The Benefits of Benefits

Research shows that Canadians lose $3 billion a year by not using their benefits. This has a major impact on employee morale, but can also affects the bottom line for many businesses when employees end up with lower productivity: all because they are essentially running on empty. Ensuring employees know how they can be supported through their benefits package is a win-win for everyone involved.

Education is Key

It’s imperative that benefit plans are properly communicated to employees. Some people are more comfortable with in-person or video training, others with brochures or online access to information. Employees need to understand everything that is available to them, as well as how it can help them save money and stay physically and mentally healthy.  Some areas where education is important include…

  • Do spouses have overlapping offerings that can be used to bring costs down?
  • Do employees understand how pension plans can differ and what makes the most sense for them?
  • Do they know what an Employee Assistance Plan (EP) is and how to use this free, confidential service?
  • Are they signed up for any RRSP (Registered Retirement Savings Plan) or TFSA (Tax Free Savings Account) programs that are matched by employers?
  • Is there a wellness program that includes physiotherapy, massage, chiropractor services or orthotics?
  • What are their out-of-pocket expenses or deductibles?
  • Along with dental and eyewear, is there coverage for things like addiction counselling, mental healthcare, or special medical tests?
  • How long can children be on the coverage and how do life changes like marriage, divorce, adoption, death or childbirth affect benefits packages?
  • Do they understand the claims process, paperwork and deadlines?

Knowledge is Empowering

When an employee feels empowered and understands what their benefits are and how to use them, they end up happier and healthier – and more productive for their employer. To find out more about the importance of employees understanding coverage, contact your advisor at Dobson & Toncic today.

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