Entries by Daryl Smith

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 […]

Restaurant Finds Unique Way to Fund Employee Benefits Plan

A Toronto restaurant found a unique approach to employee benefits funding. The restaurant began adding a 3% surcharge to each bill, with the funds to be used only to help provide employees with health and dental benefits. Co-owner Heather Mee, was quoted in a May 2017 Benefits Canada article as saying, the surcharge was a […]

How to Talk About Estate Planning

Is Estate Planning the Elephant in the Room for Canadian Families? Recent studies show that most Canadians are uncomfortable with talking about estate planning, finances and wills with their parents, families, and even professionals: 47% of Canadians have never brought up the subject of inheritance with the people they want to leave money to 79% have […]

Canada Critical Illness Insurance – FAQ

The purpose of this critical illness insurance FAQ blog post by Benefit Strategies, is to offer answers to some very basic questions that most Canadians have on this subject. A critical illness insurance policy helps pay costs associated with a life-altering illness and is received as a lump sum cash payment. Essentially, a critical illness insurance […]

Tips on Transitioning From Fixed to Custom Benefit Plans

The overall trend in the last several years for employee benefits is to move away from traditional or fixed benefits to more tailored, custom benefit plans. One example is Health Spending Accounts that allow employees to choose the benefits they want. And, since employers only have to pay for the benefits that have been used, employers […]

Tips for Minimizng Employee Benefits Cost Increases

Minimizing employee benefits cost increases has always been an insurance industry concern. Let’s look at our options. Why are benefit costs increasing? The main reason for the rising cost of employee benefits is because of the skyrocketing costs of specialty drugs. Many of these specialty drugs are new to the market in the last five […]

Five Steps in the Broker Selection Process

In Part 1 of this blog series we offered tips on how to select a benefits broker and when you should consider looking for a new broker. In this follow-up post, we’ll take a look at the 5 Steps to follow in the broker selection process. Start Early When contemplating how to choose a benefits […]

How Are Today’s Health Benefits Plans Changing?

The changing labour force is changing benefits plans. The evolving demographics of the workforce demands a re-examination of current employee health benefits plans offered by employers in Canada. In short, as the labour force changes, health benefit plans will also need to change. How Has The Labour Force Been Changing? According to Statistics Canada, as of […]