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Green Shield Canada – SMARTspend Benefits Plan

Mental health support and complete drug coverage are both central in the new SMARTspend benefits plan by Green Shield Canada.

Although massage therapy coverage has been terminated, the SMARTspend benefits plan is a revolutionary product by Green Shield Canada that will focus on:

  • Better support for mental health
  • Options for digital mental health support
  • 100% coverage with no dollar caps for managed drug formularies
  • Coaching by Pharmacists
  • Coaching by Dietitians
  • Vision care benefits
  • Dental care benefits

David Willows, chief innovation and marketing officer for Green Shield Canada, explains that the new SMARTspend benefits plan is a holistic response to cost containment, scientific literature, and outdated standardized plan designs. Older plan designs he says don’t reflect value and haven’t kept up with the increase in chronic diseases, mental health issues, or the impact of expensive drugs.

According to The Canadian Mental Health Association:

  • 50% of the population aged 40 or over has had, or currently suffers from mental illness
  • In 1998, the costs to treat mental illnesses in Canada was estimated at approximately $7.9 billion
  • $4.7 billion of those dollars were spent on care
  • $3.2 billion of those dollars were spent on treating disabilities and early death

Sponsors of the SMARTspend benefits plan can also add healthcare spending accounts and additional funds for massages and personal healthcare as options.

The prevalence of mental illness and its toll on the Canadian healthcare system make a compelling case for investing in mental health in Canada.

Still Have Questions About SMARTspend Benefits Plan?

Let Edmonton’s Benefit Strategies Inc. introduce your company to the new SMARTspend benefits plan by Green Shield Canada. For more information, call our benefits brokers at 1-780-437-5070 or send us an email.

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Top 10 Workforce Priorities: Survey

Employee productivity and engagement, wellness, and attracting and retaining employees are among the top workforce priorities for Canadian employers, according to a new survey

The survey polled approximately 200 Canadian plan sponsors in relation to their group benefits, priorities in the workforce, and more.

Top 10 Priorities

  1. Employee productivity/engagement
  2. Employee wellness
  3. Attracting, retaining employees; developing skills for changing the business environment
  4. Workplace mental health
  5. Employee financial wellness
  6. Family support obligations, the effect on productivity and well-being
  7. Chronic illness, the effect on productivity
  8. Multi-generational workforce
  9. Delayed retirement – productivity and performance challenges
  10. Delayed retirement – employees working past normal retirement age

Health, wellness, and engagement are key but Environmental, Social, and Governance (ESG) have also gained significant attention recently. How do you creatively implement and activate cost-effective employee benefit plans to support your workforce priorities?

Call one of Alberta’s most trusted employee benefits companies, Benefits Strategies Inc., at 1-780-437-5070 and speak with one of our advisors. We can also be reached by Email.

Key Estate Planning Questions to Ask Yourself

Do You Know What Estate Planning Questions to Ask?

  • Estate planning is organizing a tax-efficient transfer of your assets to family members, specific people or charities.
  • Your estate plan will determine who should receive assets, and when proceeds of your estate should be distributed.
  • Plus any other financial or contractual obligations.
  • If you own a business, your estate plan could also plan for the orderly succession of your business.
  • The estate plan allows for Post Mortem planning and tax minimization strategies.
  • Your estate plan should be integrated with your financial, retirement and business plans. If you own property or assets in another province or country, consideration should be given to reflect different laws and taxation that will apply.
  • Your estate plan will need to be reviewed over time as your personal and business circumstances change. Your plan should be kept as current and up to date as possible in order that it remains relevant.

What other Estate Planning Questions Should I think About?

  • Your estate plan is based on your rational and emotional motivations. It is done out of care, concern, and generosity towards your family.  It can be a method of providing meaning to the material wealth that a successful career has provided.  It can also enhance opportunities for family or employees who will continue to benefit from years of accomplishment in your family business.

If you answer yes to any of the following estate planning questions, your plan will give you comfort knowing your affairs and family members are taken care of.

What are you concerned about?

  • Avoiding conflict, uncertainty, or possible litigation regarding your estate?
  • Making sure that your estate has adequate funds to pay taxes that will arise on your death?
  • Minimizing taxes in order that your beneficiary receives a larger share?
  • Paying any creditors at the time of death?

What would you want to do?

  • Know that your estate will be distributed according to your wishes?
  • Minimize stress to family members by looking after your affairs in advance?
  • Provide security for your employees?
  • Continue supporting charitable works that are important to you?
  • Ensure you have adequate funding to pay any tax arising from your death?

Estate & Succession Planning

Your estate plan includes all of your business and personal assets.  A succession plan will only deal with your business assets.  An estate plan is set in motion upon your death.  A succession plan may take effect upon retirement or the sale of your business.

As a business owner, it is prudent to plan an exit strategy or a succession plan that will provide for the transfer of your business upon death, disability or retirement.  Your succession plan should include:

  • A management transition for your business
  • An ownership transition for your business
  • A contingency plan in the event of a disability or untimely death.
  • Anticipated retirement from your business.

Is Your Estate Plan up to Date?

Wills & Power of Attorney:

  • Do you have a Will?
  • Do you have an Enduring Power of Attorney?
  • Do you have a Personal Directive?
  • If you have property in another province/country have you considered a Will in that jurisdiction?

Financial Planning:

  • Have you determined the income needs of family members dependent on you?
  • Have you considered steps to implement post-mortem planning for income splitting?

Business Planning:

  • Do you have a Shareholders or Buy Sell Agreement in place?
  • Is your Buy Sell Agreement funded with Life and Critical Illness Insurance?
  • Does your Estate Plan address creditor issues?
  • Do you have a contingency plan in the event you are disabled or die before transferring your ownership interest?
  • Have you selected a successor or established a process for selecting a succession for your business?
  • Do you have a written plan for the transfer of your business?
  • If a family member will be taking over your business, have you made arrangements to treat other family members equally?

Advanced Planning:

  • Have you identified whether the status of your operating or holding company shares are eligible for the lifetime capital gains exemption?
  • Have you considered transferring the future growth of your business to someone else?
  • Have you considered the use of a capital gains rollover to your spouse, deferring taxes payable on your death?
  • Have you investigated any tax liability your estate will have to pay?
  • Will your estate have enough cash to pay any tax liabilities?
  • Have you investigated strategies to reduce probate fees on the value of your estate?
  • Have you planned for any charitable gifting using your estate?
  • Have any agreements that form part of your estate plan been reviewed in the last year?
  • Have you shared details of your estate plan with family members?
  • Does your family know the location of your Will, Life Insurance and other important documents relating to your estate plan?
  • Is your family aware of funeral and organ donation wishes?

Consider Life Insurance:

Insurance coverage can form an important cornerstone in any planning during your life time and upon death.  Life Insurance guarantees tax free capital at the time it is most needed.

  • Protect your business against loss caused by death of key employees or yourself (ask us about key person insurance).
  • Use Life Insurance to fund your shareholders agreement.
  • Life Insurance can be used to create or equalize a legacy for family members.
  • Life Insurance can be used to cover capital gains taxes upon your death.
  • Use of joint last to die insurance coverage is one of the most cost-effective ways to pay capital gains or estate taxes.
  • Life Insurance can be used to fund charitable giving by designating the charity as a beneficiary of a policy on your life.

Do you still have estate planning questions? For information or for estate planning advice, please call us at 587-405-3463 or send us an Email.

Find more information on this topic on the Government of Canada page entitled, Estate Planning Wills & Dealing with Death.

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3 Tips to Improve Acceptance of Employee Benefits Changes

Modifying Employee Benefits & Minimizing Resistance

Making employee benefits changes and package modifications are sometimes not easily understood by staff. In some cases, making changes to employee benefits do not receive the widespread acceptance that an employer might hope for.

There are numerous ways employers can explain employee benefits changes. The objective is to provide a better understanding of necessary modifications to employee benefits while minimizing resistance that could derail the entire procedure.

In this post, our employee benefits brokers offer 3 Tips on how to better communicate employee benefits changes.

Tip 1: Lead by Example When Implementing Employee Benefits Changes

Informal and formal leaders, as well as those who have the ability to influence decision-making processes, need to support the employee benefits changes completely.

Any attempt to present adapted or modified versions of employee benefits without sincerity and honesty on behalf of people in these leading positions may appear hollow. Contemplate having the CEO explain proposed changes in a clear and sincere message to employees.

Tip 2: Involve Employees in the Benefits Changes Process

Employees who are involved from the outset in the process of implementing employee benefits changes are more likely to be receptive to proposed revisions.

Surveys or focus groups are excellent ways to explore the preferences and needs of employees. Avoid asking questions that you may not want to hear the answers to. Also avoid bringing up any other elements that are not on the table for amendment.

Tip 3: Clearly Communicate Potential Benefits Changes

While you can’t reveal everything to all your employees, be candid about what is evolved and why the employee benefits changes are necessary.

  • Identify stakeholders and important messages
  • Develop a timeline
  • And provide employees with adequate feedback channels

If uncertain about how to develop an acceptable communication mechanism, ask your employees for their input.

Employees don’t always interpret employee benefits changes as being necessary or beneficial. The onus is on employers to provide a clear explanation of modifications and how the adaptations will affect employees. You will also need to communicate whether or not employees will be provided with opportunities to contribute and respond.

About Benefits Strategies

For over 30 years Benefits Strategies have been providing creative, customized benefits programs for executives and employees. Our plans not only increase employee morale and satisfaction, they also elevate your business profile.

If you have any questions or need assistance with communicating employee benefit changes, please call our Edmonton office at 1-780-437-5070 or send us an email.

You can read more about the Canadian Human Rights Pension and Insurance Regulations on the Government of Canada’s Justice Laws website.

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Can Employee Benefits Drive Employee Engagement?

Benefits of Employee Engagement

Employee benefits do help in improving employee engagement. In fact, as employee engagement rises, more than ever we are seeing positive spinoffs such as:

  • Lower employee turnover
  • Improved customer satisfaction
  • Elevated profitability
  • Increases in productivity
  • Reduction in absenteeism
  • Improved morale

Read more in our article Employee Well Being & Productivity – Survey Results.

1. Employee Benefits That Drive Engagement

To date, improved employee engagement results are more of an unintended consequence than a calculated implementation on behalf of an employer. As employee benefits are implemented, employees become more engaged and the advantages can often be immediate.

Varying percentages of employers view the following benefits as being most favourable for improving employee engagement:

  • Flexible Work Provisions — 39%
  • Human Resources Policies — 34%
  • A Healthy Work Environment — 29%
  • On Site Flu Shots — 26%

Even though most of these are cultural benefits and not related to employee benefits plans, as much as 97% of plan sponsors and 88% of plan members currently under flex plans agree that they prefer these programs.

2. More Employee Benefits Choices Help Power More Engagement

Expanding traditional employee benefits plans to include individual decision-making capabilities prompt significantly more engagement than a prescribed list of benefits. Allowing a degree of control over benefits where employees can choose coverage most appropriate to their own needs helps to build confidence and trust.

Malleability does not mean more choices will increase employer administration complexity however. Alternative plans are possible without adding additional pressure to management or human resources.

3. Employee Benefits — Planning for Engagement

At Benefit Strategies Inc., we recommend that you consider an employee benefits plan design with employee engagement in mind. Focus on what is significant to your employees to help improve their percentage of engagement. Our employee benefits brokers can help you contemplate offerings that provide the best results, such as flexibility and financial literacy.

Employees, who feel financially prepared, experience less stress, are healthier overall, and do exhibit more engagement and productivity. Integrating financial planning courses into your employee benefits curriculum can have significant advantages for employers.

Communication is key to incorporating any change and will keep the process relatively painless for human resources and management to administer.

  • Create circumstances where employees can provide feedback
  • Review options and encourage employee interaction
  • Highlight the well being of individual employees

Let our employee benefits brokers show you how you can propose new employee benefits features without completely disengaging from traditional plans. By increasing the opportunity for employee choices you will not only support positive health but also keep your employee benefits financially sustainable for the long term.

About Benefit Strategies

Located in Edmonton, Alberta, Benefit Strategies Inc. is here to help you create a flexible employee benefits package designed to interest and retain top employees. We provide value analyses backed with dependable advice, while working with the top benefits providers across Canada.

Whether your business is in Alberta, the Northwest Territories or any of the Western Provinces, our employee benefits brokers can help.

If you have any questions about improving employee engagement with the help of your employee benefits plan, please send us an email or call Benefit Strategies office in Edmonton at 1-780-437-5070.

For more information, check out these articles including How to Increase Employee Engagement of Your Benefits Plan plus, an article by Custom Insight entitled, What Is Employee Engagement.

Check out some of our other related articles that may be of interest: