Better Benefits Podcast: Recent Episodes

Dan Eisner

Dan’s passion is working with human resource and finance professionals that share the belief there is a better way for employee benefits and broader workforce planning strategies. While human resources is very dynamic, the industry solutions for employee benefits plans are often dated and stale. Dan partners with organizations to develop unique benefit plans solutions that are more innovative than the same old solutions used for 20+ years. Dan is the only Chartered Professional Account advising on employee benefits solutions in the local market.

In today's episode, we will take an in-depth look at different types of employee benefits plans, including health insurance, retirement plans, and other perks and demystify the calculation of premiums. Let me know your thoughts, and stay updated by following me on LinkedIn!LinkedIn: https://www.linkedin.com/company/dan-eisner

The time has come for “tough love” to be a key element in any advisor-client relationship.Advisors must strive to recognize when they need to be courageous and give that tough love, be patient when it is not warranted or will not help the situation, and continue to learn to recognize the difference between these two situations.Let me know your thoughts, and stay updated by following me on LinkedIn!LinkedIn: https://www.linkedin.com/company/dan-eisner

Is it time that we stop shaming employees for their use of weight loss drugs? I think it's important to consider the reasons behind an individual's decision to use weight loss drugs before passing judgment. There may be underlying health issues or personal struggles that we are unaware of, and it's crucial to approach this topic with empathy and understanding. Instead of shaming, we should focus on creating a supportive and inclusive workplace environment that promotes overall well-being.Let me know your thoughts, and stay updated by following me on LinkedIn!

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Arguably, the most commonly used strategy to manage employee benefits plan costs over time is to regularly “market” the benefits plan. The idea is simple – have the various insurers compete for your group benefits business, as you may do with other business areas. At the end of the day, you look for the insurer that offers the lowest apparent costs. However, you must be careful as things are not always as they appear.Let me know your thoughts, and stay updated by following me on LinkedIn!LinkedIn: https://www.linkedin.com/company/dan-eisner

Did you know that 15 years ago, the inflation rate of employee benefits was significantly reduced? This was due to decreased drug costs and the patent cliff phenomenon. At ZLC Financial, we have some thoughts on why this is happening.

⁠#DanEisner⁠⁠ ⁠⁠#BetterBenefits⁠⁠ ⁠⁠#PrescriptionDrugs⁠⁠ ⁠⁠#EmployeeBenefits⁠⁠ ⁠⁠#InsuranceInsights

There has been talk about AI taking over areas traditionally serviced by human beings, including the employee benefits industry. Could this be the beginning of the end for human contact and interaction? At ZLC Financial, we do not believe so. ⁠#DanEisner⁠⁠ ⁠⁠#BetterBenefits⁠⁠ ⁠⁠#RoboAdvisors #AI⁠⁠ ⁠⁠#EmployeeBenefits⁠⁠ ⁠⁠#InsuranceInsights

As an Employee Benefits Advisor, I have seen that pharmacy controls may not be as effective as they once were. In fact, they could be outdated and ineffective when it comes to your benefit plans. It may be worth considering alternative approaches to ensure employees can access the medications they need while managing costs. Let's discuss how to optimize your benefits program.

⁠#DanEisner⁠ ⁠#BetterBenefits⁠ ⁠#Inflation⁠ ⁠#InflationRates⁠ ⁠#InsurerTrendFactors⁠⁠#EmployeeBenefits⁠

⁠#InsuranceInsights

Are you prepared for the rising costs of your employee benefits program?
As an Employee Benefits Advisor, I've seen firsthand how insurers' trend factors often outpace actual inflation rates. Insurers consistently project higher costs, but negotiation is possible. With the right advisor, secure fair rates that reflect market realities. Let's discuss how to optimize your benefits program.

DanEisner #BetterBenefits #Inflation #InflationRates #InsurerTrendFactors#EmployeeBenefits #InsuranceInsights

The right employee benefits advisor can make all the difference. Crafting an appealing and comprehensive benefits package is crucial, and at ZLC Employee Benefits Solutions, we believe in today's competitive job market, securing top talent is pivotal for business success.

Our first key trait is ensuring competitive rates. While many can offer lower premiums initially, we go beyond by guaranteeing apples-to-apples comparisons and sustaining affordability in the long term. With over 140 years of experience and our proprietary solutions, ZLC assures sustainable and affordable rates.

Secondly, flexibility is essential. We conduct a thorough analysis of your organization's goals, culture, and budget constraints, tailoring benefits programs to attract and retain key talent. We avoid the one-size-fits-all approach, providing creative, customized solutions.

Lastly, industry expertise is non-negotiable. Our specialized skills, underwriting expertise, and commitment to staying abreast of industry trends make us your company's quarterback in navigating the complex landscape of employee benefits.

At ZLC, we're not just advisors; we're your strategic allies in building a workforce for lasting success. Let's chat today!

Planning a winter getaway outside Canada? Ensure a worry-free vacation by understanding your emergency medical coverage. As the travel season approaches, it's crucial for employees and employers to be informed about their coverage through group benefits. Each policy varies, so review your plan booklet and contact your insurer for clarification before departure. General guidance on emergency medical travel coverage is provided, emphasizing the importance of enrollment, maintaining provincial government coverage, and knowing the definition of a "medical emergency." Exclusions, such as pre-existing conditions and travel advisories, must be understood beforehand. Remember, knowledge is key—know before you go! Carry your emergency travel medical card, inform travel companions, and have the insurance company's contact details on hand. In case of a medical emergency, contact the provided assistance number immediately for guidance on treatment, coverage, and potential arrangements for transfer or travel home. Stay safe and enjoy your travels!Follow my LinkedIn business page for updates: https://www.linkedin.com/company/dan-eisner

As an Employee Benefits Advisor, I understand the growing challenges of managing employee benefits. The 2024 forecast indicates that employee benefits inflation in Canada are expected to continue its historical trend, hovering around 6%. Despite economic uncertainties and the impact of the global pandemic, the need for robust employee benefit plans remains crucial for attracting and retaining top talent. Looking ahead, we anticipate life insurance increases in the 3-5% range, long-term disability benefits rising by 6-8%, and extended health experiencing an inflationary pressure of 6-8%, with potential savings in certain areas. Dental inflation, historically ranging between 6-8%, may see a slight increase to 7-9% in 2024. While these projections serve as a guide, individual plan characteristics may influence actual costs. As I navigate the complexities of employee benefits, I recommend incorporating a 5-10% inflation assumption in budgets for a realistic approach. Stay informed by following my LinkedIn page for in-depth insights. Join the conversation – your thoughts matter!

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Let's discuss a complex dilemma faced by employers and employee benefits plan sponsors: Obesity & healthcare coverage. Obesity is on the rise in Canada. Are weight loss drugs "lifestyle" or a necessity? Are we overlooking societal weight bias?Supporting employees in their weight loss journey aligns with well-being & diversity and inclusion trends. But the big question remains: How can we balance costs with long-term gains for everyone? What are your thoughts? Join the conversation!

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Ongoing discussions on Parliament Hill about National Pharmacare, where the federal government may cover prescription drug costs for Canadians, could significantly affect employee benefit plans.

While the idea of equitable access to prescription drugs is compelling, the complexity lies in the details and negotiations between federal and provincial governments. With over 70% of Canadians having private benefit plans, questions arise about the fate of these plans and their coverage variations. The sustainability and funding of this program remain unclear. Benefit plan sponsors must stay informed about these discussions while managing their current plans, as drug benefits remain a crucial aspect.

In May 2023, I explored the world of Ozempic in my article, "What’s Up With Ozempic." Fast forward to today, Ozempic remains a popular choice in the weight loss drug landscape. Public interest in prescription weight loss solutions is growing, despite its initial development for Diabetes treatment.

The link between obesity and health risks is evident, affecting 63.1% of Canadians. Ozempic's cost is more affordable in Canada compared to the U.S., but supply stability and Wegovy's status remain in flux. Here's the call to action: Employees in benefits plans should advocate for weight loss drug coverage, sponsors should consider long-term workforce health, insurers should treat obesity as a chronic disease, and governments should explore cost-saving alternatives in healthcare. Together, we can drive positive change for a healthier Canada.

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How can effective communication strategies improve employees' understanding and appreciation of their benefits plans while also supporting organizational strategies?

Employee benefits plans are vital for attracting and retaining top talent. But if employees don't understand their benefits, the plans won't support the organization's strategies. A communication strategy, like education sessions or regular updates, helps employees grasp the plan's value and make informed decisions. This may increase costs temporarily, but the benefits include higher satisfaction, engagement, and retention. Understanding their benefits makes employees less likely to consider offers from competitors.

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Should employers meet employees' higher expectations for vision care?

Employees highly value these benefits, but reimbursement levels haven't kept up with rising costs. While many employers look to market practices when setting benefit levels, there might be other ways to provide more value without increasing costs. Listen in on my insights into providing more value without increasing costs, such as lower-cost options, direct billing, and promotional offers. Let's help employees make the most of their benefits.

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How can organizations effectively manage the rising costs of employee benefits while ensuring they attract and retain the talent they need to run their business?

Employee benefits costs have risen significantly, with an average annual cost of $4,400 per employee in 2018. Since then, costs have increased by 6-9% annually. Aging workforce, increasing health needs, and rising service costs contribute to these financial risks. However, employee benefits are crucial for talent retention and engagement. Organizations need a long-term strategy to manage these plans and align them with broader business goals. Join my upcoming course on understanding the financial risks of employee benefits on June 15th.

Sign up here: https://pd.bccpa.ca/pd-search/#/m32225a_ol/m2225ol/

Stay updated by following me on my LinkedIn: https://www.linkedin.com/company/dan-eisner

Have you heard of Ozempic? Join me in exploring this new prescription drug, breaking down any myths surrounding it, and shifting our mindset to consider a fresh perspective toward the future.Want to learn more? Reach out and let's talk!

Stay updated by following me on my LinkedIn: https://www.linkedin.com/company/dan-eisner

What challenges do small businesses face in providing employee benefits, and how can they overcome them?
ZLC Small Business Employee Benefits Solution offers a buying consortium to provide benefits in bulk for small businesses, resulting in lower expenses and sustainable savings of 10-15% for clients. Our renewal methodology protects clients from premium rate volatility and ensures a smoother ride over the long term. We also offer more flexibility in plan design options, better benefits, and comprehensive service and support.
Want to learn more? Reach out and let's talk!

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Do you have a prescription drug formulary for your employees' health benefits?

Many plan sponsors have not implemented drug formularies to reduce drug coverage despite annual inflation. However, all insurers in Canada have implemented programs to restrict drug coverage, such as mandatory generic programs and prior authorization programs, which have proven effective. These programs differ between insurers.

Let me know your thoughts by leaving me a comment below!

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Are HR and Finance aligned in their understanding of your employee benefits plan? The success of any organization can be affected by a lack of connection and common objectives in this area. Unfortunately, there is no easy solution to this disconnect. Nevertheless, it is increasingly crucial to find common ground through productive conversations between HR and Finance. Listen to my latest podcast to learn about how to achieve this and why it is so vital for HR and Finance to speak the same language. Let me know your thoughts and stay updated by subscribing and following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

No matter what type of business you are involved in, you are likely trying to "sell" something, be it a product or a service. So, what does this have to do with employee benefits? Benefits plan sponsors must adopt a marketing and sales approach when attracting top talent and selling employee benefits, as this gives them a competitive edge over simply providing them.

Let me know your thoughts and stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner/

You’ve undoubtedly heard quite a bit about attracting employees, retaining them, and engaging them. I’m here today to talk about what you should do for them when they leave. Particularly, what to do for them regarding their employee benefits plan. There are many other situations where it might be valuable in the long term to extend support as an employer to your departing employees. Listen in and let me know what you think and stay updated by following me on LinkedIn!

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Employees have consistently indicated they are looking for more choice and flexibility when it comes to their employee benefit plans. Employers have been looking to derive more value from their employee benefit plans in order to better attract and retain high quality employees. Yet flexible benefit plans have not increased significantly in prevalence. Let me walk you through my thoughts and how I can help you identify the best benefits strategy with respect to your employee benefit plans and retirement programs.

You may ask yourself, how do employee benefits relate to “The Great One”, Wayne Gretzky. Too often employee benefits plan sponsors chase each other – we call this process benchmarking. Each organization’s needs are unique and warrant a customized solution. Let me know your thoughts and follow me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

All employee benefits plan sponsors deserve to know what they are paying and what services they are getting in return. Only then can they assess if they are getting full value from their employee benefits advisor. Let me know your thoughts and stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

There has been a lot of discussions around inflation in the broader economy. Today, I'm providing you with our forecast for employee benefits inflation for 2023. Let me know your thoughts and stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

When it comes to employee benefits, it's important to ask this question before selecting what to give your employees: Should you give your employees what they want or what they need? How do you manage this decision in your organization?

Let me know your thoughts and stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

The costs related to employee benefits plans continue to cause employers concerns as annual inflation rates have generally outpaced broader market inflation for other business costs. As well, these annual inflation rates have generally outpaced many companies’ topline revenue growth and thus their ability to offset these increases. The challenge for employers is that employee benefits plans continue to generally rank as the second most important component in an employee’s compensation package (behind only salaries), and many employees continue to feel entitled to having employee benefits provided to them. So, what are employee benefits plan sponsors to do?

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About five years ago there was a flurry of activity within the employee benefits industry. Self-proclaimed “Disruptors” were setting up shop with promises to revolutionize the way plan sponsors provided benefits to their employees. These developments caused me to write a series of articles at that time that spoke to what they proposed and how that would potentially reshape the traditional employee benefits industry. As an independent advisor, I take great pride in being able to separate myself from all service providers and/or proprietary solutions and scrutinize Disruptors as they compare to more traditional insurers.

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The issue of inflation continues to be significant for employee benefits, as the pressure for businesses builds to maintain these plans. Employees place a high level of value & importance on benefits when choosing an employer, choosing to stay with an employer, and employees often feel entitled to receiving them. Here's your 2022 inflation update and what it means for your employee benefits plans.

Stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

On March 22, 2022 The Federal government announced a program to provide dental care for low-income Canadians. So the question I’ve been hearing from clients is whether they should amend or even terminate their Dental plan. If you haven’t yet, be sure to watch my first video by clicking the link below for our answers to the following questions:

Should you change/eliminate your current dental plan?
Should the federal plan be first or second payor?
Should plan sponsors change their plans to provide top-up coverage only?

In today’s video I answer three more questions developed for plan for sponsors to consider:

Should employees be allowed to opt out of company-provided dental plans?
Should plan sponsors change the premium rate structure by establishing couple and family rates?
Should plan sponsors transition their dental plans to spending accounts? Share your thoughts in the comments below.

Stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner

On March 22, 2022 The Federal government announced a program to provide dental care for low-income Canadians. So the question I’ve been hearing from clients is whether they should amend or even terminate their Dental plan. Let me know what your thoughts are in the comments below.

Stay updated by following me on LinkedIn!

LinkedIn: https://www.linkedin.com/company/dan-eisner