How Your BeniPlus Wallet Can Help You In The Age Of Covid

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Covid-19 has affected the physical and mental health of many Canadians. Since the beginning of the pandemic, Canadians have reported a decline in physical health, mental and general wellbeing. With the fact that Covid is likely going to be around in one form or another for the foreseeable future, Canadians are having to learn to address their health and wellness in new and unfamiliar ways.

Covid has brought about the rise of telemedicine and digital medicine. A recent Conference Board of Canada and Telus report, found that nearly 45% of employers offered virtual healthcare as part of their benefits package. Moreover, over 40% of Canadians use some form of virtual healthcare, and over ¼ prefer it to in-person medicine. Virtual pharmacies are also growing with nearly 10% of Canadians using them regularly and more than 30% saying they would use them at least partially moving forward.

Covid has combined with inflation to leave many Canadians concerned about their financial well-being. A January, Consumer Debt Index Report, found that 43% of Canadians were concerned about their debt levels and nearly 1/3 reported having more difficulty paying down their debt than before.

Being able to save for retirement has become a particular worry for many Canadians who fear that they just will not be able to save enough to keep up. It is no surprise then that retirement plans are now considered a critical workplace benefit by over 84% of Canadians. In fact, recent reporting by Benefits Canada has found that around 60% of Canadians were unlikely to work for any organization that did not provide a retirement plan.

How Your BeniPlus Wallet Can Help with Concerns About Your Financial Wellbeing and Covid

If your employer allows for Group Retirement Savings Plans, you have a great opportunity to ensure your financial stability in the future. You will be able to determine how much of your benefits dollars will be invested for retirement. The advantage of this program is that you can contribute pre-tax dollars and grow your investment over time.

Through our partners Link Investment, you will have complete control over how your retirement savings are invested. You decide what investments and risk levels suit your individual needs.  More importantly, your RRSP will move with you should you ever leave your position.

When it comes to dealing with some of your health and wellness concerns, your BeniPlus Wallet can also be an amazing resource. Your HSA can reimburse you for medical and health expenses such as prescriptions, visits with medical professionals and more! It can even help you address some of that extra stress by covering massages therapy and other treatments.

If you have a WSA, you have even more resources to help you address some of the challenges brought about by Covid. Through your WSA you can be reimbursed for expenses like exercise equipment, personal trainers, nutritional counselling and more.

Now, your HSA and WSA accounts can help give you some peace of mind by covering private Covid tests. Through your HSA you will now be able to claim private tests as long as they are prescribed by a medical professional. Tests that were not prescribed by medical professionals can also be claimed under your WSA. Please note that tests performed for travel purposes are not an eligible HSA expense and can only be claimed under your WSA. Furthermore, due to the fluid nature of the pandemic this policy is subject to change.

Remember that in this challenging time there are many tools and resources that can help you. Your friends at BeniPlus are here to help.

If you’re a small business owner who’d like to provide your remote and in-office employees with a simple, flexible and affordable employee benefits program, take 10 minutes and get a quote today.

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