Regina Group Benefit Plan

Regina Group Benefits Plan Advantages

The advantages of providing a Regina Group Benefit Plan for your employees:

1. Regina group benefit plan could be an excellent way to provide additional compensation to your employees without necessarily increasing their taxable salary.
2. The employer will get a tax deduction in every cost that is associated with the Regina group benefit plan.
3. Your employees and their family will benefit from the employee benefits program and the program could be relevant in protecting them against financial issues that could be caused by health and dental expenses.
4. The group benefit plan provides tax-free coverage to your employees.
5. The employer benefits by providing the Regina employee benefits program at a fixed cost and the plan will be administered by an insurance company automatically.

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Regina Group Benefits Plan Benefits

Employers can provide a lot of benefits to their employees through the Regina group benefits plan. These benefits include the following:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Regina Group Benefits Plan Package

You need expertise to set up a rewarding and attractive Regina employee benefits program. The program could be complex and flexible, this is why it is necessary to hire an expert to help you to go through the process of setting it up. The help of such an expert could be relevant to prevent the problem of steep cost and growing liabilities.

When working with a broker or a benefits consultant, you can benefit from their expert guidance and the relevant data that could help you to get the best result from your benefits investment. Furthermore, brokers are usually paid by their insurance company and so, you will obtain the service at little or no cost.

However, it is advisable to get at least three proposals to evaluate the cost and value as much as possible from different perspectives.

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Regina Group Benefits Plan Savings

Regina employers take advantage of several strategies to reduce long-term costs when designing a Regina employee benefits program. Some of these strategies are given below:

1. Adding deductibles into the coverage.
2. Sharing the premium cost between the company and the employees.
3. Paying attention to the level of coverage or the co-insurance.
4. Placing a limit or capping the coverage (for instance, setting vision care over a period of time at $400).
5. Reducing unnecessary carry-over of unused sick days.

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Regina Group Benefit Plan News

On the heels of a deficit budget, Saskatchewan MLAs led by the Saskatchewan Party reduced their salaries by 3.5 percent. The province aimed at reducing public sector wages by 3.5 percent but the plan was opposed by the unions and was abandoned.

Then-premier Brad Wall said in a statement that he has always said he will not ask other public sector workers to do anything they were not prepared to do themselves as elected officials.

But one year later, the MLAs have reversed the 3.5 percent reduction. They were making $96,183 to $92,816.59 in 2017 but they are back to their former salary.

According to the Saskatchewan Party MLA Jeremy Harrison, who sits on the board in charge of setting MLA wages, the 2017 wage reduction also applied to staff in the Premier’s office, minister’s offices and Deputy Ministers but they also partook in the reversal.

Saskatchewan residents make $53,000 a year on average (that is $43,000 less than Sask MLAs) but average weekly earning of Saskatchewan residents have increased by about 4 percent over four years period.

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