Trusted Tips and Resources

Trusted Tips & Resources

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefit Explains Employee Benefits Plans

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they explain just how much employee benefits plans do for employees and their families. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

 

Takes Care of Employees With A Group Benefits Plan


When employees think about their benefits plan, the benefits that most often come to mind are for prescription drugs, massages, and maybe a dental check-up every year. However, I’m confident that if you were to ask any Benefits Advisor or Consultant, he or she would swiftly tell you that benefit plans are so SO much more than that! These benefits are just the tip of the iceberg in terms of what a plan can provide for employees and their families.

Many people – employees and employers alike – are surprised by just how extensive an employee benefits plan can be. They’re often also surprised by how much a plan can do for an employee’s physical, mental, and financial well-being. If the COVID-19 pandemic has taught us anything, it is that our well-being is something we can no longer take for granted. And having an employee benefits plan is one of the best ways to stay protected.

There are two cornerstones of a benefit plan that deserve a lot more attention than they typically receive: Life Insurance and financial protection in the event of a disability or illness, namely, Short-Term and Long-Term Disability Insurance. These benefits are often included in benefit plans but are not touted enough for the critically important protection they provide.

Benefits Canada reported recently that many people between the ages of 30-50 have no Life Insurance outside of what is provided through their employee benefits plan. On the one hand, this makes for a hefty responsibility for employers. But on the other hand, employers who provide their employees with a strong Life Insurance benefit have a competitive advantage that helps them attract and retain top talent.

As for Disability Insurance, Wiegers Financial & Benefits is passionate about including it in every benefits plan. The reality is that many employees work paycheck to paycheck, and in the event of a severe or prolonged illness or injury, most don’t have enough money saved to be able to weather the storm financially. Disability Insurance is very often a financial lifeline that enables employees to focus their time and energy on getting better instead of stressing about how they’re going to pay their bills. And it’s apparent that the pandemic’s impact on mental health and disability is not going to lessen any time soon. This Benefits Canada article speaks to how the majority of Canadian employers are prioritizing mental well-being, and Disability Insurance benefits are a key part of what they’re doing about it.

If you’re like a lot of Canadians who believe that employee benefit plans are most important for getting their prescription drugs paid for or their massages covered, I encourage you to delve into the details of your plan. You’ll likely be surprised by what you learn, and you’ll be in a better position to know what you can be, or should consider, doing outside of your plan to protect your well-being. Your personal financial advisor will be a great asset to you in advising you on a good path to take and then actually putting these wheels into motion. But always remember that your benefits plan is likely doing more for you than you realize so be sure to provide your advisor with all of the details. Your benefits plan is there to help take care of you; let it do all that it can!


Jewelian Berry,
Benefits Account Manager, Wiegers Financial and Insurance Planning Services Ltd.


Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 

Trusted Saskatoon Financial Planners at Wiegers Financial & Benefits Help Keep Your Financial Plan Current

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance division. 

They explain everything you need to keep current in your financial plan in their latest Wiegers Financial tip. Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors 




Up to Date or Out of Date? Everything You Need to Keep Current in Your Financial Plan

It seems like just yesterday that we first started hearing about the COVID 19-virus, and now it’s been almost a year of uncertainty with only a blurry horizon in the future. What that horizon will look like, or when we will reach it, is still unknown but the hope is that we get there soon… and that we can hold our loved ones tight again!

As we all know, life can change in an instant, leaving our best-laid plans torn to pieces. However, it is critically important to pick up the pieces and find the new course we are to take so that despite the interruption, we can get to where we want to be. As a Certified Financial Planner with Wiegers Financial & Benefits for almost seven years, I have experienced with every client some kind of change in their lives and ultimately their financial goals. Given that life is not stagnant, it’s critically important that your plan and goals change with it to keep up.

What kind of life changes can impact your financial plan? Any number of things can change your goals but some of the most common changes are those concerning:

  • Job and pension
  • Income
  • Marital status
  • Dependents (children or elderly parents)
  • Real assets (e.g. primary residence or rental properties)
  • Other investments
  • Insurance policies
For instance, if you changed jobs due to COVID-19 or something else, your pension might have changed too, which will impact your projected retirement income. Without advising your advisor and potentially modifying your plan accordingly, you might find yourself behind, or ahead, of your retirement goals.

As another example, a change in your marital status or in how many dependents you have and who they are could make your beneficiary designations outdated. The last thing you likely want is for your insurance benefit to be paid to people you no longer want to receive it, or for any loved ones – including children – to be left out (and potentially taking the issue to court in an attempt to get it sorted out in their favour). Given that the solution to avoiding this kind of upset is a simple beneficiary change, it makes a world of sense to ensure that you regularly review your beneficiary designations to ensure that they remain current with your plans and wishes.

Life changes; so should your financial plan. If you have any questions or wish to review your financial plan, please speak with your financial advisor.


Kim Chicoine, CFP, B.Comm.
Insurance Representative, Wiegers Financial and Insurance Planning Services Ltd.
Financial Planner, Manulife Securities Investment Services Inc.


Contact Wiegers today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Financial Advisors 

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain Workplace Cannabis Policies

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Workplace Policy Revisions Regarding Recreational Cannabis

Workplace Policies & Cannabis

Recent changes in the law surrounding the use of Cannabis products in Canada have a lot of employers asking how to handle this in the workplace. This recent article from Global News does a great job offering some suggestions on preparing your organization for handling the legalization of Marijuana and recreational use.

As you can see, now, more than ever, it is important for organizations to ensure they have a good drug policy in place that properly includes provisions for cannabis impairment in the workplace. It’s a good reminder that employers cannot tell their employees what they can and can’t do off duty, but expectations around impairment that could affect an employee’s ability to do their job safely, do need to be clearly outlined.

The legalization of marijuana is still a relatively new issue, but you do need to protect the health and safety of all of your employees with set company policies. As the lawyer from the Global article points out, companies do have to take into consideration the use of medicinal marijuana, so it’s not as simple as having a zero-tolerance policy.

If you have questions about your organization's drug or impairment policy or if you need help creating one, contact the team at Aurora Workplace Solutions.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain Benefit Costs

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions is a Trusted Saskatoon Group Benefits and Insurance Professionals! 

Employers, Are You Concerned About the Rising Cost of Group Benefits? 

   


A survey from Aon that shows while Canadian employers are highly concerned about the rising costs of group benefits (due to drug expenses), they still prioritize the productivity and engagement of their employees and recognize the importance that group benefits play in creating healthy employees and a healthy work environment.

Canadian group benefit sponsors were surveyed by Aon to identify their Top 10 benefits and workplace priorities. 

The results were:

Top 10 Workforce Priorities

  1. Employee productivity/engagement
  2. Employee wellness
  3. Attracting, retaining employees; developing skills for changing business environment
  4. Workplace mental health
  5. Employee financial wellness
  6. Family support obligations, the effect on productivity and well-being
  7. Chronic illness effect on productivity
  8. Multi-generational workforce
  9. Delayed retirement – productivity and performance challenges
  10. Delayed retirement – employees working past normal retirement age.

Top 10 Group Benefits Priorities

  1. Escalating drug costs generally
  2. Escalating specialty drug costs in particular
  3. Escalating extended health costs generally
  4. Chronic illness effect on plan costs
  5. Need to personalize employee benefits experience
  6. Rising payroll costs (e.g. minimum wage, CPP contributions)
  7. Compliance/governance obligations
  8. Cost-shifting – public to private
  9. The administrative hassle of employee benefits
  10. National Pharmacare discussions

 


“The key takeaway from our survey is that plan sponsors are keenly aware of the need to manage rising benefits costs, but they also put a high priority on ensuring their employees are engaged and healthy,” commented Canadian health & benefits chief actuary Greg Durant. Durant prefaced that although the top priorities sound contradictory, there are ways for employers to achieve a balance – they will just have to “think outside the box” in order to meet both their workforce objectives while creating value for their people. One suggested method to achieve this balance is to create wellness programs that could potentially reduce overall extended health costs.

Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

If you are ready to set up a group benefit or retirement plan, or just want to learn more about their services, just Click Here For A Quote.

'Creating Brilliant Futures'


Trusted Saskatoon Flooring Pros Western Carpet One Flooring Replacement Through Insurance

Western Carpet One Floor & Home is a locally owned and operated flooring store servicing Saskatoon and area since 1974. They are a full-service flooring store. Their stunning showroom offers a comfortable shopping experience for every type of flooring. Whether it is Carpet, Hardwood, Ceramic Tile, Laminate flooring, Cork, Sheet vinyl or area rugs, you will find it at Western Carpet One Floor & Home a Trusted Saskatoon Flooring StoreIn their latest Saskatoon flooring tip, Western Carpet share information on the insurance process when it pertains to flooring. 

It's important to understand the process and what to expect when dealing with a flooring replacement through your insurance. 

When you have an insurance claim, your insurance company will send a sample of your damaged flooring away to accurately determine the value of your replacement product. This testing is done by a company called ICC (Insurance Claim Collaborative Inc). 

Once this evaluation is done, it is important that you visit an approved ICC flooring retailer to help facilitate the process of replacing your flooring. Approved ICC flooring retailers, such as Western Carpet One,  have specific guidelines to make sure you receive fair replacement value and to protect you from receiving an inferior product. Approved ICC flooring retailers are committed to servicing the unique needs of the policyholder by providing the best service and customer satisfaction commitment. A long-standing relationship between the flooring retailer and ICC and a closely measured performance criteria ensures top quality service. 

For more information on insurance flooring replacement, contact Western Carpet One! One of their insurance team members would be happy to assist you. 

Western Carpet One Floor & Home is a Trusted Saskatoon Flooring Store



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