Winnipeg Group Benefit Plan

Winnipeg Group Benefits Plan Advantages

The advantages of Providing a Winnipeg Group Benefit Plan for your employees

1. Winnipeg group benefit plan is a seamless way to provide tax-free health coverage to your employees and their family members.
2. With Winnipeg employee benefits program, you can protect your employees and their family against financial issues that could arise due to unexpected health and dental expenses.
3. The employer will receive a tax deduction in every cost associated with the group benefit plan.
4. The employer benefits by providing the Winnipeg group benefit plan at a fixed cost and the plan will be automatically administered by an insurance company.
5. Winnipeg employee benefits program provides an interesting way to provide compensation packages to your employees rather than increasing their taxable salary.

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Winnipeg Group Benefits Plan Benefits

Winnipeg employers offer several employee benefit packages or plans to their employees. Some of these benefits include the following:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Winnipeg Group Benefits Plan Package

The service of an experienced professional is highly required when setting up a Winnipeg employee benefits program. The professional will help to prevent the problem of growing liabilities as well as steep cost. This will allow you to worry less about the complexity of the processes.

You need the service of a broker or a benefits consultant when setting up such a program. The broker is paid by the insurance company and so you can obtain the service at little or no cost. The service will help you to obtain the relevant data and expert guidance to get the best outcome on your benefits investment.

It is recommended that you get at least three proposals to access the value and cost from various perspectives and to get the best outcome.

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Winnipeg Group Benefits Plan Savings

To save cost in the long-term Winnipeg employers employ several strategies when setting up the employee benefits program. Some of these strategies are as follows:

1. Placing a limit or a cap on the coverage amount.
2. Including deductibles into the coverage.
3. Reducing the carry-over of unused sick days.
4. Sharing the cost of premiums between the employer and the employee.
5. Considering the level of coverage or co-insurance.

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Winnipeg Group Benefit Plan News

Starting from the first pay period in July 2018, the Winnipeg Civic Employees’ Pension Plan pensioners will get a 1.84 percent Cost-of-Living Adjustment (COLA) on their pensions.

The increase will be based on 80% of the Consumer Price Index (CPI) of Canada which was 2.3 percent for the one-year period that ended on March 31, 2018.

The funded status of the Winnipeg Civic Employees’ Benefits Program determines the level of COLA granted in a given year. The level of funding within the Program that supports COLA varies from time to time and will be affected by the future program experience and the part of the future contribution allocated to finance it.

The portion of contributions allocated to finance COLA in the future is expected to be enough to finance it for pensions and services on or after September 1, 2011, at a rate equal to 50 percent of the annual percentage change in CPI.

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