit Trends
Posted at 08:00h
in Benefits Insight
Most traditional Group Benefit Programs are not given the necessary time or attention they need, offering the same health and dental benefits year after year. This practice will not be sustainable into the future, or meet the needs of your employees.
Our approach to proactive benefits management includes frequent evaluation of your benefits program. It is important to observe emerging trends in Group Benefits to determine if there are any opportunities to improve your benefits offering, which could be beneficial to your organization and employees alike.
Here are our top seven trends for 2021:
1. Digital Experience
- From online enrolment to digital benefit cards, the overall experience in Group Benefits is changing to an efficient, environmentally-friendly approach with advantages for everyone.
- The administration of a digital plan is considerably less time-consuming.
- Members have access to information on their Group Benefits plan literally at their finger-tips.
2. Virtual Healthcare
- Virtual health care provides instant, unlimited, and confidential access to healthcare professionals that include family doctors, nurse practitioners/clinicians, pediatricians, dermatologists, dieticians, nutritionists, and psychologists.
- Along with online chat and video consultation with a health care professional, virtual health care platforms can also prescribe and renew medication with free delivery, provide referrals to in-person specialist visits and for lab testing.
- Comprehensive stress management and well-being services that includes personalized wellness kits to help members and their families.
- Employees no longer need to take time off to see a doctor for themselves or for their children – they can engage the virtual health care service via their smartphone and via the internet on a PC or laptop when they need it.
3. Health and Well-being
- Employee Assistance Programs provide confidential support to members and their families 24/7/365 days with anything they are dealing with – from relationships, parenting, eldercare to complex mental health issues along with legal and financial support services.
- When you support the overall health and well-being of your employees, it is a way to ensure that they are focused and productive when working and have the support to cope with life’s problems that can lessen the possibility of absences.
4. Health Spending Accounts
- Health Spending Accounts pay for services and supplies, on a non-taxable basis if they are considered eligible expenses by the Canada Revenue Agency Income Tax Act.
- Health Spending Accounts provide each member with personal control and flexibility as to how they use the funds allocated to them.
- Transiting traditional health and dental benefits into Health Spending Accounts with annual allotments is a game changer for companies and employees alike.
5. Wellness Spending Accounts
- Wellness Spending Accounts provide reimbursement, on a taxable basis, for eligible expenses that promote wellness and can help members take care of themselves so that they can lead healthier, more balanced lives.
- What you include is fully customizable, common coverage categories are: Fitness, Work-Life Balance, Health and Professional Development.
6. Critical Illness Insurance
- Traditionally Group Employee Benefit Programs include Life Insurance – where a lump sum is paid to a named beneficiary upon the passing of the employee. And many programs also include Long Term Disability – where a benefit is paid to a member as income replacement when they are unable to perform the essential duties of their job due to an injury or illness.
- Critical Illness falls in the middle of the Life and Long Term Disability – providing a lump sum, non-taxable benefit directly to the member upon surviving a diagnosis for a critical or serious illness, including cancer, heart attack, stroke, and many others.
- How the funds paid under the Critical Illness Benefit are used is at the members discretion.
7. Executive Compensation Programs
- The benefit needs of a business owners and company executives are generally different, and the core benefits in your Group Benefits Program may not provide adequate coverage.
- Providing enhanced drug, health and dental coverage allows for a tax effective reimbursement of costs.
- Higher amounts of Life Insurance, Long Term Disability and Critical Illness Insurance are considered essential for owners and key executives, along with ensuring that speedy access to medical testing, diagnosis and treatments are available as soon as needed.
Frequent evaluation of your benefits offering is essential in maintaining a sustainable program and ensuring that all your employees will value and appreciate the plan you have created.
At JRP, we are your benefits partner 365 days a year and will help you navigate the constantly changing terrain of group benefits. The Future of Benefit is NOW.
YOU DESERVE MORE THAN YOU THINK®