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SmallBiz Employee Benefits Option #3 – Flex Benefits

By February 13, 2018 No Comments

Every Employee is Different…. why not allow them to choose the benefits that best fit their needs?

If you are a smallbiz owner that has at least 5 employees, then there is another option out there other than Health Care Spending Accounts and Traditional Group Insurance.

Flex Benefits work well for the smallbiz owner who likes the idea of their employees choosing their benefits.

Equitable Life of Canada’s “myFlex” (I would speak in more general terms but Equitable is the only Carrier offering Flex Benefits for now) works great for the smallbiz owner who is looking for:

  1. “Easy to Budget”
    1. The smallbiz owner decides how much they want to spend annually on average per employee. This amount is communicated to the employee in the form of Flex Credits.
      1. If the employee chooses coverage that is less than their allocated Flex Credits, then the Flex Credits left over goes into a Health Care Spending Account.
      2. If the employee chooses coverage that is more than their budgeted Flex Credits, then the employee pays for the excess coverage through payroll deductions.
    2. The rates are actually guaranteed for 2 years!
  2. “Easy to Administer”
    1. The smallbiz owner chooses from 3 different levels of coverage for each benefit (Life/AD&D; Disability; Health; and Dental) they want to include in the program…
    2. The employee then chooses from 3 different options within the level of coverage that their employer has selected for each benefit.
    3. All administration is done on-line!

Located in Cambridge, ON Sharkey Group Insurance  provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.