COVID-19 and your benefits plan
It seems the only thing for certain these days, is uncertainty itself. Every facet of your business needs to be under the microscope but even then, it can sometimes be unclear what to look for.
We know how refreshing it is to receive a guiding hand through the fog, and we’ve made it our #1 priority to offer that clarity to our clients with straight-forward recommendations relating to their employee benefits.
Benefits are an important part of your compensation, perhaps now more than ever! But keeping them shouldn’t mean your costs should stay “business as usual”. Many providers are rising to the occasion and implementing temporary rate reductions for their clients. Notably, the Chambers Plan recently provided their clients with up to a 50% reduction in health and dental premiums. This reduction is applied retroactively and will be reflect on the clients’ May billing statement so there is no action needed on their part.
Top 10 Questions
In light of COVID-19, here are the top 10 questions that you should think about, and we can help answer:
- Are you still paying dental premiums?
- Have you been offered a deferred renewal if your rates are going up?
- Are there accommodations available to you if you wish to extend benefits to your employees who are temporarily laid off?
- Have you considered drug plans that will integrate with the Province to redirect certain high-cost drugs away from your benefits plan?
- Are there alternative, more cost-efficient ways to pay for your employees’ health and dental costs? (rather than simply reducing their coverage)
- Have you considered a low-cost, high-impact way to support your employees and their families’ mental health through this uncertain time?
- Can your team get help, a diagnosis, or a prescription from a virtual doctor?
- Should you still be paying for travel insurance?
- Have you considered a health spending account as a temporary, low-cost alternative to cancelling your benefits entirely?
- Are you getting the service and response time you need from your advisor?
These are unprecedented times. I hope these questions have you thinking in unprecedented ways.
If you need answers to any of these questions, I hope you’ll consider reaching out. We’d be more than happy to discuss this with you.
– Peter Bocking, Partner, HMA – The Benefits People