The new Benefits Canada Survey just launched, but insurers have missed the boat on the industry trends and their impact on most Canadian businesses.

Consider why you’re offering a group benefits plan. Is it only to keep your team’s teeth sparkling, bodies limber, and backs cracked? If so, then stop reading.

For most employers, that’s just the tip of the iceberg. For them, a group benefits plan protects, supports, and takes care of their team for the long run. If that sounds like you, then let’s look at what goes into building benefits beyond health and dental.

We recently heard from an advisor about a group he was working with. They couldn’t be convinced to get a standalone HSA or go the ASO route, so he got them a typical extended healthcare quote from an insurance company that happened to include a $500/year HSA.

What happens next will shock you.

When it comes to group benefits, we obviously search for the most well-rounded, flexible plan that will give us exactly what we need. Often, this turns into a plan that is quite inflated with “perks” to create perceived value.

One of these so-called perks is a benefits card.

But is it beneficial?

What if you’re a small business owner who can’t justify paying the price tag on your own health and dental insurance plan? What do you do?

Some advisors pitch Association Group Benefit Plans as the best choice, particularly for small businesses. These plans are set up like traditional group insurance plans but are delivered to a group of businesses through professional associations. So, what's the catch?

A major misconception about group benefits: you don’t have to wait ‘til renewal to make changes. Whether that be changes to your current plan or switching providers (which, especially if you have a premium-based plan, you really should look into).

Your renewal is just a reminder for premium-based benefits providers that they should show you some usage numbers and try to justify increasing your costs.

Group Benefits are a key part of compensation packages for many reasons. They can be used to bring in top talent, retain your amazing team, create a wellness culture, the list goes on.

However, that breaks down if your team doesn’t know what their benefits are or how to use them. Benefits are compensation and should be communicated as clearly as you would salary or vacation days.

Inflated plans are unfortunately still commonplace among businesses. A lack of available information causes Plan Sponsors to go for these plans thinking it’ll be great for their business. Unfortunately for them, they learn quite quickly the financial implications are often too much to bear.

In the quest to boost employee satisfaction and retention, businesses often resort to traditional methods like salary raises or bonuses. Handing out more money may seem like the obvious choice. However, there's a compelling alternative —Health Spending Accounts (HSAs).