New Business Benefits Setup Guide

Setting up group benefits can seem overwhelming, but our guide simplifies the process. Get clear steps and practical advice tailored for small businesses in Alberta.

Understand Your Needs

Before setting up a group benefit plan, it's crucial to understand what your business and employees need. Assess your current situation and consider the benefits that will best serve your team. Speak with an advisor to explore options like health, dental, life insurance, retirement plans, and more.

Choose a Carrier

Selecting the right carrier is key. Compare offerings from leading providers such as Manulife, Canada Life, Sun Life, and others. Consider coverage options, costs, and customer service before making a decision. An independent advisor can provide unbiased comparisons.

Design Your Plan

• Work with your advisor to build a plan that fits your budget and meets employees' needs.
• Include essential benefits like health and dental coverage.
• Customize options such as vision care, paramedical services, life insurance, and retirement savings.

Enroll Your Employees

Once the plan is designed, enroll your employees. Explain the plan clearly to encourage participation. Ensure all necessary paperwork is completed and submit it to the carrier for processing.

• Use simple language to describe benefits.
• Provide clear instructions for enrollment.

Manage Ongoing Administration

Effective management ensures your group benefit plan runs smoothly. Monitor claims, premiums, and compliance with government regulations.

• Keep detailed records of all transactions.
• Regularly communicate with employees about changes or updates to the plan.

Review and Renew

Regular reviews are essential to keep your group benefits relevant. Evaluate the effectiveness of your current plan annually, and consider renewing or making adjustments as needed.

• Get a free audit from an advisor to identify areas for improvement.
• Take advantage of renewal negotiation opportunities to control costs.