As a small business owner, it is your job to hire and retain the right employees. As unemployment continues to decrease it is getting harder and harder to find the right talent. It is also becoming more important for small business owners to care about the well-being of their employees. Now, it is not your job to become a therapist but employees often see their coworkers and boss more often than they see their family. Understanding what steps to take when concerned about an employee’s mental health will help make you a better, more informed employer. 

How to Spot Mental Health Concerns in The Work Place

There are many small signs you can look out for as an employer and business owner to help you get ahead of your employee’s mental health. 

• Change in behaviour
• Change in mood
• Disengagement in their tasks
• Lower work performance
• Increased absence or tardiness
• Increased risk-taking behaviour (paired with other signs) 

Strategies to Support Employee Mental Health

A healthy workforce leads to increased productivity, lower absenteeism, and higher employee retention. Here are some strategies you can use in your business to help support your employees. 

Create a Positive Work Environment

A positive work environment is essential for the mental well-being of your employees. Encourage positivity and gratitude by recognizing employees’ achievements and contributions. Foster an inclusive workplace culture by promoting respect, collaboration, and open communication.

Provide Mental Health Resources 

Offer your employees access to mental health resources such as counselling, support groups, and employee assistance programs. These resources can help employees address mental health challenges before they become more serious. They can all be offered and addressed under your employee benefits plan. 

Encourage Breaks and Rest Periods 

Encourage your employees to take breaks throughout the day to rest and recharge. Consider implementing a flexible work schedule that allows employees to take time off when needed. Encourage them to disconnect from work after hours and prioritize self-care.

Offer Wellness Programs

Offer wellness programs that promote physical activity, healthy eating, and stress reduction. Consider partnering with local gyms or wellness centers to offer discounts to your employees. Learn how to choose the best mix of benefits for your employees. 

Promote Work-Life Balance

Encourage work-life balance by offering flexible work schedules, telecommuting options, and paid time off. Make sure that employees are not working long hours or overworked, which can lead to stress and burnout.

Train Managers on Mental Health

Provide training to managers and supervisors on how to identify and support employees who may be struggling with mental health challenges. Encourage them to have open and supportive conversations with their team members about their mental health.

Normalize Mental Health Conversations

Encourage open conversations about mental health in the workplace. This can help to reduce stigma and create a more supportive environment for employees who may be struggling.

By implementing some or all of these strategies, as a small business owner you can begin to help improve how your employees view mental health in the workplace. One important topic in mental health is open communication. By creating clear lines of communication you as a business owner will better understand how your employees feel and how that is affecting your business. 

Improving Communication Between You and Your Employee

Effective communication is key to building strong relationships with your employees and improving overall workplace morale. Here are some ways you can support communication in your workplace. 

1. Be clear and concise
2. Listen actively
3. Show empathy
4. Give constructive feedback
5. Avoid negative language
6. Celebrate successes

Foster better communication and collaboration in the workplace, and build stronger relationships with your team.

What to Do When You Are Concerned About an Employee

You are not a therapist or medical professional but as a person in a position of power, you may be the only one to spot important cues in your employees that lead you to believe they may be showing signs of mental health concerns. 

If an employer is concerned about an employee’s mental health or well-being, there are several steps they can take. 

Approach the employee with compassion and empathy – Start by having a private conversation with the employee to express your concerns and offer support. It’s important to approach the situation with empathy and compassion and to avoid making assumptions or jumping to conclusions.

Respect the employee’s privacy – When discussing the employee’s mental health concerns, it’s important to maintain confidentiality and respect their privacy. Only share information with others on a need-to-know basis, such as HR or their direct supervisor.

Offer support and resources: Provide the employee with information about mental health resources available to them, such as an Employee Assistance Program or mental health services in the community. Encourage them to take advantage of the resources available through your benefits program and help them set up their accounts if needed. 

Consider accommodations – Depending on the employee’s situation, it may be appropriate to offer accommodations such as flexible work hours or additional support in the workplace. Work with the employee to identify any accommodations that may be helpful.

Follow up – Check in with the employee regularly to see how they are doing and offer ongoing support as needed. Be sure to respect their privacy and maintain confidentiality throughout the process.

Taking these steps will make you a better leader and allow you to improve your workplace and your employees, benefiting you and the people who count on you the most. If you have any questions about employee benefits options available to you please feel free to give me a call.  

Life insurance is a great way to create peace of mind for you and your family. There are three different types of life insurance term, whole, and universal. It can be difficult to understand how to choose the right insurance for your unique situation. 

I will outline the three different types of life insurance policies. Explain the pros and cons of each policy type, and give you some key takeaways that can help you decide on the best life insurance policy for your family. 

Term Life Insurance

Term life insurance provides coverage for a specified number of years. Common terms run between 10 to 30 years. 

In addition to the pre-determined lifespan of this coverage, its rate is also pre-determined and guaranteed. 

Term insurance has no cash value, however, and its rate does spike after the specified term is over, should you want to extend your plan.

Pros

• Lower cost premiums
• Simplified policies

Cons

• Death benefits are only available for your policy term
• There is no cash value, you will only receive the agreed-on death benefit 

Whole Life Insurance

Provides set coverage for your entire life. Upon your death, your designated beneficiary receives the benefit. 

As part of a Whole Life, the insurance premium is invested, it’s also possible to build and access the cash value associated with this policy–before the end of your life. 

You can pull out a loan from a whole life insurance policy. Loans can be paid back to ensure your beneficiaries get the full death benefit payout. If the loan is not paid the amount will come out of the death benefit plus interest.  

Pros of a Whole Life Insurance Policy

• You can borrow against the policy
• Loans are tax-free
• Premiums can be locked in

Cons of a Whole Life Insurance Policy

• Higher cost than a term life policy
• Cancellation of your policy could mean surrender charges
• Loans will come out of death benefits if not paid back

Universal Life Insurance

Another great option for your insurance policy is Universal life insurance. 

Universal Life insurance simultaneously covers an individual for their entire lifespan while investing in their savings. 

Like whole life insurance, one designates a beneficiary to receive the benefit of this coverage, come end-of-life. However, with Universal Life, any extra amount of money paid above the cost of the rate can be added to a tax-preferred savings account to grow. 

This surplus can alternatively be simply added to the death benefit, depending on the individual’s preference.

Pros

• No fixed premiums with flexibility in payment options
• Lower premiums than whole life insurance
• Options to make changes to your policy as your needs change

Cons

• Costs may rise as your policy ages
• No guaranteed death benefit

How to Choose a Life Insurance Policy

The life insurance policy you choose will depend on your needs and the budget available for monthly premiums. 

Each policy differs in the ability it has to meet the needs of your unique situation. 

Both the Whole and Universal policies build cash value. You can also borrow against both policies. A term policy will not have any cash value and will not have any ability to loan you money from the policy. 

Whole life insurance charges a premium to guarantee your death benefit. Universal life insurance allows you to increase and decrease your death benefit and premium as your life and needs change. 

A term policy is there to create peace of mind for families who wish to set up extra income for their family in the event of their passing. A term policy is made to guarantee a set premium and death benefit for the entire term. Some term policies will allow you to switch them to a whole policy near the end of the term. 

The best way to choose a policy is to speak with an insurance specialist and outline what you want your insurance policy to do for you.

Benefits Beyond The Simple Terms

We have largely discussed the terms and conditions of each life insurance plan. The important thing to note is the things life insurance can give you that go beyond simple numbers. 

Here are a few great benefits on why you should buy life insurance now. 

1. Protect your loved ones from financial loss and undue stress
2. Pay off debts for your family
3. Transfer wealth to the next generation
4. Make an impact philanthropically 
5. Peace of mind for you and your family

Let your insurance policy work for you. 

If you want to manage your policy and be actively involved you may prefer a Universal insurance policy. 

If you prefer to set up your life insurance and simply let it run a Whole life insurance policy may be better for you. 

If you are simply looking for a guaranteed death benefit for your children a term life insurance policy may be the right thing for you. 

If you need help finding the right life insurance plan, please call me at (604) 461-6164 or email me at info@ahopkinsinsurance.ca. I would be happy to help you out. 

Employee benefits are an important offering to help your business create long-term loyal employees. Choosing a benefits plan is an important step to ensuring that your employees are happy. 

But how do you choose the right plan? 

As an important part of your staff’s financial security and an investment in your company’s success, your benefits plan should be with a company you know and trust. 

Whether you’re a first-time buyer, or you already have benefits but are considering a switch, there are some important aspects to think about when weighing the pros and cons of purchasing a group benefits plan.

 

What to Look For in a Group Benefits Provider

Coverage

A Plan should offer a wide range of coverage options and benefits. Most programs can provide your employees with comprehensive coverage, but does the plan design have features to keep your costs under control?

Also, your employees are as unique as your business. Does the plan give employees the flexibility to get the most from their coverage? Are there health and wellness resources to help your employees make informed decisions and keep them healthy and productive?

 

Premium Stability

Most benefit plans are experience rated, which means that premiums are based on your company’s individual claims. But if you only have a few employees, and they have large claims, your rates could rise dramatically. 

To help keep your premiums more stable from year to year, look for a plan that pools its claims, where premiums are based on the average of claims across all participants, spreading the risk.

 

Guarantees

Look for a plan with the fewest exclusions and the most assurances, like guaranteed renewable coverage or benefits that don’t require medical questionnaires. 

This makes your coverage more valuable in the long term.

 

Additional Services

Choose a plan that offers additional services and benefits. 

Look for online utilities for employees that can reduce your employer costs and administration efforts or health supports like second medical opinions for specific health issues and access to health and wellness tools and resources.

 

Longevity

Make sure the plan you choose is a good fit for today and for the future. Always select a supplier with a broad range of coverage options that can evolve with your needs. 

A qualified advisor from a reputable plan will have access to cost-control tools and can help you plan for the future while addressing your current needs.

 

Questions to Ask New Service Providers

Here are some questions you can use to ask your new potential group benefit service provider. These questions will help you feel more confident starting the conversation about your group benefits plan. 

1. How often do rates change? 
2. Do you have guaranteed renewable coverage? 
3. How long do claims payments often take? 
4. How do employees access their coverage plans?
5. Can I customize the plan?
6. Do you cover telehealth options?

Don’t be afraid to throw in any questions you may be concerned about. You want to trust your insurance provider. Don’t feel nervous about asking clarifying questions or discussing your budget. Your insurance agent is there to help. 

If you need help building your unique group benefits plan please give me a call at (604) 461-6164 or email me at info@ahopkinsinsurance.ca. I would be happy to help you out.

There is a common question many small business owners have about group benefits plans. If Canada offers provincial health plans why do they need extended health care benefits? 

Extended health benefits are designed to supplement things that are not offered by the provincial health plan.  

Offering benefits can help a business stay competitive in the market. Benefit plans can improve employee retention, increase candidates per job, and improve employee morale. 74% of employers say that budget is the most important part of a b benefits package and 63% say employee retention is next. 

Group benefits packages offer the ability to be completely customizable. The problem is how do you choose the right mix of extended health options? 

Extended Health Options

Every benefits package will vary. Many employee benefits packages allow you to choose the best coverage options for your employees. 

Here are the six most common health care benefits and a breakdown of what they cover for your employees. 

Prescription Drug Coverage

Canada’s Universal Healthcare system does not include prescription drugs. It is one of the only countries with a Universal Healthcare system that doesn’t include a drug plan. 

A group benefits plan will cover any drugs that are: 

• Prescribed by a medical professional
• Deemed medically necessary
• Have an associated DIN (Drug Identification Number)

Medically necessary drugs like insulin, blood pressure medication, and cholesterol medication have high costs. A group benefits plan that includes prescription drugs can help improve the lives of your employees.

More than 90% of employers provide full-time employees with extended health benefits. 

There are commonly three different types of prescription drug coverage plans available.

1. Prescription Only Drug Plan – Coverage for drugs with a written prescription. 
2. Prescribed Drug Plan – Covers all prescribed medications including over-the-counter drugs. 

Paramedical Services

Paramedical services are services completed by a list of specific practitioners. These extended health benefits commonly have a maximum spend per year under a group benefits plan. 

Some plans will allow you to customize which practitioners are available under your benefits plan. The coverage extends from visits to x-rays. 

Here is a list of common practitioners covered under paramedical services: 

• Acupuncturists 
• Athletic Therapists
• Audiologists 
• Chiropractors
• Clinical Dieticians 
• Massage Therapists
• Registered Kinesiotherapists/Kinesiologists 
• Naturopaths 
• Osteopaths 
• Physiotherapists 
• Podiatrists/Chiropodists 
• Psychologists/Social Workers/Registered Clinical Counsellors, Canadian Certified Counsellors/Psychotherapists 
• Speech Therapists 

Paramedical services are often services that help improve the stress and well-being of your employees. It is one of the best-extended health benefit options to use as leverage for hiring new employees. 

Vision Care

Vision care is a benefit not covered under British Columbia’s provincial health system. 

A group benefits plan will commonly cover the eye examination, eyeglasses, and contact lenses of the entire family. It is common to have a maximum spend on this benefit offering. Families commonly get around $200 per person every 24-month period depending on the plan. 

Sunglasses and non-prescription eyewear are not included under most benefits plans.

Out-of-Province Emergency Coverage

Emergency coverage allows employees to be medically covered while travelling outside of the province. It is common for this coverage to extend to a maximum of 180 days of travel, depending on age. Coverage can include: 

• Hospital room
• Hospital out-patient services
• Hospital supplies
• Diagnosis and treatment by a physician
• Ambulance

Some benefit plans will also include an emergency evacuation fund to help get employees back if they are travelling and get stuck in a natural disaster. 

Dental Care

Dental coverage is one of the most commonly used benefits in Canada. 

59% of employees say health and wellness benefits are important for increasing their loyalty to an employer. 

There are three different categories of dental coverage. 

1. Basic Dental Coverage
2. Restorative Dental Coverage
3. Orthodontics

Most dental benefit plans will include preventative treatments like: 

• Exams
• X-rays
• Cleanings
• Fluoride
• Fillings
• Scaling
• Extractions

Restorative care and orthodontics can be covered based on a percentage in many plans. Restorative services include dentures, crowns, and bridgework. Orthodontics can include braces, wires, space maintainers and other mechanical aids required to straighten teeth and correct defects.

Many group benefits plans will have a level of coverage for each category. There may be deductibles and yearly or lifetime limits depending on the benefits plan you choose. 

Life insurance

Life insurance can be covered from a minimum of $25,000 to a multiple of your annual income. Many plans will have the ability to give employees access to purchase additional insurance for themselves and their families. 

Short Term Disability

Short-term disability also known as weekly indemnity (WI) covers an employee in the event that they are unable to work due to a disability. 

WI covers up to 66% of an employee’s weekly earnings. Benefits are also covered if the disability resumes within 14 days of an employee returning to work. This option covers up to a maximum of 26 weeks. 

Long Term Disability

Long-term disability covers employees who are unable to work for extended periods because of a disability. 

Benefits pay for a maximum of 5 years or up to the age of 65. Coverage is set between 50% to 75% of monthly earnings depending on the length of the disability claim. 

Critical Illness 

Employees diagnosed with a life-threatening illness are covered under critical illness insurance. 

Illnesses covered under insurance include:  

• Alzheimer’s Disease 
• Aortic Surgery 
• Aplastic Anemia 
• Bacterial Meningitis 
• Benign Brain Tumour 
• Blindness
• Coma
• Coronary Artery Bypass Surgery
• Deafness
• Dilated Cardiomyopathy Fulminant Viral Hepatitis Heart Attack
• Heart Valve Replacement Kidney Failure
• Life Threatening Cancer
• Liver Failure of Advanced Stage
• Loss of Independent Existence
• Loss of Limbs
• Loss of Speech
• Major Organ Failure – Waiting List
• Major Organ Transplant Motor Neuron Disease Multiple Sclerosis Muscular Dystrophy Occupational HIV Paralysis
• Parkinson’s Disease Primary
• Pulmonary Hypertension
• Progressive Systemic Sclerosis
• Severe Burns 
• Stroke

Dependants can also be covered for many life-threatening illnesses including:

• Blindness
• Cerebral Palsy
• Coma
• Congenital Heart Disease (requiring surgery) 
• Cystic Fibrosis
• Deafness
• Diabetes Mellitus (Type 1) 
• Down Syndrome
• Life Threatening Cancer 
• Loss of speech
• Major Organ Transplant 
• Mental Deficiency 
• Muscular Dystrophy Paralysis
• Severe Burns
• Spina Bifida Cystica

Employee Assistance Services (EAP)

To improve the morale and productivity of employees your health benefits can offer employees the chance to speak to a therapist. 

12 face-to-face hours are offered per year per family. The family can choose to see a therapist to support their family, mental health, and work-related stressors. 

Choosing the Best Mix of Extended Health Benefits

The most important things to think about when choosing your extended health and group benefits plans are coverage type and budget.

There are different options that may be mandatory or common within your industry. Look at the options being offered by your competition and make sure you are meeting the industry minimums. 

It is also best to talk to an insurance specialist. Each insurance company will offer different options and different coverage amounts. A specialist can help you build the best mix of benefits for your specific budget. 

You can also ask your current employees what they care about most and put that into consideration when choosing benefit plans. 

If you need help building your unique group benefits plan please give me a call at (604) 461-6164 or email me at info@ahopkinsinsurance.ca. I would be happy to help you out.