& Health Spending Accounts
I have a large number of clients that are business owners. As a service to them and as a business owner myself, I started offering Group Benefits to them as well.
The Truth About Group Benefits
The hard part about offering Group Benefits to my clients is, I’m really not a big fan of them.
That’s because, most group plans cover you for a bit of everything, but they don’t really cover anything very well. And if they do, they cost a fortune, with the price constantly increasing.
You see, what the benefits companies do is they estimate how much you and your staff will claim on a yearly basis for something like dental for example. Then they tack on a 30-40% buffer to make sure they have enough money to cover this. If your staff goes within that buffer, your premiums are increasing next year. If they stay within the estimate, the cost will stay the same. Essentially the system is set up to make sure the house always wins.
That’s why when I set up Group Benefits plans for my clients, I recommend a hybrid model using traditional Group Life and Disability with a Health Spending Account.
Health Spending Accounts
What is a “Health Spending Account”? Well, a Health Spending Account or HSA is a third party held account where Employers can deposit money on behalf of their Employees to spend on just about anything health related. By setting up an HSA, an employee is no longer limited by what the plan covers (i.e. 80% dental, no crowns or braces). Instead, they are only limited by the balance of their personal account.
- Much greater variety and choice for Employee’s
- Control over costs for Employers
I work almost exclusively with www.blendable.ca to set up HSA’s for my clients. They are local third party provider and they offer an easy to use HSA set up at the very best possible price. To learn more click here and we’ll take you directly to their application page.
"Mac is a very honest, friendly and approachable financial advisor. He
always has invested our money like it was his own."
Mary Lou and Pat Jordan
"Quite simply, Mac is a great guy all around. He is passionate about finance & because of that he always knows the latest of what's happening. When he doesn't have the answer to something, he works to find the answer & gets back to me as soon as possible. Great service all around."
"Mac is knowledgeable, personable with our best interests at heart. He monitors our portfolio and regularly makes recommendations that align with our investment goals. He has been the best financial adviser we have had over the years.”
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