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Blog - Page 3 | Step Benefits Group
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13
Nov
13 Nov

Latest Trends In Retirement Plans

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Having a decent income is key to having a good and healthy retirement. Whether you worked a high, middle or low income job, it is important that older adults are not struggling to cover the basic necessities such as food and housing. The province of Ontario will be introducing the Ontario Retirement Pension Plan (ORPP) in 2017 that will help to supplement the Canadian Pension Plan by replacing about 15% of a person’s earnings to a maximum of $90,000 for people who do not have a pension plan provided by their employer. This move will help low- to middle-income families to have access to a better future and a better income plan in retirement. As the province will be rolling that out soon, it is…

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6
Nov
6 Nov

It’s Life Insurance Awareness Month! What Does That Mean For Your Business?

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Celebrate Life Insurance Awareness Month by educating your employees on the many benefits of life insurance. Life insurance isn’t simple; there are many elements that must be examined carefully in order to get the right type of insurance and the right amount of coverage. It is important as an employer to provide your employee with peace of mind and the best options for insurance. There seem to be a lot of misconceptions about how life insurance works, so during this month is the perfect time to talk about these things and clear them up for good to better help your employees, and in turn better help your business. Let’s start by talking about some of the common situations you may be faced with: “I’m single…

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23
Oct
23 Oct

3 Outside the Box Ways for Employers to Save Cost on Drug Plans

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With rising healthcare costs and unfavorable economic conditions, it is understandable that millions of employers are searching for ways to alleviate drug plan prices for their workers. Many businesses are having a hard enough time as it is staying afloat; unexpected increases in prescription medication can easily send these companies into uncharted financial waters. Nipping high drug plans in the bud Luckily, there are ample ways employers can curtail rising pharmaceutical prices, and they are available to small and large businesses alike. Desperate times call for desperate measures, and often times this means getting a bit creative. For instance, promoting healthy diet and exercise choices within the workplace tends to have a far greater impact on employees’ overall health and well-being than most employers realize.…

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16
Oct
16 Oct

How will Biologic Drugs Impact Benefit Plan Costs?

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Pharmaceutical companies are constantly working to create new marketable drugs; every so often, an entire class of prescription medication is introduced to the scene, the newest of which have been dubbed biologics. This category of drugs is quite different from other classifications in that they are manufactured from actual living organisms, thus steering away from the conventional, synthetic compositions long associated with the industry. Biologics and benefit plans Biologics account for a considerable portion of benefit plan expenditures. When talking about prescriptions that can cost upwards of $3,000 per month in some cases, it is no surprise that healthcare providers have kept a watchful, scrutinizing eye on their development. The effect on premiums pertaining to biologics has been thoroughly studied as well, and for good…

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9
Oct
9 Oct

Everything you Need to Know About the New ORPP in Ontario

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Officially referred to as the Ontario Retirement Pension Plan, the ORPP is one of the provincial government’s latest developments designed to alleviate financial pressures felt by workers who lack an existing plan. It was enacted to supplement the retirement income of 3+ million residents, and is thus believed to be a move in the right direction for individuals who are currently struggling with a means of forging a secure nest egg. Understanding the ORPP and how it affects workers To be clear, the ORPP bears a stark resemblance to the existing national pension plan, albeit with a few notable differences. In terms of structure, employees who enroll in the new plan are required to make income contributions via payroll deductions, which are equally matched by…

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