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August 2017 Bulletin

News from The Benefit Specialists Corp.

From: The Benefit Specialists Corp. <ann.hauk@beneco.ca>
Subject: News from The Benefit Specialists Corp.
Preheader:
Reply: ann.hauk@beneco.ca

Dear Ann,

 

We hope you enjoy the August 2017 edition of our bulletin.  Please feel free to contact us if you ever have any questions or concerns, we are here to help!


 The Benefit Specialists Corp. Newsletter

 


    

                                                                       August 2017

In This Issue
 
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The Benefit Specialists Corp. is more than willing to answer any questions you or anyone you know may have had.  If you know someone who has questions regarding the insurance industry or anyone who wants to join our mailing list please contact me, or forward this email to them and get them to click the join our mailing list button below. 

Thanks!

BeneCo  

A Health Spending Account (HSA)  is an innovative way

 to complement your group benefit plan. HSAs provide the

 ultimate blend of flexibility and cost containment, while enabling

 your employees to pay for medical and dental expenses not

 otherwise covered by your plan-with non-taxable dollars. Offering

an HSA to your employees not only helps maintain a healthy,

 productive workforce, but gives you an edge for attracting

 and retaining high-calibre employees.


 

 For .62 cents a day, your employees can prepare their wills, obtain unlimited phone consultations, 3 letters or phone calls per quarter, 5 (10) page documents reviewed, emergency access if arrested or detained and preferred member discount for complex issues.


Join Our List

Why don't more Smaller Businesses have a Group Retirement Plan? 

Scott Anderson - benefitscanada.com

 

 

Most business owners and HR champions of independent Canadian businesses know the benefits of offering a group retirement plan to their employees. Many studies have shown that employee attraction, retention and engagement are increased when a group retirement plan is in place.


 

Many small and medium enterprise (SME) owners have also come to the conclusion that they should put a plan in place but never found the time or the appropriate plan for their employees. The following are some common challenges faced by most independent businesses regarding finding and implementing the appropriate group retirement plan.


 

TimeMost business owners and HR champions of smaller businesses are inundated with fires to put out on a daily basis. Time is scarce in this environment, and although most of these people believe putting a plan in place is the right thing to do for employees, time constraints don't allow the group retirement item get to the top of the to-do list. If employers can put aside some time, setting up a plan may be easier than they think, especially with valuable information available.


 

Plan typeSome companies struggle with the type of group plan to implement, including whether a DC plan or a group RRSP is more appropriate; each choice has its benefits and constraints. The choice between flexibility and company control of the plan must be weighed. For smaller employers, the choice is typically a group RRSP because of the ease to set up and administer. A deferred profit sharing plan can be added to increase employee retention and not attract higher payroll remittances.


 

CostIf the appropriate group retirement plan is not chosen, it can be too expensive to implement. Many providers offer a plan under the heading of a group plan but the management fees are the same or only moderately less than the employee can get at their own bank. If the right choice is made, a low-cost plan with appropriate investment options can be set up. This will benefit the employee and employer; the employer can tout the advantages of the plan provided at work and the employee will be paying low management fees.


 

AdministrationBusiness owners and HR champions have little time to administer the group retirement plans. Day-to-day data entry and employee information changes can eat up some of the valuable time for SME employers. Choosing the proper plan provider and plan type can greatly reduce administrative challenges. There are plans available that provide an almost "autopilot" solution for employers. In a recent survey of small business owners, Standard Life found that small business owners want to spend 20 minutes or less in each pay period administering their retirement plans. With a plan set up appropriately and proper online tools available, this can certainly be accomplished.

Employee enrollment and education - In most situations. the employer or HR champion is not an investment expert, but employees usually ask for assistance with enrollment in the retirement plan from their HR department. In some instances, HR may feel compelled to help the employee enrol, but the enrollment process and offering of investment advice are two separate matters so the HR champion should never cross the line into investment advice. They are not licensed, and this could cause liability issues in the future. A properly set up plan can autopilot the enrollment process and take this burden off of the HR department.


 

Although small businesses face challenges when deciding whether or not to have a group retirement plan and then which type of plan to set up, if the plan is carefully selected at the start of the process it can alleviate much of the administrative, regulatory and time challenges faced by independent businesses.

 

 

Generic vs. Brand-name Drugs, what is the difference? 

canadiangenerics.ca


 

Ingredients

Health Canada also mandates that generic drugs have the same active ingredient (the chemical that makes the drug work) and that they work the same way in the body as the brand-name drug. Generic drugs must also have the same amount of active ingredient in the prescription.

Health Canada even regulates the non-medicinal ingredients, such as fillers and preservatives, for both brand-name and generic drugs and they are subject to the 
same approval process.


 

Results

When a generic drug is approved by Health Canada that means the medicine is as safe and as effective as the original brand-name drug and they will work the same way.

1 Million Everyday - Everyday in Canada, approximately one-million prescriptions are filled using generic drugs.2/3 - Two thirds of all prescriptions in Canada are filled with generic drugs.

 

The only difference is price

The only difference between a generic and a brand-name drug is the price. Generic drugs are used to fill more than 66% of all prescriptions in Canada, but they account for only 23.5% of the $22.2-billion dollars Canadians spend annually on prescription drugs.

 

Why should I care about cost? I'm covered by my drug plan.

It is important to remember that you and your employer pay for the cost of your prescription drug benefits. Your employer is not required to offer you a health benefit plan. They do so in order to attract and retain the best employees and to keep you and your family healthy and at work. Rising drug costs are putting pressure on all employers' ability to continue to offer these important drug benefit programs.

Generic drugs cost much less than brand-name drugs and will lead to an affordable and sustainable drug plan for you and your family. Ask your doctor or pharmacist if there is a generic equivalent available for your prescription needs.

 

 

The information contained in this bulletin is for general information purposes only. The articles published in this bulletin have been collected by The Benefit Specialists Corp. (TBSC) and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or availability with respect to the information, products, services, or related graphics contained.  Any reliance you place on such information is therefore strictly at your own risk.  In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits out of, or in connection with, the use of the information contained in this bulletin.  Through this bulletin you are able to link to other websites which are not under the control of TBSC.  We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

The Benefit Specialists Corp.
ann.hauk@beneco.ca
(403) 547-5236

The Benefit Specialists Corp., 339 Tuscany Estates Rise NW, Calgary, Alberta T3L 0C6 Canada
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