John Lennon so eloquently described our daily routine as “Life is what happens while you are busy making other plans”.
So many incredible life events occur during the course of one year. Whether your employees are planning on getting hitched, starting a family or adding to their current crew, please remember to inform your insurance carrier. Details can be easily forgotten in the excitement of a life changing event, however it is imperative that their profile is current as it may impact their Group Benefits Coverage. In order to avoid any disruption in processing claims you should notify your incumbent within 31 days of the life event change.
The same applies to members who are going through a divorce or changes to a common-law relationship. Remember, keep your incumbent in the know and it should be smooth sailing.
With respect to adding a new employee, if they are not added to your group plan within 31 days from their eligibility date, they may be regarded as a late applicant and be subjected to medical underwriting where they will need to provide evidence of good health to qualify for benefits. Remember to set a reminder for yourself to add the employee!
One last reminder…don’t forget to notify your carrier of any salary changes or any promotions within your organization as this may impact any benefits that are calculated as a function of salary.
Okay…just one more! …when your employees have their birthday, be sure to reconcile employee addresses with what you have on the benefits profiles.
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.