604.921.4042 info@eaglefinancial.ca
Being Proactive with Group Critical Illness Insurance

Being Proactive with Group Critical Illness Insurance

Critical Illness insurance is a “Living Benefit” that provides employees with a Tax-Free lump sum payment upon diagnosis of a critical illness. It is in place to cover them for up to 30 qualifying conditions.  Some group benefits plans may also extend Critical Illness coverage to dependents.  Employees do not have to provide medical evidence to obtain Group Critical Illness.  Group Critical Illness is often much more affordable than individual Critical Illness policies.
Critical Illness insurance is designed to mitigate financial struggles when an individual is unexpectedly diagnosed with a life threatening condition such as:
  • Cancer
  • Heart Attack
  • Stroke
  • Coronary Artery Bypass
    Surgery
  • Multiple Sclerosis
  • and many others.
If employees or their dependants experience a critical illness, the priority will be their health. They may need extra money because of income loss, medical expenses not covered by government plans, home or automobile modifications, alternative care costs and many other unexpected expenses.

 

According to 2017 Canadian Cancer Statistics released by the Canadian Cancer Society, due to tremendous progress in cancer treatment, there have been big gains in survival rates. However, 277,000 people a year will be diagnosed with cancer by 2030 – a 40% rise in cases – led by upsurges in prostate and colorectal cancer cases.

“ It is important to help employees when they need it the most ”

However, a study released by BC Cancer Agency indicates that First Nations men and women experience a higher occurrence of colorectal cancer in age-standardized incident rates. There also appears to be a trend towards increasing numbers of cancer cases for both sexes. For example, the risk for colorectal cancer increases with age, but several lifestyle factors have been linked to the disease, including eating a diet high in red and processed meats, a lack of dietary fibre, a lack of physical exercise, obesity, alcohol, and smoking. Lifestyle changes might be the reason why incidence rates of cancers are rising in adults under 50.
In light of this information, management teams should ask this question to themselves: “Is it important to help employees when they need it the most?”
The Science and Software to Make Your Team Happy and More Productive at Work : Gamification

The Science and Software to Make Your Team Happy and More Productive at Work : Gamification

Organizations have seen the rapid ascent of computing technology for employee well-being in the last two decades. This includes a broad range of applications, employees monitoring and managing their own health, and with games transforming long periods of unrewarding work to something fun.

Organizations have seen the rapid ascent of computing technology for employee well-being in the last two decades. This includes a broad range of applications, employees monitoring and managing their own health, and with games transforming long periods of unrewarding work to something fun.

The term called ‘Gamification’ became popular in the early 2010s, and since then this engaging and behaviour developing new approach is changing our work lives. With Gamification, organizations can;

• transform long periods of unrewarding work to something much more fun by enhancing the overall employee engagement and retention ,

• invest in organizational success by opening new pathways for employees and managers to understand each other’s values and helping managers to create successful teams,

• and make behavioral changes promoting good-natured competition for employees to achieve physical and financial wellness goals. When an employee is hungry, reaching for an apple instead of a candy means mastery, autonomy, and control which are the same motivations for a gamer.

Question is can managers reward their employees with their achievements while lowering healthcare costs and decrease absenteeism?

However, the question is can managers reward their employees with their achievements while lowering healthcare costs and decrease absenteeism?

According to Ross Smith, the Director of Test, Skype at Microsoft, it can be accomplished; however, the attendance to the games should be voluntary. Determining what make things fun for employees is the challenge that managers need to solve. However, once it is figured out, the games increase participation rates and creates transparency and high trust within the organization.

A few years ago, Sun Life Financial created an online tool that incorporates gaming principles to teach plan members about retirement and savings. Users learn about topics at various stages and must pass knowledge quizzes in order to advance. They can also compare themselves with other players on leaderboards and share their progress through social media.

Seeing the benefits of Gamification urge insurance companies to embrace gamification as well. In light of this, one of Canada`s Employee Assistance providers Morneau Shepell released a program called ‘Getting to Your Gold’. The program is specifically designed to help motivate behavioural changes while connecting co-workers and Olympic athletes through an engagement program.

The primary objective of Getting to Your Gold program is to maximize employee engagement for employees` own health outcomes. In order to make it accessible to users, the program is hosted on an online portal that houses different Olympic spirit-themed challenges, athlete videos, health & wellness polls and expert advice. With this program employee engagement and total wellbeing are optimized through fun and informative Olympic spirited challenges.

• Physical Activity,

• Nutrition,

• Rest / Sleep,

• Mental Wellness.

Increasingly, we are turning to technology to support our health, and this is not likely to change anytime soon. Insurance carriers are incorporating this new approach to help their clients and examples show fun games can influence and sustain changes in healthy behaviour. Managers need to rethink how gamification can change workplace wellness from employee’s perspective because occupational, emotional and physical wellness should be the goal of our business model today.

CINUP Partnership

Eagle Bay Financial Services Ltd. is proud and honored to announce that it has entered into an agency agreement with CINUP, as an authorized distributor in British Columbia.

CINUP is regarded as the premier multi-employer First Nations Benefit Plan in Canada. Because of its national scope and large scale operations, it enjoys preferred pricing and plan designs that meet the unique needs of its First Nations client base. This is one of the many reasons Eagle Bay has selected CINUP as one of its Group Benefits providers.

Eagle Bay and its First Nations clients in B.C. requires employee benefits with plan designs that meet ever-changing needs, such as the changes to the NIHB program delivered by First Nation Health Authority.

This means that Eagle Bay is now able to provide another solution or alternative to its First Nation clients by means of its access to the CINUP Benefits Plan.

This better allows Eagle Bay to deliver products and services that meet the needs of its First Nations client base.

Please contact us anytime to provide you more information and see how we can assist you with your needs. We are happy to assist.

Nick Calla

President/Owner

Top 3 Myths About Employee Assistance Programs

Top 3 Myths About Employee Assistance Programs

 

 

Top 3 Myths About Employee Assistance Programs

Top 3 Myths About Employee Assistance Programs

Tragic events can happen to anybody; to ourselves, our friends, our family, our children or our colleagues. It is reassuring to know that there is a system in place to help and overcome those difficult times [1].

Employee Assistance Program (EAP) provides a confidential and voluntary consultation support to employees and their families. It is completely confidential within the limits of the law [2]*. The program can be initiated over the phone, by personal appointment or online and self-guided resources.

Today the services are very comprehensive and extended to:
• Alcohol & Substance Abuse,
• Residential School and Historical Trauma
• Depression
• Relationship Issues
• Stress and Managing Anger
• Financial and Legal Issues
• Domestic Violence
• Retirement Concerns and Planning
• Mental Health Issues
• Workplace Conflict and many more…

The main goal for the program is not to punish employees but rather to:
• Encourage them to receive services needed to deal with personal issues
• Provide advice and consultation to managers and supervisors
• Promote healthy work-personal life balance
• Maintain and promote a positive work environment
• Increase employee engagement.

Today, employers explain EAP is a proactive, preventive effort to help employees identify and resolve personal issues before they have serious medical, family, and/or workplace consequences. The program also provides advice and consultation to managers, supervisors, and plan administrators to spot performance and morale issues when they occur, so the company can address the situation appropriately.

Here are some of the most common questions asked by Human Resources and Finance Managers, and business owners regarding Employee Assistance Programs.

Does EAP increase company health care costs?

Contrary to popular belief, EAP actually Reduces Company Costs.

According to Davidson Trahaire Corpsych, with help from EAP, it is possible to increase employee office-1031707_1920productivity and happiness and still reduce company costs. The company did a survey in 2013 with 4,707 EAP user companies both before and after they had accessed EAP services.

The results determined that;
•   The average Return on Investment (ROI) due to improvements in employee productivity was around $9,800 per employee per annum,
•   ROI due to reduced absenteeism was about $280 per employee per annum. In total, the ROI per employee was more than $10,000.

Morneau Shepell also looked at EAP ROI in 2011. According to the study EAP helps with a 25% reduction in health-related lost productivity costs for employers, providing an $8 return on every dollar invested.

It would be great to have EAP but, it is difficult to get everyone on board.

According to Statics Canada, in any given year, it is expected that one in five Canadians will experience a mental health or addiction problem. EAP can always provide professional assistance and guidance to employees. The program is very beneficial because it increases work morale, employee productivity and harmonized work environment while reducing absenteeism, turnover, and conflicts. If employees have access to counseling and support, everyone wins!
In addition, researchers found that EAP lowers sick days and disability claims, and increases work morale and productivity. For companies, the best scenario is to be proactive and provide access to such services like EAP.

Implementing an employee assistance program can be costlyplanting-865294_1920

The cost of EAP is negligible compared to the loss of productivity and performance in your organization. Like everything, of course, there are costs associated with implementing EAP, however supporting employees with work-personal life issues; lowering company turnover and absenteeism rate doesn’t cost that much. Right now in BC, the average cost of EAP is $5.00 per employee per month, and the cost varies depending on the size of your company.

As being the decision makers, you can promote the well-being of your employees in a truly confidential and professional manner. If you and your employees have questions, EAP has the answers!

Before making your final decision, it is better to spend some time and do your own research. However, if you don’t have the time or experience to find the best possible options, then contacting an Independent Financial Advisor can make things easier for you. With the guidance, you can make your decision with confidence.

Contact Us Today to Find the Most Suitable Employee Assistance Program (EAP) for Your Organization!

 

Sticking to your new year’s resolution

 

A new year brings many different opportunities and challenges. It’s also the time that many people try and improve themselves through New Year’s Resolutions. But for most, these are often easier said than done. Even if we do manage to start on our lists, it’s usually the follow through that derails our efforts. Despite our good intentions, we let other aspects of our lives get in the way of these goals. Here are a few tips that may help you complete some of your 2016 resolutions.

 

Getting Started

Once you have mustered your resolve and decided to tackle your resolutions, you should try these simple steps to help you get started.

 

  • Make a list
    • Keeping your resolutions in your head and leaving them at the mercy of your memory may not be the best idea. Treat them like any other important tasks and write them down. If you can write down your grocery list, why not your resolutions?
  • Start small
    • If you’ve decided on several things to change this year, prioritize and do them one at a time. Getting fit, taking guitar lessons and starting a blog all in one month may not be the best approach. You may overwhelm yourself and increase the likelihood of sabotaging your efforts. Start with one goal and once you feel comfortable to add the others. You should also take it slow. Ease into your new activities and keep in mind that consistency is the key.
  • Be realistic
    • This goes hand-in-hand with taking it slow. It’s great to have goals and aiming high is not a bad thing, but make sure they are attainable. Having unrealistic expectations will only lead to failure. Wanting to lose 30 pounds may be your ultimate goal, but aiming to lose the first 5 pounds is much less daunting and more realistic.

 

Sticking with it

Starting is only the first step, now you have to stick to your resolutions.

  • Think about why you are doing it.
    • Remembering the reasons behind any action is a powerful way to reinforce it. Knowing the Why is extremely important. It gives your efforts meaning. Why did you want to get fit this year? Perhaps it’s for your children. You want to be healthier because you want as much time with them as possible. Doing anything just for the sake of doing it is a sure fire way to failure.
  • Keep a visual reminder.
    • Having a visual reminder where you can see often it is a great way to remind yourself of your resolution. It keeps it top-of-mind so you never forget. For example, if your resolution is to drink more water, having a note on your computer monitor will constantly remind you to keep hydrated at work. Alternatively, you can use the alarm function on your cell phones as reminders.
  • Tell your friends and family.
    • Telling those close to you about your goals will allow them to be supportive. If you are trying to be more financially responsible in the New Year, and your friends are aware, they may be less likely to pressure you into those impromptu dinners. Your family could support you emotionally if you are quitting smoking for example.
  • Keep track
    • Nothing is more disheartening than not seeing results. By keeping track of your progress, it will encourage you to follow through your resolutions. If the results are not positive, then it may help you identify areas in which you need to improve to reach your goals.

 

Most of us see the New Year as a great starting point to better ourselves. The tradition of New Year’s Resolutions helps to remind us of this. But the key to change is not in the thinking, but in the doing.