By investing in a group benefits program – not only does it help attract and retain the employees you want – it can also improve morale, increase productivity, reduce absences and help maintain the physical and mental well-being of your employees. Healthy people = healthy companies.
By working with ClearPeak you get:
- Access to brand name companies that you know such as Canada Life, Sun Life, Manulife, Empire Life, Equitable Life, Victor Benefits and more…
- A customized employee benefit plan that reflects your company’s goals and values.
- A dedicated and experienced specialist to assist with the maintenance and administration of your program, ensuring your administrators are informed, negotiating with insurers on your behalf and evaluating your plan on an annual basis.
- Access to employee retirement savings plans such as group RRSP’s, pension plans, and/or deferred profit-sharing plans.
These plans are the most common and cover a variety of things such as life insurance, accidental death and dismemberment, short term disability, long term disability, critical illness, prescription drugs, vision, dental and extended heath care (i.e. chiropractic, massage, physio, medical supplies etc.). Here the insurer assumes all the risk.
Health Spending Accounts
Increasing in popularity, Health Spending Accounts work like a bank account. They allow the employer to give tax free dollars to their employees for them to spend on medically necessary expenses as they deem fit. These types of plans are popular for their low fees, cost control and flexibility.
Wellness Spending Accounts
These types of plans provide funds to your employees that they can use towards things such as: golf memberships/green fees, gym memberships, spa visits, ski passes etc. These are a fantastic way to attract top talent! However, the claimed amounts are taxable to the employee.
Many employers are choosing to get the best of both worlds. Using a traditional insurer to cover the life, disability and illness – then using a Health Spending Account to either complement the health and dental portion provided by an insurer (cover the portions that the plan design does not) or replace the health and dental component completely.