Is it time to start looking for a benefits plan for your employee(s), but you find yourself concerned about the cost of benefits?
Today’s group benefits are all about choice and flexibility. Benefits providers are aware of this, and putting together a suitable plan to fit your budget has never been easier.
Here are four things to consider when evaluating your benefit plan so that you can get the best value and avoid climbing costs:
Health Spending Accounts (HSA)
HSAs are like a bank account for health care expenses. Employers fund the HSA’s with a set amount, which can then be used by the employee for an incredible range of health-related expenses (dictated by the Canada Revenue Agency).
HSA contributions are tax deductible for the employer and non-taxable in the hands of the employee, who can decide where and when to use their allocated amount. This allows the employers to create a much more versatile benefits plan that meets the individual needs of a diverse team.
Most importantly, employers are able to decide how much to contribute annually so the cost only increases by choice.
Products Beyond Extended Health Care
There are many excellent products beyond extended health care (dental/health) that make up a well-rounded benefits program. For example, Employee Assistance Programs (EAP) support employees in a variety of ways, be it financial and nutritional counselling, access to family law practitioners, or mental health support.
These extended services go a long way in showing your employees and their families that you are considerate of their mental health and overall well-being.
Many benefits providers can connect you with different perks for your plan that mitigate expenses for your employees and support their individual needs. Having a robust benefits package that encompasses more than extended healthcare will create a healthy and stable environment for your employees. This can ultimately increase productivity and reduce absenteeism and related costs on your business.
Benefits do not have to be 100% employer-paid. Certain plans require a percentage to be paid for by employees. Cost sharing benefits options can be helpful in encouraging your employees to make responsible decisions as members of the plan.
With that said, there are many moving parts to consider when creating a suitable benefits package. In addition to crafting a plan that adheres to your budget and is fitting for your employees, you may also need to consider the tax implications as well.
When managing certain deductions for your perfect benefits program, having a payroll service that accurately calculates and tracks the tax implications for these programs can eliminate the headache, and save you the time of ensuring that everything is up to par and CRA compliant. PaymentEvolution has one – you can check it out here.
Some providers allow employees to have access to voluntary products with no medical evidence required and at a reduced ‘group’ rate by virtue of being on a plan that you sponsor.
The employees assume this added cost and their increased coverage in times of need means they are properly taken care of. The right benefits provider will help educate you and your employees on the various options available, and can help ensure optimal coverage is in place for individuals as they need it.
The Benefits Are Clear
A benefits plan that offers good coverage, is affordable, and covers the diverse needs of your team, is extremely advantageous to your business. Whether it comes to recruiting efforts or keeping your current employees satisfied, going the extra mile to craft the perfect benefits plan can go a long way in gaining respect from your employees and increasing productivity.
Although putting in the effort to craft the perfect benefits plan that is suitable for your employees and your budget can seem daunting, it might be much simpler than you think.
If you’re looking to improve productivity, employee wellness, and the relationship you have with your employees, we are here to support you. We have the perfect tool to make this endeavour as easy as possible. If you would like to learn more about PaymentEvolution’s benefits services, click here.