Group Life Insurance plans provide your employees with the security of knowing that their family will have protection to help ease the financial burden in the event of their death.
Because Life Insurance coverage is available without medical proof of insurability, it can provide employees with the needed protection that may not otherwise be available to them due to a current medical condition. They may be able to convert their coverage to an individual policy if their employment terminates prior to retirement, providing continued peace of mind.
Dependent Life Insurance can also be included for an employee’s spouse and dependents, ensuring coverage for the entire family. In addition, Optional Life Insurance allows employees the opportunity to purchase additional protection over and above the basic Group Life Insurance provided.
Prior to age 65, as many as 1 in 3 people will become disabled for a period of 90 days or even longer due an unforeseen accident or illness. In light of that statistic many people still have common misconceptions about purchasing Disability Insurance Plans. These misconceptions include:
- “I am a healthy person…I do not need Disability Insurance.”
- “I know people get disabled, but it won’t happen to me.”
- “Even if I do get disabled, it won’t be for that long.”
The average of disability claims lasting longer than 90 days is 2.9 years. Which leads to the next questions, are you protecting your greatest asset? Disability Insurance protects your financial well being by supplementing your income in the event that you become disabled and cannot work.
When obtaining a Disability Insurance quote there are several important questions you should note:
- How much money do I need each month to pay my expenses?
- How long will my paycheck continue if I become disabled?
- How long will my savings last, if my income stopped today?
- How will a long-term disability affect my pension?
Through identifying your financial needs, an insurance company will better understand what disability benefits are right for you. Whether your disability is sudden or because of a degenerative condition, the fact is your income stops but your bills don’t. Prepare yourself for the unexpected by obtaining Disability Insurance before the unexpected strikes.
Statistics show that the chance of contracting a serious illness is more common than most people think. However, due to medical advances, people often recover and live longer but are usually unable to work for extended periods of time. Critical Illness Insurance is designed to provide financial security when illness puts assets and savings at risk and allows you to focus on regaining your health.
Life Insurance pays a benefit upon death, Disability Insurance replaces lost income and Health plans reimburse medical expenses. Critical Illness Insurance plans provide a lump sum payment when you are diagnosed with a covered condition and satisfy the waiting period. These funds can be used to cover any expenses you choose, such as private nursing or medical care, modifications to your home or childcare costs. Or you can use the funds to pay off outstanding loans or take a vacation.
Critical Illness Insurance can lessen your financial uncertainties and enable you to focus on your recovery.
Prescription drug coverage is an important and valued part of an employee benefits package. Various drug plans and options are available to help contain benefit costs resulting from escalating prescription drug prices and dispensing fees. Encouraging the use of generic drugs is an important first step. Generic drugs contain the same active ingredients and are designed to work the same way as brand name drugs. The main difference is the price.
Three examples of drug benefit plans are:
Mandatory Generic Plan:
Mandatory Generic drug plans limit the coverage to the price of the least expensive generic drug available on the market. In some instances, if there is a medical reason that an employee cannot take the generic version, they can have their physician complete a form to request an exception to have the brand name reimbursed.
Central Dispensing Pharmacy:
Insurers partner with mail-order pharmacies to provide employees with an alternative way to receive their maintenance prescriptions. Employees continue to receive a high level of care by the pharmacist, while lower dispensing fees and drug cost mark-ups help to manage the cost of providing coverage.
Managed Rx Plan:
A Managed Rx plan encourages the use of lower cost generic and therapeutic alternatives by incorporating a two-tiered formulary for reimbursement, combined with the advantages of a Central Dispensing Pharmacy. Prescriptions purchased through the Central Dispensing Pharmacy are reimbursed at a higher percentage level than those purchased at a local pharmacy.
Health Insurance plans provide your employees with the assurance that many of their health-related expenses, both routine and unexpected, will be covered.
Medical insurance plans vary by each individual organization, but commonly include routine expenses such as vision, hearing aids, as well as medical supplies and equipment. These insurance plans may additionally extend to cover costs not covered by provincial health care. Expenses covered may included but are not limited to:
- Paramedical services, such as: chiropractors, massage therapists, naturopaths, psychologists, physiotherapists, podiatrists, speech therapists
- Ambulance services
- Private or Semi-Private Hospital Rooms
- In Home Private Duty Nursing
- Accidental Dental
Additionally your health insurance plan may include coverage for out of province travel coverage and survivor benefits for dependents for up to two years following the death of a covered employee.
When travelling you want to relax and enjoy. Worries about unexpected expenses should be far from your mind. And yet, when you are outside your home province, a trip to a doctor’s office or an emergency room for even a minor injury or illness can be expensive. Canadian provincial/territorial health insurance plans might not cover the full cost and they don’t pay up front.
Whether you’re travelling to another country, give yourself the peace-of-mind with Travel Insurance, knowing that you are protected against medical expenses that may result from an unexpected accident or illness. Then relax and enjoy the pleasures that travelling brings.
Travel Insurance plans can also protect you against costs that result from unforeseen events such as lost, delayed or damaged luggage, a missed flight connection or a cancelled/interrupted trip.
Even if you have some coverage under another plan, you can top-up your existing Travel Insurance to extend your emergency medical coverage. Check your existing plan to see if top ups are permitted.
Employee Assistance Plans
Employee Assistance Plans (EAP) help employees and their families deal with their personal issues that might have a negative impact on health, wellness and work performance. These programs are created to specifically to support individuals while they work overcome their personal issues.
While most employee assistance programs offer a large range of services and resources, they often provide referrals to other professionals who can offer help in particular areas. Employees are provided with confidential access 24 hours a day, 7 days a week.
Having an EAP available on employee benefit plans helps reduce absenteeism, stress and poor emotional health. They also work to reduce healthcare benefit costs such as drugs while increasing morale and productivity.
Second Medical Opinion Services
When diagnosed with a critical illness, many people feel lost and anxious and may have to make a difficult decision regarding their treatment plan. Second Medical Opinion Services provides access to expert professionals who will work with you to help you understand your medical condition and available treatment options so you can make the most informed choices about your care. This service will assist you locating specialists and get expert advice to medical questions.
Start by calling Second Medical Opinion Services and explaining your case. Your medical records, tests and x-rays are then gathered, and your case is then matched to the best-suited medical expert. The specialist then reviews your case and issues a report that includes treatment recommendations.
Blewett & Associates can help employers shape their plan designs, while keeping within their budget. For Dental Insurance employers can choose coverage percentages, implement a fixed dollar amount per year or include deductibles on the dental insurance plans.
Standard Dental Insurance coverage options included in packages would be basic coverage, major coverage and orthodontic coverage.
- Basic coverage consists of exams, cleanings, fillings, extractions, root canals.
- Major coverage consists of crowns, bridges and dentures.
- Orthodontic coverage consists of braces.