When does an Association benefit plan make sense? In short, the answer should always be. However, this is seldom the case. Many companies have experienced that there’s a premium to work through an Association benefit plan. Many companies have experienced high administration fees, one-size-fits-all approach, limited service capabilities, ineffective regional coverage and limited supporting technology platforms. Many feel it is great … Read More
How Much Should I Budget for my First Employee Benefits Plan?
So you’re challenged to get the best employees because you don’t offer a benefit plan. You run the risk of losing a valuable employee because you don’t have a benefit plan. You want to offer security to employees, but you don’t want to jeopardize your company’s bottom line in the process. What will a benefit plan cost my business? Whatever is … Read More
How Work-Life Balance Programs Help to Attract Top Talent
Things are changing in the corporate world. These days, employers are starting to recognize the importance of encouraging a work-life balance among their employees. And, in today’s competitive job market, family-friendly work environments are becoming all the rage – for a good reason. Research has demonstrated that over-worked, stressed-out employees who are having difficulty balancing work and other life commitments … Read More
Is Your Benefits Advisor Performing these 11 Key Roles for You?
what I experienced something in the last few days that embarrassed me as a Benefits Advisor. As much as there are many credible professionals within the benefits business, there are more than our fair share of brokers/advisors that are greedy, lazy and bring no value to their clients. Like in any industry, there will always be a few bad eggs. So … Read More
How Can Your Benefits Plan Benefit From a Third Party Administrator?
A prospective client asked me recently ‘why use a Third Party Administrator?’ I thought this was a blog-worthy item of interest and write about it this week as this is not the first time I’ve been asked this question. First of all, it’s important to understand what a TPA is all about and what role do they fulfil within the … Read More
Wondering What it Takes to Stop Changing Benefit Providers Every Year?
Over the past couple of decades, employee benefits have increased in importance and have become a critical part of employee compensation programs. Employees are using their dental, prescription drug, paramedical and vision coverage at record levels. 3 major factors contributing to the increases in benefits costs are: Ageing – As we get older, we use more health care products and … Read More
What is the Secret to Sustainable Employee Benefits Plan Costs?
Health Spending Account Advantages for the Employer If I was talking to a business owner about setting up a health spending account, I could tell them that they determine how much they are willing to spend each year and have greater control over the funding of a Health Spending Account program than they do in a traditional plan design. This … Read More
Is Your Company Benefits Plan In The Wrong Benefit Funding Model?
When you’re looking at your employee benefit plan, it’s important in understanding the benefit funding model available to you. First of all, you need to understand what a funding model is as it relates to your employee benefit plan. For our purposes, we will focus on the options most readily available. Many benefits brokers don’t offer options on funding models. Sometimes … Read More
5 Questions Every Business Owner Needs To Ask When Selecting an Employee Benefit Company
If you’ve been tasked to investigate setting up a new employee benefit plan for your company, you will be overwhelmed by options. The process can be daunting, and the consequences can be dire. Most benefit consultants will push you towards an Insured plan, but you have options. There are many more questions to ask when implementing a benefit plan, but … Read More