Saskatoon Group Benefit Plan

Saskatoon Group Benefits Plan Advantages

The advantages of Providing a Saskatoon Group Benefit Plan for your employees:

1. The employer will receive a tax deduction in every cost associated with the Saskatoon group benefit plan.
2. With the Saskatoon group benefit plan, an employer will be able to offer tax-free health coverage to their employees.
3. The employees and their families will be protected against financial problems that could arise due to unexpected health and dental expenses.
4. You could provide additional compensation to your employees through the Saskatoon employee benefits program rather than increasing their taxable salary.
5. You will benefit as an employer by providing the service at a fixed cost and the plan will be automatically administered by an insurance company.

To learn more about the Saskatoon group benefit plan, click here.

Saskatoon Group Benefits Plan Benefits

Employers provide a lot of benefits to their employees through the Saskatoon employee benefits program. Some of 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

To get an immediate Saskatoon group benefit plan quote, click here.

Saskatoon Group Benefits Plan Package

It is highly recommended for employers to seek the help of experienced professionals to help them navigate through the process of setting up a Saskatoon group benefit plan. The plan could become somewhat complex and you might even run into the problem of steep costs and growing liabilities.

Usually, you need the service of a broker or benefits consultant to set up an employee benefits package. Interestingly, brokers are paid by their insurance company and would be able to offer you relevant data and expert guidance at little or no cost. This would help you to get the best outcome from your benefits investment.

You can even obtain up to three different proposals to get a better outcome. This might help you to access the cost and value from a different point of view.

To learn more about Saskatoon group benefit plan, click here.

Saskatoon Group Benefits Plan Savings

To save long-term cost when setting up or designing the Saskatoon employee benefits program, employers leverage several strategies. Some of these strategies include the following:

1. Taking a look at the level of coverage or co-insurance.
2. Including deductibles into the coverage.
3. Reducing the number of carry-overs of unused sick days.
4. Sharing the cost of premiums between the company and the employee.
5. Placing a limit or cap on the coverage amount.

To learn more about Saskatoon group benefit plan, click here.

Saskatoon Group Benefit Plan News

There has been a contract talk break down between the University of Saskatchewan and CUPE, a body representing 1,900 non-academic staff at the Saskatoon campus.

The benefit plan is one of the main sticking points. The University of Saskatchewan intends to move union members out of a defined benefit pension plan but the union opposed the move.

Craig Hannah, CUPE local 1975 president said the union laid out a compromise during mediation in December. Hannah said that their jointly sponsored defined benefits proposal could have saved the university millions of dollars each year and the plan risks and costs would have been shared equally by the university and the union members going forward.

Hannah added that the university rejected their constructive efforts to address the pension concerns and to protect their benefit security. However, the university said that the current plan is costing millions of dollars that could have been spent on research and education.

In a release from the university, the university said that the current defined pension plan for employees who are members of CUPE 1975 has cost the university additional $29.8 million beyond the normal contributions that could have been spent over the past 10 years. Under the current pension structure, the significant additional contributions are expected to continue into the future.

To learn more about the Saskatoon group benefit plan, click here.