Tag: Health Benefits

How To Easily Offer Your Employees A Wellness Benefits Program

Large companies aren’t the only ones that can provide their staff with a Wellness program. According to a recent (2017) Sanofi Health Survey, wellness and illness prevention are top priorities for employers. Let the Chambers Plan provide you with the resources to provide your staff with wellness options regardless of the size of your organization.

Today, there are varying views about what a wellness program should look like. There are some that feel food stations at work and flex hours are a wellness program. Others feel it should include an Employee Assistance Plan and options like a Lifestyle Spending Account, allowing employees to claim benefits like gym memberships and active devices such as Apple Watches or a FitBit.

Regardless of your point of view, one thing is very clear when it comes to Wellness. A more satisfied, happy employee is a more productive one. Often the increases in productivity while at work, the improvement in absenteeism and the general theory that happy people get along better can make this financially beneficial for employers.

When people feel more taken care of it improves their entire lifestyle, not just their workplace environment. The Chambers Plan can help with that in so many ways. The employee portal for managing their plan, My-benefits.ca, has a health assessment tool an employee or their family members can use to help identify if they have any risks associated with their current health or lifestyle.

The Chambers Plan has always had the goal of supporting business with less than 100 employees providing not only cost certainly but also additional supporting benefits that firms this size may require. All employees also receive the Best Doctors program. This can allow an employee to find access to specialists or get a second opinion on either a diagnosis or course of treatment. In addition, the Chambers Plan provides the BAS, or Business Assistance Service to all plan holders. This is invaluable to small to medium sized enterprises providing HR, Accounting and Legal assistance as part of the underlying program.

Firms can also elect to add the Employee Assistance Program (EAP) to their benefit plan. This is a low-cost item that can greatly impact mental Wellness in the workplace. It provides face to face counselling to employees and their family members and for only a few dollars a month, employers can add this non-taxable benefit to their plan. Consider the impact to someone dealing with mental health issues; even if it’s not the employee but instead a family member, that employee brings that stress with them to work everyday which does not result in a positive outcome. In addition, these resources can be accessed directly without employer involvement. This confidential treatment allows for resolution of issues without any impact or stigma for them in the workplace.

Today there are so many issues that can affect an employee’s Wellness. More and more people are dealing with the stress of aging parents and the financial burden that goes with it. Some need grief counselling or even assisted living accommodations. Depression is also a very common problem in society that still carries some stigma and needs quiet resolution.

Having security from a benefits plan, whether it includes income protection, health and dental claim protection or a combination of all things can really improve a firm’s perspective on wellness. A Chambers Plan advisor can also arrange for fiscal piece of mind with a Chambers Plan Group RRSP and as a by-product provide financial literacy sessions for employees that may need or wish to know more.

With more than 35,000 firms insured, the Chambers Plan has become a place for SME’s to come for Wellness and benefits plan support. Combined with their partnership with local Chambers of Commerce and Boards of Trade there are many tools and resources available to help improve your workplace satisfaction. A Chambers Plan advisor can help you customize this to your staff, keeping in mind an older demographic consisting of Baby Boomers will have a different perspective than a younger firm composed mostly of Millennials.

Add in the lower overhead of the not-for-profit Chambers Plan, the ease of use for both employees and employers and the consistent stable renewals, the employees won’t be the only ones satisfied. Under the Chambers Plan employees have a lot of resources at their fingertips, and having your advisor demonstrate how to use the Chambers Plan is extremely beneficial so your staff get the most out of it. Wellness is achievable whether you have 1 or 100 employees.

Contact Hynek Financial Group to learn more about the Chambers Plan.

The Value In Protecting Yourself And Your Employees

New venture

  Many entrepreneurs feel that when they leave their job to start their own enterprise they may have to forego things like benefits for a while. This isn’t the case. The Chambers Plan allows them to take the risk on their new venture without risking their personal or family’s health. The Chambers Plan can insure you before you take on employees and provide traditional group benefits even if you are your only employee.

  As a not for profit plan designed for start-ups and entrepreneurs, the Chambers Plan has assembled more than 30,000 other businesses into Canada’s largest pool of its kind providing additional protection and stability for small and medium business enterprises.

One of the great things about the Chambers Plan is that it allows start-ups to participate fully in the pool if they have 3-9 employees, though some 1 and 2 person firms may also qualify. If they are fully pooled they join the other 35,000 businesses and renewals are based simply on what’s needed to sustain the pool. This keeps their costs predictable until they grow to a size where they can take on additional risk. If they had a bad year for claims due to an employee or their dependent it won’t impact rates the way it would if with a traditional carrier.

In addition, as you grow you can move into the Chambers Plan’s partially pooled option. With this your firm takes on more risk as a portion of their claims will be rated against premiums, although for taking on that risk you benefit from reduced rates. As the Chambers Plan is a not-for-profit program, surpluses go back into your claims and provide reduced rates.

Regardless of the firm size, the Chambers Plan offers typical benefits such as life, disability, critical illness, health and dental plans. To determine what levels of protection you want to put into place and also match your budget, a local Chambers Plan representative can help you marry up the two. It’s also important to prioritize the protection when you start your own benefits program, keeping in mind your advisor can help you to evolve your benefits plan as you grow your organization or should your needs change.

 The Chambers Plan also provides the best in class out-of-country protection which can be particularly important if you need to travel for your new business. If you and your staff must travel often this can save you significantly rather buying travel protection on each trip.

Other benefits can be sculpted based on budgets. Costs for things such as paramedical benefits for physiotherapy, chiropractor and massage therapists etc., can be capped or limited to provide budget control. Dental coverage can also be tailored to the company budget as well as the needs of the staff. Drug coverage is another area where a variety of options will meet a variety of budgets. Benefits today are no longer a one size fits all product. Firms with younger demographics may prefer more wellness-related benefits such as paramedical with less drug coverage, while an older staff may prefer having the scripts in place.

Protecting your staff shows them you care. It improves your staff retention, makes it easier to hire new employees and makes your workforce happier and more productive with less absenteeism. The advantages of providing protection over doing nothing are numerous. In fact, when workers are polled about either having a benefits plan or a $10,000 raise, the majority took the benefits option. In addition, it’s a great area to enhance compensation since health and dental premiums are not taxable benefits though are deductible for the employer. It may cost a lot less after tax than implementing a raise or bonus for both the employee and employer.

Protecting your family and those of your employees is a feel-good thing to do for employers. The Chambers Plan gives you that ability regardless of the size of your organization. They insure most industries and the plan is guaranteed renewable. With the stability in premium provided by the program there’s no reason your small business can’t have a benefits plan as soon as your business is ready regardless of size. You don’t have to give up traditional benefits just because you’ve gone into business for yourself.

 Having the freedom to do what you love while protecting your family’s health and well-being is a part of the entrepreneurial wish-list. That’s why more than 30,000 small and medium sized business have chosen the Chambers Plan to help provide that protection.

Learn more about the Chambers Plan.