Alternative(s) to Group Benefits

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The Canadian workforce is constantly changing and employers are having to find unique ways to attract today’s talent.  In the past this was done by offering employees a compensation package usually consisting of salary, expense accounts, a benefits plan and a retirement/employee savings plan.  Historically the process of developing a benefits plan involved the employer choosing the benefits to be insured; which meant employees had little or no impact on what was being offered.  Those days are changing.

Employees are looking for alternatives to the traditional benefit plan.  They want things like better ergonomic work spaces, flexible hours, working from home, health & wellness and lifestyle solutions; but at the end of the day they want flexibility and choice.

Enter the Health & Wellness plan and the Health Spending Account.  They are not new and have been around for years; however their importance is increasing as businesses strive to find competitive ways of attracting and retaining today’s workforce.  Health & Wellness accounts and Health Spending accounts are not insurance, and should never be compared to as such; however they can be an affordable alternative.

What is Covered?

  • A Health & Wellness program allows for taxable expenditures such as contributions to employee savings plans, yoga and fitness classes, exercise equipment, holistic modalities and even special dietary foods.  They can also include, but are not limited to things like, Employee Assistance Programs, Eating Healthy Programs and Stop-Smoking Campaigns.
  • A Health Spending account can be used for all CRA (Canadian Revenue Agency) approved non-taxable Medical, Vision and Dental expenses such as prescriptions drugs, paramedical practitioners, eye glasses, medical devices and dental visits.  It can also be used to pay for the premiums of an individual health/dental plan.

As a member of The Benefits Alliance Group we have access to many Health & Wellness programs, and Health Spending Accounts.  Contact us if you would like to discuss how we can help you design your plan.

http://strategicins.ca/strategichsa/

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