Setting up an employee benefits plan can be complicated and messy. They often involve minimum numbers of employees, premiums, set up costs and extensive discussions with insurance brokers you may or may not know. With that said, benefits are also one of the most important tools that businesses have to compete for amazing talent. Whether you are a Small and Medium Sized Enterprise (SME) or a large company, your employees and your future hires are looking for a great and flexible benefits plan to make sure that they are taken care of. For small businesses, finding a plan that works can be a struggle and has caused many small businesses to shy away from offering benefits to their teams. Recent reports from the Medavie Blue Cross and Abacus Data, for example, have found that 80% of SMEs in Atlantic Canada do not provide any benefits for their team members. Employees want benefits. Survey information from that same Abacus Data poll, found that 95% of employees at SMEs believed that benefits were important with nearly ¾ saying that they would leave their position for a job that had employee benefits. With traditional benefits plans there are 3 main problems that make them a poor fit for small businesses.

1. Cost of plans can go up. Since traditional benefits plans are based on usage and costs for the provider, it is not uncommon for premiums and other costs to go up. Recent reports have noted that the cost of benefits plans globally are likely to go up 10% in 2023.
2. Traditional benefits can also lack the flexibility that employees are looking for from their benefits. By having concrete maximums for mental health, dental or vision, employees are often left frustrated when trying to use their plan.
3. Traditional Benefits Plans can also not provide the benefits your team is actually looking for from their plan. For example, mental health benefits and financial wellness benefits are amongst the most popular benefits in 2022. Nearly 1/3 of Canadians say that they would change employers to access better mental health benefits. Yet many small business benefits plans ignore or limit these benefits, making it harder for employees to access the resources they need to be healthy, happy and productive.

With a BeniPlus Wallet for small businesses, you never have to worry about these problems. Our proprietary system is based on a ‘cap and control’ premise, where employers determine the maximum amount of benefits offered. We have no premiums, set up costs or unexpected fees. You only ever pay a small 7.5% fee on approved claims. Plus, our proprietary wallet system means you and your employees have the ultimate flexibility to design a plan that fits the needs of your team and use your benefits for the things that matter. Whether it is an amazing pair of prescription sunglasses, dental work or saving for retirement, the BeniPlus Wallet makes benefits simple, flexible and affordable for you and your team. For more information, visit our website and get a quote today.