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I’d rather you be a hero over and over than a bad guy once - Dave Patriarche Small businesses get into trouble when they just look at the upfront price of a benefit plan. They might implement a cadillac plan that they can afford in the first year, but then all of a sudden their prescription drug premium goes up 25% and 2 singles convert to family coverage. Just because you can afford the upfront price, it doesn’t mean you can afford the cost of the coverage. It’s important... to understand the difference between the price & the cost of a benefit. Dave Patriarche is saying it’s better to start conservatively and build slowly throughout the years, so you’re always the hero to your employees and never the villain.

2 out of 3 of wage earners believe they have a 2% or less chance of being disabled for 3 months or more during their career. The actual odds: 1/4 In fact, just over 1 in 4 of today's 20 year-olds will become disabled at some point in their career. Furthermore, the average group long-term disability claim lasts 34.6 months and 69% of them will have no income replacement during those 34.6 months. ... What does that mean: they will suffer financially for a large part of those 34 months. Here’s some scary proof: medical problems contributed to 62% of all personal bankruptcies in the U.S in 2007 and over 50% of home foreclosures in 2006. Whether you’re young or old, the chances of becoming disabled are higher than you think. And having disability insurance is a crucial living benefit to consider so you are protected in these circumstances. On a group plan there is an opportunity to get disability insurance that is several times less expensive than individual with a large portion of the coverage being offered without any medical approval. All employers should add LTD to their group plan so their employees are protected.

We have the same benefit plan as we did 15 years ago and we’re happy. Employers say something that reflects these sentiments on a daily basis. Sometimes it’s because their costs have been stable over the years and other times it’s because no employee has complained about the benefits. This is the problem: when it comes to benefits, the past does not dictate the future.... The landscape is changing - from what employees claim to what is important to them. Here are 3 examples: - Spending on drugs has increased 5% in 2017 and is rapidly increasing. - Employees satisfaction with their plans is at an all time low - Employees desire for more flexibility and concentration on mental health/wellness is at an all time high It is crucial to never be too comfortable with the benefits you’re providing or the costs you’re paying. It’s time to adapt and work with a broker that will always keep your benefits up to date with the changing demographics of your employees and emerging trends. Check out the article to learn more about what to consider when thinking about the demographics of your employees.

Employees are asking for more control over what benefits they have and employers are asking for more control over what premiums they pay. However, the opposite is happening. Employers are controlling what benefits employees have and employees are controlling what premiums employers pay. The fix: add a health care spending account (HCSA) to your employee benefit plan to control costs and/or give more flexibility to employees. ... An HCSA is like a bank account for all eligible medical expenses allowable from the CRA and employees can use that bank account for the medical expenses that are most important to them. Here are just 2 of the many stats from recent Canadian benefit surveys showing what employers and employees think about health-care spending accounts: - 70% of employers with a HCSA vs. 59% without one rank their plan as very good - 60% of employees with a HCSA vs. 50% without one say their plan meets their needs The best part: It’s not an all-or-nothing approach. Here are 2 ways you can add one without overhauling your entire plan: - Replace one aspect of your plan with a HCSA (ex. Just parameds) - Add a HCSA on-top of your core plan It’s time to starting thinking about how an HCSA can fit into your current benefit offerings.

When it comes to benefits, what’s important to employees and what’s important for employees are drifting more apart according to a recent Green Shield study. This is a problem because the increasing usage and costs of services like glasses, orthotic shoes, and massage therapy might eventually be at the expense of more critical benefits. That’s alarming when you consider the costs businesses are now being faced with due to the proliferation of chronic disease as a result of ...an aging workforce (baby boomers). According to David Willows, Vice President of Strategic Market Solutions for Green Shield: What employees and their dependents like and want versus what they may need must be balanced better for the future. So how do you balance what’s important to and what’s important for your employees to keep plan satisfaction high, but also make sure make sure they’re taken care of when they need it most? Have a good employee benefit consultant who will help you balance what your employees want vs. what they need and then communicate that effectively to your employees so they understand.