DESIGNING YOUR PLAN – CONSIDERING THE OPTIONS
A benefits plan never has a “one size fits all” solution.
At Optimax Benefits, we have experience with all available group benefits carriers and will work with you to design a group benefits plan that provides you the best possible value. There are a number of benefit options you can choose from when determining what to include.
We consider the different options, as well as the plan requirements, employee eligibility, schedule of benefits, coverage amounts, and premium rates to design personalized benefits plans.
TRADITIONAL BENEFITS OPTIONS
GROUP LIFE INSURANCE BENEFITS
Group Life Insurance provides peace of mind for the dependents and loved ones of an employee in the event of his/her death. Optimax and our carriers offer flexible employee term insurance benefits solutions, the three types of which include; basic life insurance, optional life insurance and dependent life insurance.
ACCIDENTAL DEATH AND DISMEMBERMENT (AD&D)
When AD&D is a part of a life insurance plan, benefits are paid to both the life insurance and AD&D beneficiaries in the case of an accidental death, meaning life insurance benefits would be paid out double. In the case of dismemberment, set amounts are established for loss of limbs, sight, hearing, or other abilities.
Dependent life insurance provides financial protection to an employee in the event that their spouse or child dies. This is a voluntary, employee paid family term benefits plan where employees can elect coverage for their dependents. Our carriers’ provide life insurance benefits for spouses and dependent children of employees at a flat amount for spouse and child coverage.
Short-term disability is a financial insurance benefit that serves as income replacement (usually two-thirds of employee’s salary), in the event of a short-term injury or illness where the employee cannot perform the duties of their job. Coverage starts on the first day of hospitalization and on the eighth day of sickness, up to a maximum of 17 or 26 weeks.
Long-term disability insurance covers a portion of an employee’s income when they have become seriously injured or ill and are unable to perform their duties. Comprehensive long-term disability coverage will begin after short-term disability ends. Shorter benefits periods, such as 5 years, are available to help with cost control.
EXTENDED HEALTH CARE
Extended health care packages are designed to help employees and their dependents cover medical expenses that are not covered under provincial medical plans. They are designed to supplement provincial medical plans by covering prescription drugs, hospital care, vision care, massage, chiropractic care, psychologist referrals, and much more, including out-of-province and out-of-country coverage.
Provincial dental coverage is very limited and does not cover teeth maintenance and other tooth-related treatments. Dental plans provide additional coverage, which is usually split into three components:
Basic and preventive dental care, including cleanings, fillings, check-ups, and x-rays.
- Major restorative work involving crowns, bridges, and dentures.
- Orthodontics, including braces.
VALUE ADDED SERVICES
Beyond traditional benefits options, there are a variety of unique benefits offerings that you can add to your package to better protect your company and its employees, and to give your business a competitive edge in the employee marketplace. These services include:
- Best Doctors Executive Solutions
- Employee Assistance Programs
- Group Critical Illness
- Key Person Insurance
- Partnership Insurance
- Group Pensions
- Group RRSPs