Which Group Benefits Are Most Important to Canadian Workers?

Not all insurance policies are the same. For instance, some health insurance plans may include wellness benefits or mental health services, while other policies may only cover hospital upgrades and medication prescriptions.

So you need to look within each of these categories to see if you can provide coverage that meets the specific needs of your employees.

As you can see, the data above is a starting point. You can start looking deeper by asking your employees what type of benefits they would like to see you offer. Remember, your goal is to deliver packages that will make employees feel comfortable with their financial, health, and emergency preparedness situations.

What do employees need to feel comfortable in these different areas? Here are some of the details you want to consider and discuss with your team members before choosing a benefits package.

What could your workers want in terms of medical insurance? While their basic needs are met by the public healthcare system, some employees might value policies that would allow them certain perks, such as covering the costs of upgrading hospital rooms or the price of necessary medical equipment.

What about paramedical coverage for physical therapy, chiropractic care, or massage therapy for pain management?

Health-related wellness spending is another consideration. Preventive medicine and a focus on overall wellness are important to many Canadians.

Of course, some services, like dental and vision care, are indispensable for many people. These are usually in the “must include” category.

You’ll need to consider all these different variables, which makes health coverage the most complex part of most benefits packages. One option is to avoid assembling a package piece by piece and instead opt for a traditional benefits package that includes most, if not all, of the above coverage.

There are typically two forms of insurance that deal with accidents or premature death. Employees will typically expect both life insurance and disability coverage, which is also known as an accidental death and dismemberment policy.

Life insurance will cover the cost of funeral and other expenses if an employee dies. Their family will not have to pay these expenses. They can also receive financial support to replace the income the deceased worker used to support their family.

Disability insurance replaces income that an injured or sick employee would have earned if they hadn’t gotten hurt or ill.

As you can see, the ultimate goal of both these coverages is to provide financial stability for a worker and their family if they suffer an accident or illness or pass away unexpectedly. This stability in the face of unexpected disasters or accidents is why life and ADAD are the most desired of all benefits.

Retirement accounts might seem like a relatively straightforward aspect of employee benefits packages, but they can be sneakily complex. Some employees may be comfortable managing their own retirement accounts. They might prefer an individual plan that they can contribute to when they want.

However, there are also group plans managed by their employer. There are several advantages to this option, which is known as a group-registered retirement savings plan (GRRSP). The most attractive, to employees, is that employers can match their contribution to the account. For instance, if a worker deposits $200 into the account every two weeks, their company can match that $200, for a total of $400. The worker deposits just over $5,000 for the year, but they get $10,000 in the account with the matching.

With this aspect of a benefits package, you need to ensure you can 1) cover the matching deposits, 2) handle the administration and management fees, and 3) take full advantage of the tax benefits.

There are tax benefits to employees. GRRSP contributions don’t count toward taxable income. Meanwhile, your contributions also don’t count toward payroll taxes and can be written off as business expenses.

It doesn’t have to be complicated to give employees the health, financial, and preparedness benefits they desire. You can look for a provider that offers packages that have most or all of the most common benefits Canadian workers want.

For instance, at the Kropman Group, we offer several benefit package options, including a traditional option and an administrative services only (ASO) option that offers cost benefits but transfers a higher level of risk from insurers to employers.

We also have a GRRSP account for companies that want to provide managed retirement plans for their employees with the option to set up matching deposits.

If you are interested in simplifying the process by working with one provider for all your benefits needs, contact us to speak with a specialist today.