Equitable Life of Canada has launched myFlex Benefits, a cafeteria-style flex benefits option for small businesses.
It’s ideal for employers with between five and 35 lives that are interested in offering competitive benefits on a budget, says the insurer.
Plan sponsors define their contribution and choose from a selection of benefits options. Plan members then personalize their plan by choosing from the options offered by their employer. Plus, they can purchase additional coverage with payroll deductions.
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The product is fully pooled and features a two-year renewal and a user-friendly portal for plan members to make their benefits selections.
“Almost eight million Canadians go to work at a small business every day, but small employers haven’t had access to the same options that larger organizations do. They’ve been limited to traditional one-size-fits-all plans that don’t suit their employees,” says Chris Presley, regional vice-president, national consulting and small group services, at Equitable Life. “myFlex meets the needs of plan sponsors and plan members alike.”
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