Category Archives: Benefits Costs

Common Benefits Advisor Problems: Plan Design – Don’t Be a Commodity [Case Studies]

Posted on May 25th, 2017 by Robert Crowder

Here’s a hard truth – your clients don’t owe you anything. The small group benefits industry is largely commodity-driven. Successful business owners (your clients) are concerned with getting value from their benefits plan so they can go back to focusing on their company’s success. For most off-the-shelf benefits solutions, “value” (…) [Read Full Article]

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Your Benefits Plan Has a Drug Problem – It’s Time for an Intervention.

Drug Plan
Posted on September 27th, 2016 by Robert Crowder

That’s right; your benefits plan has a drug problem. Specifically, there’s a storm brewing with expensive prescription drugs – and most employee benefits plans won’t be able to weather it without the right precautions in place. There’s no question about it, the cost impact of prescription drug plans is increasing (…) [Read Full Article]

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I Want an “Administrative Services Only” Benefits Plan: Should I Choose a Pay-as-You-Go or Budgeted Plan?

Benefits Plan
Posted on February 12th, 2016 by Mike Ignatz

As you search for the best benefits plan to meet your business’s needs, you may decide an alternative to the typical conventional plan is right for you – like an Administrative Services Only (ASO) plan. An ASO plan is an arrangement where your business funds your own benefits plan and (…) [Read Full Article]

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Do You Know These Details about Coordination of Benefits?

Benefits Plans
Posted on June 12th, 2015 by Mike Ignatz

Most people know the essentials of coordination of benefits (COB); however, there are a few details that are less widely known. These details are important to understand. They allow you to get the most from the different benefits plans you and your dependents are covered under. Coordination of Benefits Basics (…) [Read Full Article]

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Pan-Canadian Pricing Reduces Generic Drug Pricing Across the Country

Health Benefits
Posted on April 28th, 2015 by Mike Ignatz

The Pan-Canadian Pharmaceutical Alliance (pCPA) is a joint initiative by Canada’s provinces and territories to achieve a better value for generic drugs in Canada. As a result of recent bargaining from pCPA, the price of the following fourteen generic drugs has been reduced to 18% of the equivalent brand name (…) [Read Full Article]

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The Four Pitfalls of Self-Managing Your Healthcare Spending Account

Health Care Spending Accounts
Posted on January 14th, 2015 by Karen Taylor Smith

Some employers believe they can save money on administration by self-managing their healthcare spending account (HCSA) benefits plan. However, it’s important to know that self-administration often results in high costs, lost time, and other drawbacks. Before you determine whether to use a third party administrator or self-manage your plan, you (…) [Read Full Article]

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Canadian Treasurer Magazine – What Finance Needs to Know About Employee Benefits

Employee benefits
Posted on November 19th, 2014 by Mike Ignatz

In the Fall 2014 edition of Canadian Treasurer Magazine, The Benefits Trust’s Robert Crowder (President) and Karen Taylor Smith (Senior Manager, Group Benefits) were interviewed, along with six of the other top benefits consultants in Canada, to comment on the topic of finance and employee benefits. The article, entitled “Employee (…) [Read Full Article]

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How Benefits Plans Discriminate Against Executives

Benefits Plans
Posted on September 18th, 2014 by Robert Crowder

That’s right: most off-the-shelf benefits plans on the market discriminate against executives. It’s simple when you think about it. Let’s say everyone in your company has the same, standard benefits plan. When you hire a new employee in an entry-level position and give them benefits, they’re getting the same benefits (…) [Read Full Article]

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Everything You Ever Wanted to Know about Group Benefits Taxation (But Were Afraid to Ask)

Save on Benefit plans
Posted on July 18th, 2014 by Karen Taylor Smith

Which taxes apply to ASO group benefits plans in Ontario? Premium Tax = 2.0% Provincial Insurance Tax = 8.0% HST = 13.0% Premium Tax on ASO Benefits Plans Premium tax is determined for each employee based on that employee’s province of residence. Premium tax on insurance products (Life Insurance, AD&D, (…) [Read Full Article]

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Want to Retain Your Best Employees?

employee retention
Posted on June 18th, 2014 by Karen Taylor Smith

The right compensation can be the key to retaining your best employees and attracting talented newcomers. Small business owners can maximize the value of their compensation with smart spending on employee benefits. A recent article from MarketWatch, a Wall Street Journal publication, advises that “the right menu of benefits can (…) [Read Full Article]

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