Abundance Employee Benefits: Unlock Customized Plans For Impactful Results

One common misconception is that changes can only be made at the annual renewal date of the plan. Both changes and switches can occur at any time because all contracts are unilateral without any cancellation penalty.

Inflation trends for benefits plans are primarily based on drug prices and dental fees. Unfortunately, not only do these vary from province to province, but different insurance providers may also use different numbers. If all other factors in your benefit plan stay constant, Abundance Employee Benefits recommends budgeting according to the inflation trend provided by your insurance provider each year.

Your employee benefits plan should be reviewed at least once every three years to ensure that you are getting the best rate for the services used by your employees. A review also keeps you informed about market trends, such as recent changes in technology and underwriting approaches (e.g. some companies now operate under an “honour” system for common claims like chiropractor visits).
A review is also worthwhile if you have added a significant number of employees (ie. from 3 to 9, 20 to 30, etc). Larger companies can secure lower rates and save substantial amounts of money.