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New Hire? What to Look For in Your Company’s Insurance Plan 

By: Benefits by Design | Tuesday June 21, 2022

Updated : Tuesday June 28, 2022

When looking for a new job, working Canadians have a lot to consider. Salary, vacation, company missions and values, location, and much more.  Another important component for a new hire is the types of insurance offered by the prospective company. 

What Insurance Coverage Should a New Hire Look for? 

There are a lot more options out there than most people think. This means the right coverage for you and your family will come down to priorities.  

For example, if you’re married with children, you’ll likely place great importance on dependent coverage. These include Dependent Life Insurance, or Family Coverage under Health and Dental. On the flip side, if you’re a young single person, dependent coverage may not interest you (for now!). You may be more interested in learning about flexible options, like Spending Accounts. 

Analyze the company’s benefits offerings with your own situation in mind! 

List of Employee Benefits and Group Insurance Options

Benefits That Promote Your Health 

There are different methods of providing employees with health and dental insurance (fully insured benefits vs. a Health Care Spending Account, for example). No matter how they’re provided, both are pretty much a “must-have” in any benefits plan, as evidenced by the percentage of employers who add them to their plan. 

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Download BBD’s 2022 Benchmarking Report

Benefits That Protect You Against Income Loss 

The following benefits provide financial support and resources in the event of a major accident, injury, or death. You hope never to need them, but you’ll rest easy knowing you’re protected in the event of a major incident.  

It’s easy to see how a new hire can benefit from the above protective coverages. The more fixed expenses one has (whether that be due to lifestyle, family composition or other), the higher a priority these might be. No matter what your situation is, having income protection coverage will be beneficial. 

Should I Add Optional Employee Benefits Coverage?

Preventative Benefits 

What’s the best way to be healthy? Be pro-active with your health and wellness with preventative employee benefits. As a new hire, our stress levels are higher when starting a new job. The following benefits can help. 

Understanding the different options that are available through group insurance can help new hires make better decisions on what benefits matter the most to them. If some of the above options are more important to you than others, you can inquire specifically about those when you are job-prospecting. The types of benefits offered also give insight into the company culture.  

Knowing what benefits are available is only half the battle. It’s up to the employer to ensure that their employees have a proper understanding of what benefits they have and how they function.

Employee Benefits Communication Tactics for Diverse Workforces