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Employee Benefits

4 Group Benefits Millennials Want from Their Employers

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Some people are concerned about integrating the Millennial workforce into their businesses. Others are preoccupied with how to offer group benefits. 

There’s overlap between these two subjects. Millennials seem to want different things when it comes to the world of work, and employers are still adjusting to these younger workers. There are many misconceptions out there, however, and many advice columns will tell you all about how Millennials want unlimited vacation days and pet insurance. 

They do want those perks, but only if they’re getting these group benefits first.

1. Prescription Medication Coverage

Canada has a state-sponsored healthcare system, unlike the US. This means many healthcare services are covered. Millennials, Baby Boomers, and Gen Xers alike all benefit from being able to go to the doctor without relying on private insurance or paying out of pocket. 

What’s covered and what’s not covered varies from province to province, but one thing remains true. No province offers truly universal healthcare. In fact, in most provinces, most citizens will need to pay out of pocket for prescription medications. 

Millennials are looking to their employers to help them shoulder the costs of medications. As Millennials age and become parents, they’ll also look to both revised provincial plans and private insurance to help them with their children’s health too. 

Until Canada rolls out a national Pharmacare program, you can bet Millennials want prescription medication coverage as part of their benefits.

2. Dental and Vision Coverage

Much like prescription medications aren’t covered under most provincial plans, dental and vision care are usually left up to the patient to pay for. In some cases, this will be through private insurance. In other cases, the patient will pay out of pocket.

Dental care in particular can get costly. Add in the fact that dental health is actually linked to some chronic health conditions, and it’s clear why Millennials are taking a renewed interest in keeping their teeth in good condition. All of your employees will benefit from this addition to your group benefits package. 

The same is true of vision care. Millennials spend lots of time looking at screens, which could have negative effects on their eyes. Your Baby Boomer employees are unlikely to complain about getting help paying for their new glasses as well.

3. Travel Insurance

Millennials renewed the popularity of the term “wanderlust.” They’re travelling more frequently and to more off-the-map destinations. Instagram has increased the popularity of travel photography, and many Millennials love travelling to “exotic” destinations to snap the perfect picture.

Your Millennial employees might be quite interested in a good travel insurance policy as part of their group benefits. Millennials are underinsured, especially given how much they travel. You can help them by providing an affordable policy in their group benefits.

Gen Xers and Baby Boomers are likely to like this arrangement too. Whether they’re snowbirds jetting off to the Caribbean or interested in exploration travel, they’ll also benefit.

4. Wellness Programs

Obesity and chronic diseases are on the rise. In fact, it’s estimated most Canadians will experience a chronic disease in their lifetime. A mental illness epidemic has gripped much of North America. The population appears profoundly unhealthy.

Millennials are more likely to advocate for wellness benefits, such as an exercise program, gym memberships, or other initiatives to support physical and mental wellness. That doesn’t mean Baby Boomers and Gen Xers won’t appreciate or benefit from this inclusion in their group benefits program though.

All of your employees can be happier and healthier when you provide these group benefits.

David Wright

David Wright

David is Senior Vice-President, Group Retirement Services of Apri Insurance Services Inc. He has almost 30 years of experience working with major global investment asset management firms. In addition to being an Apri partner, David plays a leadership role in the firm’s group pension and retirement consultant practice. He is responsible for sales and the development of wholesale sub advisory relationships. David is also active in his community as both a past director and board member of the Ojibway Club Pointe Au Baril, and the Toronto Golf Club.

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