We’ve talked previously about the importance of offering benefits to your employees. Attract, retain, reward – that’s the name of the game.
We also know what it’s like to be locked into a one-size-fits-all health benefits plan: they’re rigid, you don’t have complete control over your budget, and you might have to pre-fund benefits your employees don’t even use.
So we’ve put together the master list of affordable employee benefits & group benefits plans. And the best part? We can customize these benefits plans to meet your needs.
Traditional Group Coverage
Let’s start with traditional group coverage. Fret not – these aren’t the costly, rigid plans you might be used to; we can tailor plans to your business to keep the cost down.
How do we do that? Simple – we can reduce your level of coverage depending on your employees’ needs. That way, you’re only paying for what your team needs. Plus, we can implement cost sharing to reduce the amount for which you’re liable. Again, you choose the amount you’re willing to pay.
Think of our group coverage as comprehensive coverage without the rigidity.
Health Spending Accounts (HSAs)
Next, the HSA. What is an HSA, anyway?
Broadly, an HSA is a Canada Revenue Agency-approved method of providing your employees with health benefits like medical, vision, and dental care. It’s an individual account with a set amount that your employees and their families use to reimburse their health expenses.
So, what sets an HSA apart from other health benefits packages? Two critical components: cost and flexibility. HSAs are the most tax-efficient way to offer benefits; as an employer, you can write off 100% of the costs, and all the reimbursed expenses are tax-free for your employees (except in Quebec).
Plus, PayEvo HSAs are flexible – you don’t have to pre-fund benefits, you control the costs, and your employees control what they spend their coverage on.
Not sure how to get started? No problem – book a call with our benefits architects. We tailor benefits plans to your business – whatever your budget, we have a plan for you.
Are HSAs Affordable Employee Benefits?
Remember – you should offer benefits to attract, retain and reward the best talent. But why is an HSA the best option for your business? Considering the cost and flexibility perks, there are several reasons an HSA could aid you and your employees.
Let’s break it down:
- Reduce healthcare expenses
- Give your team control
- Amplify your recruitment
- Grant your employees a tax break
- Provide healthcare options
- Assist in your team’s financial planning
- No-stress setup
HSA FAQs
Who qualifies for HSA coverage?
As an employer, all your employees qualify for HSA coverage.
Is an HSA right for my business?
Generally, HSAs are a fantastic option for businesses of all sizes. But if you’re unsure, schedule a chat with our benefits architects – we’ll help you determine if an HSA is right for you.
What expenses are covered under HSAs?
As well as traditional medical coverage (health, dental, vision), your team can use HSAs to cover more specific wellness options.
Looking for more information on HSAs? Read our Complete Employer’s Guide to Harnessing the HSA.
The Group RRSP
You’re probably familiar with regular RRSPs – a tax-deductible retirement plan to which you and your spouse contribute.
As an employer, you can offer group RRSPs to your employees. So how does it work? With a group RRSP, the employer sponsors a retirement investment plan to which employees contribute. Typically, your payroll software automatically deducts this contribution from your employee’s pay.
As the employer, you then pledge to match your employee’s contributions up to a percentage of their salary. How much you match is entirely your choice. Your employees then benefit from tax-deductible investments, more competitive fees, and greater convenience.
How much will a group RRSP cost you?
Let’s talk cost. With PayEvo, there’s no cost to setting up a group RRSP and no cost to maintain one. Your only expense is matching employee contributions – and you determine that amount. In other words, you control the cost. And yes, that cost could be nothing – you can get started without matching employee contributions to gauge interest. It’s entirely up to you – we have the group RRSP option to fit your business.
Group RRSP FAQs
How do I set up a group RRSP?
Chat with one of our benefits architects. We’ll answer your questions and find the plan that suits your business.
How much do I have to contribute?
As much as you want. Typically, employers match employee contributions up to a percentage of their salary.
How do my employees benefit?
Since this is a group RRSP, your employees have power in numbers, and they’ll receive better investment options and more competitive management fees.
They’ll also receive an income tax break. RRSP contributions lower the income tax your employees pay, and it’s easy to automate with the right payroll software.
As we mentioned above, automated RRSP deductions through payroll are fantastic. It allows your employees to contribute the same amount each month without fail. Take out the guesswork for easy budgeting.
Read more about group RRSPs here, in our Complete Employer’s Guide to Group RRSPs, and the CRA for updated contribution information.
The Employee Assistance Plan (EAP)
So, what is an EAP? While most group benefits cover employees’ physical health, the EAP helps employees address challenges to their mental health. EAPs are fantastic as affordable employee benefits as employees continue to advocate for their mental health. Typically, these plans offer counselling services and help alleviate stressors like family difficulties, financial concerns, or substance abuse problems.
Check out our full post on Employee Assistance Plans for more details.
Recently, one of our clients (who prefers to remain anonymous) wrote to us about the impact an EAP had at their workplace as their choice for affordable employee benefits:
“Discovering our company’s Employee Assistance Plan (EAP) as part of our Health and Dental benefits has been a game-changer. Recently, a fellow employee was grappling with depression, and the EAP provided them with confidential counseling and support. Witnessing their transformation and renewed sense of hope has been heartening. Not only did the EAP assist in their personal journey, but it also had a profound impact on our manufacturing plant’s productivity. By addressing mental health concerns head-on, our team members have felt more engaged, focused, and supported, leading to a noticeable boost in overall productivity.”
PayEvo benefits client
Embracing Employee Assistance Plans is more than just a wise business decision; it’s a compassionate approach to employee well-being that pays dividends in productivity, morale, and overall workplace harmony.
Explore affordable employee benefits through PaymentEvolution today and join the movement toward a healthier, happier, and more productive workforce.
