Why your plan sponsors should offer optional coverage
Plan members want more flexibility in their plans, with options to increase coverage in some areas, according to their individual needs. At the same time, plan sponsors want to provide plan members with access to additional coverage, while keeping plan costs affordable.
The solution? Plan sponsors can add optional benefits to their plans at no additional costs. In addition to offering plan members the variety of coverage they’re looking for, the plan sponsor can:
- Enhance their base coverage offerings to retain and attract employees
- Provide the means to tailor coverage to individual needs
- Offer optional coverage at competitive rates
Optional benefit premiums are 100% employee paid and managed through payroll deductions.
What choices are available?
Optional Life from $10,000 to $500,000 is available to plan members and spouses who provide evidence of good health.
Optional Accidental Death and Dismemberment (AD&D) provides financial assistance for plan members if, as the result of an accident, a plan member dies, suffers the loss of a limb, sight, hearing or speech, or becomes paralyzed. Plan members can choose to cover themselves only or include their family in an amount of insurance from $10,000 to $300,000.
Optional Critical Illness (CI) is an affordable way for plan members to receive financial support if they’re diagnosed with a covered critical illness and survive the waiting period. They can use the benefit payments to pay for whatever they need: medical treatments, home modifications or everyday expenses. Available to plan members already covered by basic critical illness. Optional Dependent CI is also available to dependents covered by Dependent CI.
Electronic Funds Transfer is a more convenient, accessible, environmentally friendly and secure way of assigning payments to dentists.
We’ve partnered with Morneau Shepell to introduce a new Employee and Family Assistance Program that provides clients with a more robust suite of services. See what’s included.