Competitive Employee Benefits: The Challenge for Employers!
Employee benefits, especially group insurance plans, have become major incentives for retaining one's employees, and important assets for recruiting competent employees.
These days, even the best standard plan can no longer effectively meet everyone's needs. The definition of what constitutes a family has changed considerably over the past few decades. There are more and more single-parent families, couples with no children, people living alone and double-income families. Employee expectations have also increased with regard to what a benefit plan should include and how it should meet their needs.
Given that flexible group insurance plans can be adapted to better fit the specific needs of each employee, they are fast becoming the solution for attentive employers.
Enter Desjardins Financial Security's IntelliFlex® plan, a flexible plan with a wide range of options, aimed at employers and their employees.
IntelliFlex®: Flexibility is a Matter of Choice!
The employer determines the number of options he wishes to offer to his employees as well as the benefit design and the levels of coverage for each option.
He can also determine the exact level of his financial participation. This makes budgeting the benefit dollars a great deal easier.
Both core coverage and optional benefits can be included in the plan design.
- Basic Life
- Health and Dental coverage
- Short and Long Term Disability
- Optional life (plan member and spouse)
- Optional Dependent Life
- Optional Family Accidental Death and Dismemberment
- Optional Critical Illness (plan member and dependents)
The employer selects the value of the credits assigned to the employees, or the employer's contribution towards each benefit, based on criteria such as human resource policies, the employee benefits budget, as well as the specific needs of the employees. He is therefore able to better control the costs of the group insurance plan. This is certainly an advantage given soaring health care costs.
Employees select how they intend to pay for the premiums. This could be via the amounts allocated by their employer, or via payroll deductions or monthly premiums or a combination of these three payment methods.
Once the employees have made their benefit selections, they can decide how to use any unallocated amounts. Employees may deposit these amounts in a Health Spending Account or other accounts depending on the plan design selected by the employer.
At Desjardins Financial Security, we offer a complete line of group insurance plans. Find out more about our coverage or one of our value-added services.
If you have any questions or comments about the IntelliFlex® plan or if you would like further information on our products and services, contact us.