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Importance of Plan Design

Wescan Insurance can provide benefits for groups starting at 2 employees, and going upto 100 Employees is our specialization. Flexibility and cost containment are characteristics off all Wescan Insurance benefit plans, as is service and sustainability.

An innovative group insurance benefits package designed specifically for small and mid-size businesses. Offering a wide variety of coverage options, gives you the competitive edge when offering group benefits to your Employees.

Our traditional plans are made up of extended health, dental, life insurance, accidental death & dismemberment, critical illness and disability insurance.

Comprehensive plans may also include boutique benefits like: diagnostic specialist access insurance, employee assistance plan and/or a health care spending account.

Some of the carriers / TPAs (Third Party Administrators) we work with currently are:

  • Alberta Blue Cross
  • Encon Benefits
  • GreatWest Life
  • Manulife Financial
  • MyFlex Benefits from Equitable Life
  • SunLife

and we are able get you a Quote from most Canadian Carriers & TPAs.

Customizing The Right Plan for Your Business

The cost of most employee benefit plans vary based upon many factors, including:

  • Type of employee benefits coverage
  • Province where the business is located
  • Number of employees to insure
  • Age of the employees
  • Occupation and salary level of the employees
  • The Amount of Coverage you can afford or want

That’s where we come in as your trusted advisor. We will work with you to explain your options, identify opportunities and provide coverage that fit your budget, reflects your company values and provides the best quality coverage for your employees.

Things To Consider When Designing Employee Benefits Plan

  • Long-Term sustainability & Affordability of your Benefits plan
    • It is easier to have a conversation telling employees you’re going to INCREASE coverage, rather than a discussion to DECREASE coverage.
    • Your plan is shared across all employees and should be designed from a group perspective. EHC (Extended Health Care) & Dental rates/premiums paid are based primarily on group usage, & demographics – this applies to most group benefits plans! If your group has someone who uses the plan heavily, the group collectively pays for this high user. Whether high users are employees who require expensive drugs regularly OR employees that max-out visits to the chiropractor, massage therapist and other paramedical – the group collectively pays for abnormal high usage.
    • A poorly designed plan will increase the amount of time you spend administrating the plan. With a poor plan design, renewal costs continue to rise and spiral out of control. This means more of your time will be dedicated to re-configuring the plan design, searching for best pricing and going through the enrolment process all over again.
  • One of the biggest mistakes we see with small/medium sized businesses is to design a benefits plan from the perspective of a large corporation. This influence may stem from employees that come from large corporations or general expectations of what a group benefits plan should provide employees. In either case, implementing a benefits plan for a small/medium sized business based on large corporation plan designs, or general expectations of an employee benefits plan will likely not work for the long-run.

 

There are different solutions available depending on your past group experience and if your past group experience involves high Loss Ratios, we can show you a way to make some targeted changes and we will guide you to implement the new solution. By implementing this modified solution you will have consistency & long-term sustainability of your plan.

 

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