Providing a robust group benefits plan is not a luxury in the war on talent and retention anymore, but a strategic choice. Edward Fayer, as an established employee benefits advisor, is aware that selecting the right provider can either make or break the interests of your team and your budget. This blog post gives a clear idea of the three main players of Canada: TD Insurance, Sun Life and Manulife, to help you make an informed decision.
Why It Matters
The modern-day employee demands more than a basic health-and-dental package. They desire health, convenience, online connectivity, and affordability. Recent studies indicate that more than 90 percent of health insurance decisions in Canada are done under the group category, i.e., your group benefits plan is at the center of your culture, cost-management, and employer brand.
Being an employee benefits advisor, Edward can lead you through the provider selection process and assist in crafting a plan that fits your needs and is also competitive and manageable.
The Players at a Glance
TD Insurance
As a division of one of the largest banking institutions in Canada, TD Insurance has a number of advantages, including flexible coverage, user-friendly digital technology, and an ideal fit for small businesses in Canada.
Strengths:
- Its approachability by small to mid-sized employers is made possible by a range of customizable options and the pay-as-you-go style.
- Convenient online platform and simplified claims.
Considerations:
- It might not have the most comprehensive set of wellness add-ons or the biggest enterprise benefits as others do, although it is solid.
- You can exceed the baseline, should you expect fast growth or a complicated requirement (as multi-locations, global workforce).
Sun Life
Sun Life is an established national company that offers a wide range of group benefits, including health, dental, life, disability, and wellness.
Strengths:
- An extensive, generous benefits offering a package of wellness plans and virtual care.
- Good reputation, extensive experience with large-scale group plans.
Considerations:
- It is highly customizable, but to smaller employers, the premiums and complexity might not be as personalized as they would like them to be.
- Digital solutions and extensions can make it more expensive, and it is essential to match them to your real workforce.
Manulife
Having experienced more than 100 years and having the highest asset base among Canadian-based insurers, Manulife provides a lot of benefits such as health, dental, life, critical illness, disability, wellness and retirement solutions.
Strengths:
- Sturdy in the mid- to large-sized employer profile; refined wellness websites and computerized integrations (e.g., “Manulife Vitality”).
- Good track record, financial stability and full offering.
Considerations:
- Due to its size and scope, the administration and cost scheme can be burdened by smaller firms with less complex requirements.
- Needs proper design and tracking so as not to spend money on features not used.
How to Choose: Key Questions Your Employee Benefits Advisor Will Ask
The following are some of the fundamental questions that can help you make a smart decision about a provider when Edward sits down with you:
- What is your workforce profile?
Define your business type: are you a small, local employer or a developing multinational company? According to this, the type of provider that fits your needs will differ.
- What are the real benefits of your employees?
An excellent plan can only be useful when it is aligned with actual usage. According to Canadian data, utilization, cost-control, and precision are important.
- How are digital tools and wellness add-ons useful?
Providers such as Manulife or Sun Life might be more attractive to you if you want access to digital portals, virtual care, and wellness incentives.
- What is your financial capability and tolerance to complexity?
Simple plans can work well with TD Insurance; more customized, feature-enhanced plans will send you to either Sun Life or Manulife, but at a greater cost.
- Will you revise and update the plan on a regular basis?
Designing benefits is not a one-time effort. Edward, as your employee benefits advisor, will assist you in managing, modifying and changing your group benefits plan as time progresses.
Why Working with Edward Fayer Makes a Difference
Edward does not simply place plans as an experienced employee benefits advisor. He assists you in finding your way through the landscape of providers and translates complicated alternatives into viable options that remain consistent with your business objectives.
- He will examine your usage and cost drivers at present.
- He will compare market data and provider characteristics.
- He will lead you in designing, implementing and communicating to make your team recognize the worth of your benefits offering.
Final Takeaways
- There is no “single best provider” that fits all situations. Each of the above insurance companies, TD Insurance, Sun Life and Manulife, has its unique advantages based on size, budget and workforce requirements.
- TD Insurance might be your niche if you are a smaller employer who wants to have a flexible and cost-efficient design.
- In case you desire a wide and feature-packed plan and you are willing to commit to a bigger scale, Sun Life provides profundity.
- Manulife is the most comprehensive and technologically advanced when it comes to large and mid-size employer bases and ambitious wellness programs.
- No matter the path you take, your group benefits plan is a long-term investment – an investment that affects recruitment, retention, morale and cost control.
Are you prepared to examine your benefit plans? As your employee benefits advisor, Edward Fayer is willing to assist you in comparing the providers, creating the right plan and executing it in a manner that will be appreciated by your team. Let’s discuss what works with you and your individual workforce.
FAQs
- What makes an employee benefits advisor important to me?
An employee benefits advisor assists in the planning and management of your employee benefits plan, where they will be provided with cost-effective coverage, enhancing employee satisfaction, and expert advice that will suit the unique needs of your company.
- What does an employee benefits advisor do to compare insurance providers?
To identify the best group benefits plan, an employee benefits advisor studies your business objectives, budget and staff demographics to compare the top insurers such as TD Insurance, Sun Life and Manulife, among others.
- What is to be included in a group benefits plan?
A healthy and strong group benefits plan covers health, dental, disability, and wellness. These options can be customized to appeal to talent and fit in your budget by an employee benefits advisor.
- How frequently is a group benefits plan to be reviewed?
You are supposed to check your group benefits plan on a yearly basis. An employee benefits advisor assists in the modification of cover and cost maintenance and in keeping your benefits current and in line with the evolving needs of employees.
- Are small businesses able to afford a group benefits plan?
Yes. Small businesses can tailor an affordable group benefits plan with the right employee benefits advisor so that the plan both takes care of employees and the premiums remain affordable and consistent with company objectives.
- What is the largest mistake that employers make in group benefits?
Many employers establish a group benefits plan and then forget about it. When you partner with an employee benefits advisor, your plan will be kept up to date with the latest workforce trends, regulations, and employee expectations.
