4. Identify your budget. Plan sustainability and cost containment are often a priority. It can seem overwhelming to consider adding niche coverage for specific demographics that may reflect a small portion of your overall plan member population. However, many of the targeted products will have low uptake (and therefore cost) compared to broader solutions. Regardless, it’s important to understand your budget when it comes to updating your benefits plans. This will help you prioritize which targeted products you implement or may help you decide to focus on broader solutions. You can work with your group benefits team (consultant, advisor and/or Sun Life representative) to identify the most cost-effective enhancements.
If your budget doesn’t leave room for the addition of new benefits – that’s okay. Your plan likely already covers a wide variety of needs. Instead of modifying, focus on how you can highlight existing coverage to plan members. Learn more in the Communication section.