{"id":445,"date":"2020-08-05T22:34:00","date_gmt":"2020-08-06T05:34:00","guid":{"rendered":"https:\/\/immixgroup.ca\/blog\/?p=445"},"modified":"2022-10-24T08:36:47","modified_gmt":"2022-10-24T15:36:47","slug":"business-owners-how-to-pivot-your-employee-benefits-to-adapt-to-the-changing-landscape-of-employee-needs","status":"publish","type":"post","link":"https:\/\/immixgroup.ca\/blog\/2020\/08\/05\/business-owners-how-to-pivot-your-employee-benefits-to-adapt-to-the-changing-landscape-of-employee-needs\/","title":{"rendered":"Business Owners: How to pivot your employee benefits to adapt to the changing landscape of employee needs"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"445\" class=\"elementor elementor-445\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c2674f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2674f3\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-50c297a\" data-id=\"50c297a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-490133f elementor-widget elementor-widget-text-editor\" data-id=\"490133f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>By\u00a0<a href=\"https:\/\/ca.linkedin.com\/in\/howardch\" target=\"new\" rel=\"noopener\">Howard Cheung, Account Executive, Immix Group: An Employee Benefits Company<\/a><\/p><p>\u00a0<\/p><p>The year 2020 has certainly been a year of change. All aspects of life have adapted to a new normal, and this includes businesses and what it means to provide valuable benefits to employees. As <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2021\/10\/29\/top-8-faqs-for-business-owners-when-implementing-an-employee-benefits-plan\/\">business owners and managers of employee benefits<\/a>, what can you do to continue providing high-value benefits to your employees, while maintaining your budget?<\/p><p>\u00a0<\/p><h3><strong>Traditional insured plans are simple, and the chosen structure for most SMEs<\/strong><\/h3><p>The majority of SMEs (5-99 employees) in Canada historically have <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2021\/07\/13\/hybrid-traditional-flexible-employee-benefits-a-sample-design-for-smbs\/\">traditional insured employee benefits<\/a> programs. It&#8217;s quite simple; you pay premiums to an insurance company, and in turn, they cover <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2022\/04\/19\/part-2-the-hybrid-work-model-is-working-from-home-an-employee-benefit\/\">employees for a set schedule of benefits<\/a>. Premiums are adjusted annually, partly based on the spending patterns of the employees, relative to the premiums you have paid.<\/p><p>\u00a0<\/p><h3><strong>Studies show employers and employees both want flexibility<\/strong><\/h3><p>However, based on the latest 2020 Sanofi survey results, what many <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2021\/04\/20\/renewing-employee-benefits-in-2021-here-are-things-to-know-going-forward-to-keep-costs-down\/\">employees are missing in having\u00a0<em>only<\/em>\u00a0this type of benefit<\/a> is flexibility and choice, something that caters to them as individuals. The overwhelming response from both employers\/ <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2020\/02\/14\/this-might-just-be-the-right-time-for-you-to-implement-an-employee-group-savings-plan-heres-why-and-how\/\">plan sponsors and employees<\/a> is the desire for some level of \u201cFlex Plan.\u201d<\/p><div class=\"row\"><div class=\"col-lg-6 col-md-6 col-sm-6\"><img decoding=\"async\" src=\"https:\/\/www.immixgroup.ca\/assets\/img\/blog\/pivot1.png\" alt=\"health spending accounts\" width=\"100%\" title=\"\"><\/div><div class=\"col-lg-6 col-md-6 col-sm-6\"><img decoding=\"async\" src=\"https:\/\/www.immixgroup.ca\/assets\/img\/blog\/pivot2.png\" alt=\"health sponsors with a flex plan\" width=\"100%\" title=\"\"><\/div><\/div><p>\u00a0<\/p><h3><strong>The perfect addition to your insured program<\/strong><\/h3><p><a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2016\/02\/03\/conversion-plans-individual-health-care-dental-plans\/\">Health care<\/a> spending accounts or health spending accounts (aka HSAs) are the perfect solution to the desire for flexibility in a benefits offering.<\/p><p>\u00a0<\/p><h3><strong>A Health Spending Account works as follows:<\/strong><\/h3><ul class=\"fa-ul\"><li><i class=\"fa fa-angle-double-right\"><\/i>\u00a0The <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2021\/11\/17\/3-action-steps-employers-can-take-to-reduce-employee-financial-stress-and-increase-financial-literacy\/\">employer determines the annual spending allocation amount per employee<\/a>.<\/li><li><i class=\"fa fa-angle-double-right\"><\/i>\u00a0Employees submit eligible medical and dental expenses throughout the year, thereby reducing their remaining balance.<\/li><li><i class=\"fa fa-angle-double-right\"><\/i>\u00a0The <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2022\/12\/02\/8-reasons-for-increases-to-your-employee-benefit-plan-premiums\/\">plan carrier reimburses the employees<\/a> for the eligible expenses.<\/li><li><i class=\"fa fa-angle-double-right\"><\/i>\u00a0The employer is billed, typically monthly, for the employee&#8217;s expenses, plus an admin charge.\u00a0<\/li><li><i class=\"fa fa-angle-double-right\"><\/i>\u00a0The employer can choose whether to go with a \u2018use it or lose it&#8217; model, or whether to allow unused balances to carry forward to the next year.<\/li><\/ul><p>\u00a0<\/p><h3><strong>Health Spending Accounts can cover both non-taxable and taxable items<\/strong><\/h3><p>HSAs are used to reimburse plan members for a very broad set of health and dental related purchases (eligible expenses are matched to the CRA list of eligible expenses, in a tax-free HSA). This list is far more expansive than what is typically covered under a regular insured <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2022\/06\/14\/health-benefits-quote\/\">benefits plan<\/a>. Given a set dollar amount for the year, members choose when and how to use their allocation, depending on their own personal needs.<\/p><p>For programs that also allow for non-CRA eligible expenses (typically considered \u2018Wellness&#8217; expenses), items such as vitamins, gym memberships, fitness equipment, alternative practitioners and even childcare can be claimed. These items create a taxable <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2020\/12\/04\/employee-benefits-what-you-need-to-know-about-discounted-group-benefits-pricing\/\">benefit for the employee<\/a>.<\/p><p>From the employer&#8217;s perspective, the key difference from traditional <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2017\/08\/12\/am-i-already-covered-for-travel-insurance-if-i-have-employee-benefits\/\">insured benefits<\/a> is full control as to how much you want to spend. HSAs offers stability and flexibility, with no surprises. Probably the most under-utilized CRA- approved benefits offering, HSAs are cost effective and simple.<\/p><p>\u00a0<\/p><h3><strong>However, health spending accounts are not intended to replace insured benefits<\/strong><\/h3><p>Are HSAs the ultimate solution for benefits? No. HSAs provides flexibility and choice for a\u00a0<em>certain<\/em>\u00a0segment of expenses. Ultimately, there is very little or no insurance component which means members are not protected from long-term, significant health costs.<\/p><p>When it comes to long term protection such as for expenses associated with severe illnesses or catastrophic events, your <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2017\/01\/06\/health-benefits-fraud-how-it-happens-and-how-your-business-can-avoid-it\/\">health and dental benefits<\/a> need an insurance component, where high expenses can be covered, without a dollar limit. This is where the traditional benefits serve as your foundational base. For example, a costly dental accident, a travel mishap or the diagnosis of a serious illness requiring lifelong medication; these all require traditional \u2018insurance.&#8217;<\/p><p>As well, other coverages such as long term disability, life insurance or <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2021\/01\/15\/the-best-time-to-review-your-benefits-program-is-now\/\">programs such as group savings plans, employee assistance plans or wellness and workplace culture programs are all valuable parts of a comprehensive benefits<\/a> package, typically under an insured structure.<\/p><p>\u00a0<\/p><h3><strong>The role of a Health Spending Account<\/strong><\/h3><p>Health Spending Accounts are the perfect complement to your insured program and can often be carefully <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2020\/10\/01\/business-owners-how-to-design-the-best-group-savings-plan-for-your-company\/\">designed to replace certain items within an insured plan<\/a>. HSAs are certainly a solution that is often overlooked, but that can provide a highly <a href=\"https:\/\/immixgroup.ca\/blog\/index.php\/2020\/05\/12\/the-value-of-employee-benefits-inside-a-broker-managed-benefits-pool-especially-during-times-of-uncertainty\/\">valued benefit<\/a> that sets your company one level above the competition. Best of all? You control the cost.<\/p><p>ImmixGroup provides innovative customized benefits solutions. Feel free to reach out to me\u00a0<a href=\"mailto:hwoard@immixgroup.ca\">howard@immixgroup.ca<\/a>\u00a0if you would like to see how we can set your benefits apart from the competition!<\/p><p>\u00a0<\/p><div><p><strong>References:<\/strong><\/p><p><a href=\"https:\/\/www.cbc.ca\/news\/business\/hsas-the-best-health-plans-you-ve-never-heard-of-1.990547\" target=\"_blank\" rel=\"noopener\">https:\/\/www.cbc.ca\/news\/business\/hsas-the-best-health-plans-you-ve-never-heard-of-1.990547<\/a><\/p><\/div><p><a href=\"https:\/\/www.hmabenefits.ca\/blog\/health-spending-account-versus-group-benefits-plan\" target=\"_blank\" rel=\"noopener\">https:\/\/www.hmabenefits.ca\/blog\/health-spending-account-versus-group-benefits-plan<\/a><\/p><p><a href=\"https:\/\/www.benefitscanada.com\/news\/sounding-board-ground-is-shifting-benefits-plans-must-focus-on-individuals-147983\" target=\"_blank\" rel=\"noopener\">https:\/\/www.benefitscanada.com\/news\/sounding-board-ground-is-shifting-benefits-plans-must-focus-on-individuals-147983<\/a><\/p><p><a href=\"https:\/\/www.sanofi.ca\/-\/media\/Project\/One-Sanofi-Web\/Websites\/North-America\/Sanofi-CA\/Home\/en\/Products-and-Resources\/sanofi-canada-health-survey\/sanofi-canada-healthcare-survey-2020-EN.pdf?la=en&amp;hash=F1C763AA6B2F32C0BF2E623851FD05FD\" target=\"_blank\" rel=\"noopener\">https:\/\/www.sanofi.ca\/-\/media\/Project\/One-Sanofi-Web\/Websites\/North-America\/Sanofi-CA\/Home\/en\/Products-and-Resources\/sanofi-canada-health-survey\/sanofi-canada-healthcare-survey-2020-EN.pdf?la=en&amp;hash=F1C763AA6B2F32C0BF2E623851FD05FD<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1ceac4f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1ceac4f\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-07da26a\" data-id=\"07da26a\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2d2d355 elementor-widget elementor-widget-global elementor-global-227 elementor-widget-text-editor\" data-id=\"2d2d355\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<script src=\"https:\/\/apps.elfsight.com\/p\/platform.js\" defer><\/script>\n<div class=\"elfsight-app-83f14fdc-92b5-4456-9af4-0934ad166639\"><\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-614ad64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"614ad64\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-e01b075\" data-id=\"e01b075\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b589469 elementor-widget elementor-widget-global elementor-global-287 elementor-widget-image\" data-id=\"b589469\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"640\" height=\"960\" src=\"https:\/\/immixgroup.ca\/blog\/wp-content\/uploads\/2026\/03\/Howard-683x1024.avif\" class=\"attachment-large size-large wp-image-1986\" alt=\"\" srcset=\"https:\/\/immixgroup.ca\/blog\/wp-content\/uploads\/2026\/03\/Howard-683x1024.avif 683w, https:\/\/immixgroup.ca\/blog\/wp-content\/uploads\/2026\/03\/Howard-200x300.avif 200w, https:\/\/immixgroup.ca\/blog\/wp-content\/uploads\/2026\/03\/Howard-768x1152.avif 768w, https:\/\/immixgroup.ca\/blog\/wp-content\/uploads\/2026\/03\/Howard.avif 1000w\" sizes=\"(max-width: 640px) 100vw, 640px\" title=\"\">\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-66 elementor-top-column elementor-element elementor-element-a78f464\" data-id=\"a78f464\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f1bdef2 elementor-widget elementor-widget-global elementor-global-290 elementor-widget-text-editor\" data-id=\"f1bdef2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3><span class=\"cert\"><a href=\"https:\/\/www.linkedin.com\/in\/howardch\/\" target=\"_blank\" rel=\"noopener\">Howard Cheung BBA<\/a><\/span><\/h3>\nEmployee Benefits Consultant, Immix Group: An Employee Benefits Company\n<strong>A<\/strong> <a href=\"https:\/\/www.google.com\/maps\/embed?pb=!1m18!1m12!1m3!1d2602.5699178039927!2d-123.12053598382099!3d49.28454617855886!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x54867181f97930d5%3A0x9797e526e8704198!2s888%20Dunsmuir%20St%20%23450%2C%20Vancouver%2C%20BC%20V6C%203K4!5e0!3m2!1sen!2sca!4v1583124389424!5m2!1sen!2sca\" target=\"new\" rel=\"noopener\">Suite 450 &#8211; 888 Dunsmuir St. Vancouver V6C 3K4<\/a><\/p><p>\n<strong>Ph<\/strong> <a href=\"tel:6046885559\">604-688-5559<\/a><\/p>\n\n<p><strong>E<\/strong> <a href=\"mailto:info@immixgroup.ca\">info@immixgroup.ca<\/a><\/p>\n<p><strong>W<\/strong> <a href=\"https:\/\/www.immixgroup.ca\/\">www.immixgroup.ca<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By&nbsp;Howard Cheung, Account Executive, Immix Group: An Employee Benefits Company The year 2020 has certainly been a year of change. All aspects of life have adapted to a new normal, and this includes businesses and what it means to provide valuable benefits to employees. As business owners and managers of employee benefits, what can you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-emloyee-benefits"],"_links":{"self":[{"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/posts\/445","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/comments?post=445"}],"version-history":[{"count":14,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/posts\/445\/revisions"}],"predecessor-version":[{"id":875,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/posts\/445\/revisions\/875"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/media\/138"}],"wp:attachment":[{"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/media?parent=445"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/categories?post=445"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/immixgroup.ca\/blog\/wp-json\/wp\/v2\/tags?post=445"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}