The Most Important Benefits
To attract and retain and appreciate your employees, your employees will want health and dental coverage, especially if they have families. Consider protecting your employees with the following coverage they may have not considered.
Dependent Life Insurance
If an employee suffers the loss of a spouse or child, quite often, they are not financially prepared. Sometimes, they go to their employers for financial assistance. Get the highest dependent life benefit you can. It is only charged to those with families and is a very reasonable price.
Disability coverage
Long term disability (LTD) coverage is the most important benefit you can provide. A disability can quickly ruin a family’s savings and add stresses that further complicate a bad situation.
Some believe that government programs, such as CPP and EI can help. However, CPP is hard to get and does not pay enough to help with the costs of running a home. As well, as of 2022, EI pays only up to 55% of salary to a maximum of $638/week and is taxable.
Critical illness coverage
Cancer, stroke and heart attack are the most common forms of critical illness. These situations may not be covered by LTD, if the employees does not need to take lots of time away from work. However, these illnesses do often result in life changes and increased medical-related costs. This coverage pays your employees a tax-free lump sum of cash to help with their new life situation and can cover children and spouses too.
Employee assistance plans
Think of an employee assistance plan (EAP) as a free, professional assistant who can help with important life questions. An EAP can form an important part of your work culture. It’s there to answer questions from employees or their family members about everything from sadness to wellness, from parenting to financial needs and from nutrition to legal advice.
If you have an employee with substance use problems, an EAP can form an important part of helping that person.
Managers can be very affected by your employees’ stresses and mental health needs. They need added support to help their workers and EAPs are an important part of that support system.
Did You Know?
In recent studies, four out of five managers reported they had been asked by employees about options for mental health support.
EFAPs have been shown to save employers more than they cost.