It’s June and finally time to get outside and enjoy some wonderful Saskatchewan weather…for the three weeks it lasts anyway. It is, however, the perfect time to do a mid-year check-up on your benefits plan. Here are some quick tips to give your benefits plan a quick check up.
- Check your bill. Are all the right employees on your plan? Have all of the new spouses and babies been added? Did you remember to re-add those employees who were laid off due to the pandemic?
- Are all employee salaries up to date? This is extremely important especially if you have life or disability insurance on your plan. If an employee were to pass away or become disabled, the insurance carrier would base the insurance payout on the salary it has on file.
- Have your employees all signed up for online access? Employees can download a smartphone app and have easy access to submit claims.
- Do you have an extension of benefits policy? With benefits being cost shared between the employee and the employer, do you have a plan for paying the employer portion if an employee becomes disabled? How long will you have him or her remain on your plan?
- When is the last time you had an employee benefits education session? We have found that the more that employees understand how to get the most out of their plan, the more value they get from it, and the more they appreciate your providing it to them.
Asking yourself these questions at least once a year is a great way to stay on top of your benefits program and to catch and prevent problems before they happen.
For more information or to book your next employee education session, give me a call.
Matthew Hill, B.A.
Benefits Advisor, Wiegers Financial and Insurance Planning Services Ltd.
Wiegers Financial & Benefits
306-244-0949
matthew.hill@wiegers.ca