Tag: financial wellness

A Guide to Immix Insights Articles

Are you wondering what we’ve been writing about? Perhaps you haven’t had time to read the articles, but you’re hoping to gain some information on a particular topic.

At the Immix Group, we strive to provide articles spanning a range of topics that are important to those in our Client Community. Recently, we have had some members of our Client Community reach out asking us to send them directly to a specific article they remembered reading, that they wanted to revisit.

With 2024 coming to an end, it occurred to us that many people might benefit from a ‘round up’ guide to the many Immix Insights articles we have written over the years. We hope you find this useful!

Group Savings Programs: Helping employees plan for their financial futures

We are passionate about helping employees to grow not only their retirement savings accounts, but their financial literacy skills.  We have written extensively on the many and varied benefits of an employer-sponsored group savings plan:

• Three Reasons to Implement a Group Savings Plan
• Business Owners: How to Design the Best Group Savings Plan for your Company
• Add to your Recruitment and Retention Toolkit with a Group Savings Plan
• This might just be the right time for you to implement an employee group savings plan – here’s why and how
• 3 Action Steps Employers Can Take to Reduce Employee Financial Stress and Increase Financial Literacy

The common theme? You can help your employees relieve their greatest stress-their finances- through an employer-sponsored Group Savings Program.

Most recently, for November’s Financial Literacy Month, we highlighted our partnership with our sister company Ciccone McKay Financial Group, who provide valuable financial planning resources and products to members of the Immix Group Client Community. Read about how to access these services in our article: Financial Well-being: Valuable Resources through our Partnership with Ciccone McKay Financial Group.

Understanding Pricing of Employee Benefits Programs

When it comes to pricing, we know you have a lot of questions. How does it work, why do the rates change, and most importantly, is there a better option out there? We have written extensively on how employee benefits programs are priced including related information on the various funding options for programs and the taxation of benefits.

• Understanding Cost Sharing in Employee Benefits
• 8 Reasons for Increases to your Employee Benefit Plan Premiums
• Renewing employee Benefits in 2021? Here are things to know going forward to keep costs down
• Employee benefits renewal is simpler than you think- here’s the key
• The major impact of small businesses in Canada: Small Business, Benefits and COVID19

We believe that pricing should be transparent- you should understand where your benefits dollars are going, and the value you are getting for the premiums you pay.

The Immix Group’s Unique Broker-Managed Pools

Unique to the Immix Group, we have discussed our popular broker-managed pricing pools, which are structured to extend flexibility, transparency and choice to plan sponsors, but within the protection of a pricing pool. The primary goals, however, are reduced administration charges and accordingly, long-term cost containment.

• A Proven Strategy for Containing Employee Benefit Plan Costs
• One size fits all? Not when it comes to employee benefits.
• At Immix our role goes far beyond the pricing
• The value of employee benefits inside a broker-managed benefits pool, especially during times of uncertainty

In addition to cost controls, paramount to our philosophy is exceptional, hands-on support for our Client Community. As we often say, we consider ourselves an extension of your HR team.

Exploring Your Options: Marketing your benefits program

Are things not quite right with your benefits program? Or, is it time to test the waters and see what’s out there? We’re happy to take a look at your program and offer a free review, and for those in our Client Community, we’re happy to shop the market on your behalf! We work with all the major (and many of the smaller) providers in Canada. But a quote for benefits isn’t just about looking at the bottom line; we’ve written about what to look for, given the many nuances of the marketing process.

• Check to Ensure your Benefits Quote is Actually for a Comparable Plan
• What You Need to Know When Considering a Switch in Employee Benefits Providers
• What you need to know about discounted group benefits pricing

More importantly, you will notice we emphasize the importance of working with a trusted advisor to guide you through the many intricacies of a comprehensive employee benefits program, as well as the importance of regularly assessing whether your program aligns with your organization’s values and purpose for the plan. 

Exploring Plan Design and Changes

Things change- your business, the economy, government healthcare. If your benefits program is beginning to feel inadequate, it may be time for a small tweak or even a total overhaul.

The articles below explore the importance of surveying your staff and updating coverage to meet current standards while addressing the unique needs of your demographics—key steps to standing out as an employer. We also emphasize the value of regularly assessing whether your program aligns with your organization’s values and the purpose behind the plan.

• New Year, New Benefits?
• Your employee benefits program: Five important questions to ask every year
• The Best Time To Review Your Benefits Program Is Now!

• Business Owners- how to pivot your employees benefits changing landscape

Laying the Foundation: Setting up a new plan

Just getting started? We know that the decision to implement benefits is tricky. Is your company large enough, can you afford it, how does it all work? We’ve got you covered, and have written about the many considerations that relate to getting started.

• Top 8 FAQs for Business Owners when Implementing an Employee Benefits Plan
• Employee benefits for start-ups: the long-term vs. short-term outlook
• Expanding into Canada? What Non-Canadian entities need to know when implementing an Employee Benefit program in Canada
• Hybrid Traditional + Flexible Employee Benefits: A Sample Design for SMBs

• The major impact of small businesses in Canada
• Employee benefits vs. a straight salary raise: One is significantly better for your business
• For young businesses and start-ups: The best – and most revolutionary – health/wellness benefits platform

You will notice that we have included articles written about the popular Health & Wellness Spending Accounts, which continue to be a great option for small businesses wishing to provide flexible healthcare spending dollars to employees, at a predictable cost.

Mental Health Support for Employees  

Especially since the pandemic, we have seen an upsurge in requests for enhanced mental health support within employee benefits programs. But what does this mean? What really is effective, and what are employees seeking?

Employee and Family Assistance Programs play a vital role in supporting employee mental well-being, but simply paying for this program is not enough. Read about how to communicate the plan to staff, ensure plan members know how to access practitioners within their plan, and other ways you can support your team in this area.   

• EAPs – how these programs can benefit both employees and organizations
• Mental Health Support: A Simple Guide to Providing Mental Health Coverage within your Employee Benefits Program
• Virtual Health Care is Everywhere
• Trends & Free Resources in Digital, Virtual & Telehealth Care for British Columbia

We have included our articles on Virtual Health, as these articles highlight online mental health support programs.

Special Topics: Disability Insurance, Travel Coverage, Fraud in Employee Benefits and More

Travel Insurance: What to know before takeoff

One of the things that comes up frequently when we conduct an employee education session is the inclusion of emergency out-of-country travel insurance in most extended healthcare plans. Employees are often not aware of this coverage and have many questions surrounding limitations, exclusions, the duration of coverage and what to do in the event of a claim.

• Am I already covered for travel insurance if I have employee benefits?
• Understanding Travel Insurance
• Emergency travel: The hidden insurance in benefit plans

 We’ve laid out the answers to all the FAQ’s in these articles.

Disability Insurance: The most misunderstood area of employee benefits

Despite its importance, one of the most overlooked areas of insurance- and employee benefits- is disability insurance. Disability insurance plays a critical role in protecting employees and their families when the unexpected happens.

Over the years, we’ve provided insights on how to ensure the right coverage is in place, understanding the differences between group long term disability and individual disability insurance, and most importantly, the options available to address the diverse needs of today’s workforce.

• Dig Deeper into Disability Insurance
• Long-term disability coverage

Working from Home: Is this an “employee benefit”?

Although COVID-19 is behind us, “WFH” is here thttps://canadianfamilyoffices.com/o stay. Employees have embraced the flexibility and balance it offers, while employers are navigating the impact on productivity, collaboration, and workplace culture.

• The Hybrid Work Model: Is working from home an “employee benefit”?
• Part 2: The Hybrid Work Model: Is working from home an “employee benefit?

This topic continues to make headlines for numerous reasons, from its influence on employee satisfaction to its role in attracting top talent.

Employee Benefits Fraud: it’s more common than you think!

Fraudulent activity within employee benefits programs can be costly and damaging. These articles provide valuable insights into recognizing, preventing, and addressing benefits fraud, helping businesses protect their assets and maintain a secure benefits program

• Health benefits fraud: How it happens – and how your business can avoid it
• March is Fraud Prevention Month – and you can help!
• March is Fraud Prevention Month

Most people are shocked to learn how common benefits fraud is, and the many varied ways your program may be vulnerable.

Key Conversations: Yearly recaps

Lastly, “Key Conversations in Benefits” remain our most popular articles! Stay tuned for January’s article, which will highlight the main topics of 2024.

In the meantime, feel free to see what has made the headlines over the past years, what has stayed, and what has evolved in the world of employee benefits.

• Key Conversations in Benefits 2023
• Top Benefits Conversations of 2022

That’s a Wrap for 2024!

As 2024 draws to a close, we hope the insights we’ve shared throughout the year have been both helpful and informative in navigating the world of employee benefits.

Whether you’re revisiting familiar ideas or seeking new perspectives, these articles are great to explore when reflecting on your current plans or considering fresh approaches for the year ahead. We have some great articles planned for 2025 and look forward to sharing them!

As always, if you have any questions, feel free to reach out to us at info@immixgroup.ca or give us a call at (604) 688-5559 – we love to hear from you!