Employee Benefits Basics
By Yafa Sakkejha
This audiobook is a detailed guide to the technical aspects of distributing and servicing group benefits plans in Canada. Designed for advisors, it gets into the nitty gritty of how renewals are priced, how to negotiate with a carrier, how to get exceptions for your clients, and any highly technical aspect of the day-to-day business. We will feature the best benefits advisors in Canada and if you have a question you'd like us to address, please reach out through our site at www.beneplan.ca.
Employee Benefits BasicsFeb 26, 2020
00:00
12:17
Green Shield Canada strike part 2
The GSC strike is now over, the call centre will be open again Monday April 22, 2024 for group benefits and group insurance phone calls from plan members. We're anticipating a higher than normal call centre volume on Monday.
Apr 18, 202406:09
Green Shield Canada staff on strike: part 1
Some Unifor divisions went on strike March 1 2024 especially those staff who answer the call centre phones for group benefits insurance questions. Let's see what happens over the next few days.
Apr 17, 202410:31
Budget 2024: How insurance advisors are affected
The Canadian budget presented in Parliament yesterday doesn't affect group benefits plans, but does affect independent insurance or financial advisors if and when they want to sell or transition their business, by way of a capital gain.
Apr 17, 202410:57
How to connect an HRIS to an employee benefits insurer in Canada
It's become more popular than ever for employee benefits clients to request that their payroll provider or human resources information system (HRIS) "connects" directly to their insurance carrier. This is doable and possible, but there is a lot of work to be done to ensure a clean file of data can pass through the systems. Here is how to project manage this if it comes across your desk.
Mar 18, 202424:39
Why"waiver of premium" is important in life and disability insurance
It's critical to make sure you look out for opportunities to waive the premiums on pooled benefits where applicable. Here are 3 examines in the Canadian group benefits market.
Mar 14, 202415:44
Which of these topics do you want to dive into?
Let me know what you want to hear about next: how to sell your brokerage? How to sell & prospect? How to manufacture your own products? How to get out of tough legal situations? How to come back to work after having a baby? Let me know at yafa@beneplan.ca or Yafa Sakkejha on LinkedIn
Mar 13, 202402:39
Pharmacare: I'll believe it when I see it
We have been told as Canadians to expect some form of universal national pharmacare since 2018. This new announcement by the NDP is vague, uninspiring, and unclear. Therefore, I'm not motivated to change what we're doing as employee benefits advisors and TPAs. Health insurance is complex in Canada and it's important not to take for granted the heavy lifting required to change infrastructure.
Mar 06, 202422:35
Manulife and Loblaws walk back their preferred pharmacy employee benefits deal
Let's get into the backlash that Manulife and Loblaws grocery experienced when they tried last week to roll out a preferred pharmacy network for 260 specialty drugs. This is a common employee benefits group health insurance tactic used to save money, but it needs to be heavily socialized in Canada and might ultimately fail.
Feb 08, 202427:36
Negotiating PAYG vs PEPM add-ons
Employee benefits plans sometimes come with optional add-ons, like employee assistance programs (EAPs). These can cost around $5 per person, per month (PEPM). Large group benefits purchasers usually find better success negotiating this on a pay-as-you-go (PAYG) basis.
Jan 16, 202409:23
Taxable benefits in Canada for group benefits products
Employee benefits in Canada can be taxable - or not - depending on which specific product, depending on who is paying the premium, and under what circumstances. It's best to read the CRA canada.ca revenue Canada taxable benefits employers guide. You can also call them to ask more questions. Group life and long term disability insurance premiums are taxable benefits. Medical expenses in cash are also taxable benefits.
Jan 16, 202420:32
Travel insurance declines and how to handle them
The holidays are coming and it's a popular time for travel out of the province or country. Educate clients about the pre-existing condition clauses in emergency medical travel insurance, remind people not to give their credit card to a hospital, and what to say to a plan member when they're getting collections calls from a hospital outside of their home province.
Nov 24, 202318:05
Having hard conversations
The employee benefits industry probably has conflict every single day of the year. Here's a conversation pattern that I use to start a conversation with an opposing party. How to diffuse, de-escalate and move forward together to solve problems. Health insurance can create many negative emotions and it's important to not take things personally.
Nov 23, 202311:55
Be careful messing with the dental fee guide
If you're looking to save money on dental premiums, make sure that if you decide to cover a previous year's fee guide, you tell the carrier to code it in a "this year minus 1" or minus 2, etc, not the specific year. That year will get stale and embarrassing as it ages. I've come across two plans like this and it was a recipe for disaster for the group and advisor.
Nov 13, 202307:52
How I use Drug Advocacy to crush benefits costs in Ontario
At Beneplan, we hired a Drug Advocate to help small businesses leverage government and pharma cost sharing for high cost medication, in order to significantly reduce group health insurance premiums. Employee benefits brokers will learn the landscape of high cost drug programs in Canada in this episode. yafa@beneplan.ca
Nov 09, 202326:00
PLAs: the best kept secret in employee benefits
Canadian health insurance can be complicated， but nothing confuses or scares people quite like explaining what a price level agreement is: the ubiquitous PLA. Also known as a drug rebate, volume discount or even -gasp- kickback - this highly controversial area of group insurance is something everyone should know about. Narrated by Yafa Sakkejha, CEO of Beneplan and licensed broker.
Sep 28, 202313:17
How to deal with rising dental inflation
The sharp rise in the dental fee guide in Canada means that we're seeing higher increases across group benefits dental premiums in 2023 and 2024. Here is a list of ways you can help your clients trim costs without cutting the benefit entirely.
Sep 18, 202317:46
Contractors should never get benefits
I know it's tempting, but extending extended health and dental benefits or group insurance to Canadian independent contractors may cause the business to fail the employee test with the CRA and therefore owe back taxes, penalties and interest. Here are some other options.
Sep 14, 202315:35
Terminations: how to deal with the stress + prevention
Everyone is the group benefits industry has been terminated. This episode shares some tough termination stories, discusses how you protect your own mental health, stop the fight or flight response, and how they can be prevented. Hosted by Beneplan CEO Yafa Sakkejha.
Sep 06, 202318:42
You don't actually need an MGA...or anyone
If you're a Canadian employee benefits broker trying to grow your block of business, here's your sign that you don't need to wait for the perfect MGA or super intermediary to get started. You just need to be willing to read the fine print.
Sep 05, 202307:53
Disability: should employers cut people off benefits?
Should employees be cut off of benefits while they're on workers compensation? Should they be fired? What can a benefits consultant or broker recommend to an employer during this time?
Aug 14, 202332:08
The New Canada Dental Benefit
Explaining how the new Canada Dental Benefit works and what it means for employee benefit plans.
Aug 03, 202314:22
CRA notice 326 - HST on insurance intermediaries
The Canada Revenue Agency just released a notice #325 on when and how insurance intermediaries need to charge GST or HST on their commissions and fees, and when it is exempt. We also talk about what you can do when a large insurer or government tries to change the parameters of your work.
Aug 03, 202310:24
If your client has 20+ lives, use the EI premium reduction program
Here's why I adore Canada's Employment Insurance premium reduction program and why every group benefits plan should take advantage of it. yafa@beneplan.ca
May 03, 202320:00
How to become a public speaking Jedi
As an employee benefits advisor, you'll need to get comfortable speaking in front of groups of strangers... Often people who are coming into the meeting or presentation already with a negative view of you. If you have ever done an employee meeting or a tough renewal, and want to learn how to stop being nervous, this one is for you. 💙
Apr 26, 202317:57
2023's most requested employee benefits
Plus, the least requested benefits under group insurance contracts.
Apr 06, 202317:29
Layoffs and employee benefits
What is supposed to happen to employee benefits during a temporary layoff? This episode is focused on employers in Ontario, Canada and the employment standards act.
Mar 23, 202311:01
Gender affirmation insurance coverage
A highlight of the changes and coverages of gender transition surgeries in private health insurance, employee benefits in Canada.
Mar 06, 202312:51
What is the CLHIA?
The Canadian Life and Health Insurance Association is an industry peer group for insurance companies. They work together to agree on basic rules of the game to make sure that consumers are treated fairly and consistently within the industry. My name is Yafa Sakkejha, and I'm the CEO of Beneplan.
Feb 17, 202305:32
How to get licensed to sell group employee benefits
A guide on the 4 steps to obtaining your LLQP license in Canada. This license allows you to sell life insurance, accident and sickness insurance, disability Insurance and other group benefits products.
Feb 17, 202309:01
Our origin story: How my father started Beneplan and became a group benefits broker
Here's a quick history as to how my father, Mark Faiz Sakkejha, came to Canada as a refugee, became an insurance broker, pension consultant, group benefits broker, and finally a benefits third party administrator (TPA) and employee benefits cooperative
Feb 07, 202319:26
PPNs are a waste of time (in Canada) - use formulary management instead
I get pitched different preferred provider networks all the time. It's a distraction from the financial incentives of plan sponsors. Benefits brokers should instead look at formulary management or PLAs (price level agreements)
Jan 16, 202312:06
When to break the rules
Knowing when to bend the rules is a critical skill that you need to learn. Here's how I think about asking underwriting for permission to add late applicants, add ineligible dependants, ask for an open enrollment...and what to do when you can't break the rules.
Jan 09, 202321:31
How much commissions should you charge?
Employee benefits advisors ask me all the time how much commission to charge their plan sponsors. Here are my two cents.
Sep 27, 202213:38
Zoom etiquette for group benefits advisors
In B2B sales and relationship management, it's important to think about these ten pieces when it comes to video call etiquette.
Sep 13, 202209:45
Leaders have a secret: they've back to shoveling their own hay
So many business leaders I've spoken to over the last two years have quietly admitted that they've been sucked back into the day-to-day grind of their business... After years trying to "delegate and elevate". What does that mean for your advisory practice, and how inflation will affect your growth plans in 2023.
Jun 06, 202220:38
Business owners never left the office
The one person you're guaranteed to find in the office? The owner/operator. Work around the edges of what's considered normal to catch these key influencers in person. They want to see people in person.
Feb 25, 202208:42
Ugly money vs pretty money
Encourage your clients to spend "ugly money" on core benefits like disability, life insurance and drugs -- and try to avoid having them spend "pretty money" on massage, vision and other benefits that aren't as fundamental to financial security and life sustaining healthcare.
Jan 20, 202219:14
Winning AORs when the current broker double ends the deal
I'm shocked how often I see advisors double ending the deal - meaning, acting as both the benefits broker and the CFO or HR manager. Be careful not to do this, and here's what to do when you come across it.
Jan 19, 202211:49
Death to the calendar invite
Using Loom to record tutorial videos will take your career to the next level. Save your clients time, don't ask for more zoom meetings, and get right to the point. Private Video tutorials can be rewatched, shared, sped up or slowed down. It allows the client to multitask. It allows them to take an important phone call and pause the video. Give yourself and your clients the gift of Loom! This is not a sponsored recommendation...we just think it's a great value add.
Nov 26, 202107:04
Have your people talk to their people
Don't be offended if a business owner asks you to talk to one of their key people before making a decision. It's a critical part of building trust across the organization.
Nov 04, 202111:21
Are flex-plans as great as they seem?
Cafeteria style flexible benefit plans seem to go through phases where they're popular, and then go out of vogue. We wanted to share the challenges with running a flex plan (hint: anti-selection), and how to explain the pitfalls to a plan sponsor. We also encourage advisors to take a leadership role in designing a simplified class and division structure in group health insurance.
Mar 23, 202115:44
We're raising our minimum health standards ✍🏻
Beneplan is raising the floor of minimum coverage on health & dental to include fertility, erectile dysfunction, more mental health support, IUDs, breast pumps and smoking cessation treatments to any new group or group who updates their plan through an amendment.
Mar 02, 202108:53
A day in the life of a benefits CEO
I loved the book Atomic Habits by James Clear and was inspired to share with you all how I structure my day for maximum success and to create an upward spiral towards achieving my goals as an employee benefits leader within Beneplan
Feb 23, 202116:51
LTD in the second wave of the pandemic
LTD cases plummeted in 2020... Why? Warehousing illnesses, later diagnoses, but could it be that people are less triggered when they're working from home and away from stressors? Do we think insurers will decrease LTD rates as a result? Spoiler: nope!
Feb 16, 202110:40
Benefits are morphing into a Netflix-type experience
It's only a matter of time until people realize that their benefit plan is starting to look like their Netflix account - lots of choice on creators (carriers/services), hyper personalized, on-demand, and digital. We're not going back to the 'old normal' and people will be able to Uber Eldercare to their homes in 2 hours...through their benefit plan. How will you be part of it?
Feb 04, 202109:25
Same client, same insurer - different brokers, different rates. Why?
Why do some insurance companies give different rates to different brokers...on the same client, same plan design, same claims experience and demographics? Four reasons: (1) block arrangements (2) different commissions as directed by the advisor (3) different plan design, and (4) they just felt like it.
Feb 04, 202108:47
My new year checklist starts with renewals
The very first thing on my new year checklist is to start to prepare for spring renewals. Your May renewals should start now with analysis, discussion and gathering questions from your clients. Be prepared and proactively anticipate questions.
Jan 04, 202110:35
Switching carriers in a pandemic
Plan sponsors moving carriers in the middle of covid are most likely doing it for either ease of use of a new platform, because they've been hit with very high increases at renewal, a tax angle such as the EI Premium Reduction Program, or simply changing their agent of record that was in the works prior to the pandemic. Here are some tips on what to do to ensure a smooth transition.
Dec 10, 202011:16
This is the time to get creative about plan design
The tectonic plates of benefits products are shifting, and this is the time to make changes. Strike when the iron is hot and get better benefits coverage out there now. Think: double the mental health benefit, telemedicine, and stability in rates.
Aug 14, 202007:23
Decision Fatigue with Business Owners
Be outcome oriented. Protect your client on how the sausage is made. Don't make them make 100 little decisions. Understand their bottom line outcome and curate a plan and experience that achieves that outcome. Finally, today and every day, Black Lives Matter.
Jul 01, 202013:53