As a Canadian employer, one of your concerns should be the financial well-being of your employees. After all, employees are much more productive when they aren’t concerned about their personal finances. Work/life balance is also a key component of employee retention. Your employees need to take vacations and travel in order to remain focused when they are on the clock. Out of country coverage for your employees allows them to enjoy time off without the concern of emergency medical bills.
Extended health benefits insure your employee’s health and financial well-being when travelling outside the country. There are countless horror stories of travelers being hit with extremely large medical bills by foreign countries, many of these stories originate in the United States. A simple 1-hour hospital visit can run into the thousands, major medical emergencies can run into hundreds of thousands. The average Canadian can’t afford to pay these bills, which is why out of country coverage is essential before crossing the border.
Standard provincial health plans only cover a fraction of healthcare expenses incurred outside of Canada. Providing extended health benefits to your employees provides them with the security and the peace-of-mind required to enjoy a vacation.
In addition to insuring against emergency medical costs, many extended insurance plans provide coverage for trip cancellation, lost baggage, etc.
Even when Canadians do purchase travel insurance they could be denied coverage because of pre-existing conditions or just simply not filling out the application correctly. There are numerous examples of Canadians being hit with outrageous medical bills even after they had purchased extended coverage.
Understanding the insurance contract is essential for your employees. Which is why having out of country coverage as part of a comprehensive and flexible benefits plan will ensure your employees are fully covered in any country. Rather than purchasing insurance from their travel agent, who may not understand the fine details of the coverage they are offering.
Cost is a major concern for any business owner, however providing comprehensive coverage for your employees can be cost effective with the right plan. Additionally, the cost is negligible when you consider the type of work environment you want to provide for your employees. Employee recruitment is a competitive industry, and today’s sophisticated employee will often look to the benefits package before making a decision on direct salary.
Out of country coverage for your employees is part of an effective benefits package that will improve retention and productivity in your workforce. In addition, working with a benefits partner that has an intimate knowledge of your insurance coverage will ensure your employees are educated about their entire benefits package.
If you are interested in obtaining a competitive advantage for your business in today’s work environment, we encourage you to contact the employee retention specialists at DENT Benefits.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.