Edmonton Group Benefit Plan

Edmonton Group Benefits Plan Advantages

The advantages of Providing an Edmonton Group Benefit Plan for your employees

1. Employees and their families are protected against financial problems that could occur due to unexpected health and dental expenses.
2. The group benefits program offers tax-free health coverage benefits to employees.
3. The employer will receive a tax deduction in all costs associated with the Edmonton group benefit plan.
4. An insurance company automatically administers the plan and also employers provide the benefits program at a fixed cost.
5. You can provide additional compensation to your employees with the Edmonton group benefit plan rather than increasing their taxable salary.

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Edmonton Group Benefits Plan Benefits

Edmonton group benefit plan provides several benefits to employees. These benefits include the following:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Edmonton Group Benefits Plan Package

An Edmonton employee benefits program is not only becoming flexible, but they are also becoming complex by the day. As a result, employers should leverage the service of professionals in setting up such a program to avoid running into growing liabilities and steep costs that could easily result.

Also, employers can define competitive benefits programs with minimal cost by leveraging the service of a benefits consultant or broker. Furthermore, consultants will provide relevant data and expert guidance that will help you to get the best outcome from your benefits investment.

Furthermore, it is necessary to provide a minimum of three different proposals to get a better outcome. This will ensure that you get the cost estimation from different providers and evaluate the outcome from more than one perspective.

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Edmonton Group Benefits Plan Savings

Edmonton employers leverage several strategies to minimize long-term cost when designing Edmonton employee benefits program. These may include:

1. Sharing the cost of premium between the company and the employee.
2. Adding deductibles to the coverage.
3. Evaluating the level of coverage or co-insurance.
4. Placing a cap on the coverage (for instance, the cost of vision care can be fixed over a period of time).
5. Reducing carry-over of unused sick days.

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Edmonton Group Benefit Plan News

As Alberta’s new dental fee guide emerges, Alberta Blue Cross has reduced rates for some companies with the group benefit plans. However, the number of workers that will share in the savings is not yet known.

Alberta Blue Cross said in a news release that some employer group health plans have been aligned with the dental fee guide that was announced by the Alberta Dental Association and College on November 2018.

Although the fees listed in the document are a recommendation only, dentists were forced to lower their rates as a result of the publishing of such a guide for the first time in 20 years.

Furthermore, the guide required an 8.5 percent reduction in average prices for 60 common procedures and Alberta Blue Cross also revealed that it is receiving evidence that some dentists are accepting the rates.

In other words, the organization has begun to pay out less to cover the cost of dental services and intends to pass on the savings to employers with group plans. The non-profit organization said it manages benefit plans for over 5,700 employers both big and small including the Alberta Government. This means that it is the largest payer of dental services in the province as it hands out over $430 million every year to dental providers.

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