Experienced Based Plans need time for planning and take longer to set up because the reason for experience plans is to tailor it to the needs of your employees. You need to have discussions with your team with regards to type, amount of coverage needed by your team. That will also fit into the company budget. Having a properly designed plan with the knowledge and training from your advisor can help reduce the renewal explosion along with protecting your company and employees from possible legal action or denial of benefits because of improper administration of the plan. Some of the items to discuss but not limited to are as follows.
- Legal position of the company and how to protect it.
- Life insurance - AD&D - Dependent Life Insurance
- Long Term Disability(LTD) - Important to protect ones income in case of accident or illness outside of work - usually employee paid
- Short Term Disability(STD) - Protect your income on short absences from work due to accident or injury - This can reduce a businesses EI payments.
- Prescription limits - Limits can be set for cost control or unlimited with stop loss coverage
- Paramedical Limits - can very depending on needs of employers and budget
- Health equipment - This will vary carrier to carrier
- Health Care Spending Account (HCSA) - a great way to add a little extra for needs of employees
- Wellness Spending Account (WSA) - support for the items that fall outside CRA allowances
- Dental - Basic alone or with Major coverage for the needs of the employees
- Orthodontics - Most kids need nowadays - This is a renewal increase driver - discussions needed
- Employee Assistance Program (EAP) - Helping employees from family issues to financial guidance
- Virtual Care - speak with a physician virtually.
- There are more coverages but to many to list and some depend on carriers. Find the basic needs and the carriers that can support, then go through all the possible add ons.