Employee benefits are an important part of your staff's financial security and an investment in your company's success. Whether you're a first-time buyer shopping for the best group benefit plan, or you already have a benefits plan but are considering a switch, there are some important aspects to think about when weighing the pros and cons of employee group benefits.
The first decision you need to make is the type of group benefits plan you want. Although a packaged benefit plan is quick to set up, it may include coverage you don't want - or it might be missing coverage you need. Value is just as important as price, so consider a custom benefits plan. After all, you're more likely to use benefits that you choose.
Most benefit plans are experience rated, which means that premiums are based on your company's individual claims. But if you only have a few employees, and they have large claims, your rates could rise dramatically. To help keep your premiums more stable from year to year, look for a group benefits plan where premiums are based on the average of claims across all participants, spreading the risk.
Look for a benefits plan with the fewest exclusions and the most assurances, like guaranteed renewable coverage or benefits that don't require medical questionnaires. This makes your benefits coverage more valuable in the long term. Guarantees also tell you a lot about the organization that you will be dealing with.
Look for a benefits plan that provides quick claim payment. Some will offer direct deposits into employees' bank accounts, or point-of-purchase drug coverage, paid right at the pharmacy. The higher the quality of the benefit plan, the more efficient and convenient the payment options will be.
Make sure the benefit plan you choose is a good fit for today and for the future. Always select a supplier with a broad range of coverage options, and one that lets you have a say in your benefit plan's evolution. A qualified advisor from a reputable plan will have access to cost-control tools, and can help you plan for the future while addressing your current needs.
The Bottom Line
Smaller businesses have traditionally had the hardest time getting employee benefits, which is why the Chambers of Commerce Group Insurance Plan was introduced over 40 years ago. The Chambers Plan is built with your business in mind. The Chambers Plan is flexible, pooled, and offers guaranteed renewable coverage, as well as exceptional service, quick claims payment, and options to control your costs today and in the future. Whether you want basic coverages or a comprehensive program, the Chambers Plan can design a benefit plan specifically for you and your company. Call us today to see why over 25,000 Canadian firms have chosen to be covered by the Chambers Plan!