Group Insurance Plans: Flexibility Is on the Menu
Posted by Medavie Blue Cross on October 27, 2022
Employees have increasingly diverse health and wellness needs. Employers need to offer benefit plans with the goal of connecting employees to the right level of care at the right time and providing them with the necessary flexibility and choices to achieve their best possible health outcomes, says Charles St-Laurent, Regional VP, Business Development at Medavie Blue Cross.
“More than ever, employers need to ensure employees have access to a variety of benefits that are of value and account for today’s realities,” St-Laurent continues. “One-size-fits-all benefits programs no longer cut it, making flexibility a key table stake in plan design giving employees better choices.”
More and more employers are offering programs that give employees choice through things like personal wellness or health spending accounts. Additionally, leaders must take into consideration the increasing role of diversity, equity and inclusiveness within their organizations and improve their benefits plan by offering benefits that are as inclusive as possible.
That’s why Medavie Blue Cross launched a Gender Affirmation Benefit, for instance, where qualifying members of groups that offer the benefit have access to coverage of a wide range of procedures to support their transitioning journey.
Companies must also make sure they are working with a health benefit partner they can trust to help them sort through the many available plan design options while selecting solutions that allow for a different approach to claims management and for reinvesting in plan improvement.
“Increasingly, employees want greater choice and control over how they spend their benefit dollars and contribute to their health and wellness – and so, the opportunity for personalization is key,” St-Laurent notes.
A recent Leger poll commissioned by Medavie Blue Cross found that a sizeable majority (81%) of respondents said flexible benefits (i.e., a healthcare spending account) are important to them, with nearly half saying it was very important. Additionally, 84 per cent of respondents said optional benefits (i.e., life insurance, critical illness, accidental death, and dismemberment) are important to them, with half saying it was very important.
Employers of all sizes who are ensuring the health benefit needs of employees and their families are being met have much to gain by offering group insurance plans that are more flexible. With the current labour shortage leading many companies to double down on initiatives and strategies for recruiting and retaining talent, these plans are an extra ace up their sleeve. They also help reduce absenteeism related to physical and mental health problems, thereby increasing both productivity and quality of life in the workspace.
Benefits for Small Business is a life and health plan offered by Medavie Blue Cross to give companies with two to 10 employees the opportunity to pool claims with other small businesses. This innovative option provides coverage for extended health care, including vision care, prescription drugs and dental, as well as life and disability insurance, while ensuring that the plan remains affordable for the companies over time.
St-Laurent states that “providing greater flexibility in benefits, more service options and access to integrated digital solutions will continue to be the way forward – especially on the heels of the pandemic and with today’s remote and hybrid work models.”