Recruiting and retaining top talent is crucial for your business to thrive and grow. But it can be challenging when you’re competing with other companies, especially if the benefits that your company offers are not up to par and enticing to prospective employees. To help you determine whether your benefits could use some enhancement, here are 10 types of employee benefits coverage to consider adding to your plan.
As the name suggests, flexible benefits offer your employees more freedom and flexibility to select the benefits and coverage they need most. This allows your company to manage costs while offering the necessary coverage relevant to each employee.
Promoting health and wellness is at the forefront of many future-facing businesses, especially today. When employees are at their best, it’s reflected through their productivity and thus your company’s success. Wellness programs can help encourage employees to prioritize their wellness by providing the support systems they need to adopt better habits. This could include childcare, gym memberships, massage coverage, naturopathic coverage, and more.
Employee Assistance Programs
Whether it’s coping with the loss of a loved one, seeking help for mental health, improving nutrition, or dealing with debt management, employee assistance programs are designed to provide the help that employees or eligible family members need when they are struggling to cope on their own.
Group Life Insurance
Employees can choose between three different kinds of group life insurance:
- Basic Life insurance lets employees choose their beneficiaries, so in the event of their death, they’ll receive a pre-specified amount that is tax-free.
- Dependent Life insurance is a set amount of money that pays death benefits if a dependent, child, or spouse dies.
- Optional Life insurance gives employees the option to add on any extra coverage they may want through a group plan.
Group Disability Insurance
This can provide partial income to employees in the case of an accident or illness. This includes:
Short Term Disability, which covers employees from unexpected events, offering a portion of their weekly income for up to 17 weeks.
Long Term Disability, which covers employees with a percentage of their monthly income for two years, five years or up to age 65.
Accidental Death and Dismemberment
If an employee dies or is dismembered, this pays the beneficiary a lump sum if the cause was an accident.
Group Health Insurance
There is a range of different options that can be covered under Group Health insurance. This typically supplements government healthcare plans. This could include dental coverage, orthotics, chiropractor, prescription drugs, physiotherapy, travel insurance, and more. These are provided for employees and their dependents.
Healthcare Spending Account
Employees can be reimbursed for expenses that are health-related but not covered by their provincial health care. These can be added onto existing plans. This provides more flexibility for employees who want to customize their coverage. Common claims for this include physiotherapy, glasses, dental expenses, acupuncture and more.
Critical Illness Insurance
Critical illness insurance can help employees cope with severe illnesses, such as cancer, stroke, or heart attack. They will receive a one-time lump sum cash payment if their illness is included in a predetermined list under their policy. Even if they are able to work or make a full recovery, they can still collect payment. There are no restrictions that dictate how they should spend that money either.
Travel and Business Insurance
These would cover plan members for trip cancellation, lost baggage, and emergency medical care while overseas.