Employee benefits are no longer a one-size-fits-all deal. Today’s employees want flexibility and choice. They’re looking for benefits that fit their lives, whether that’s mental health support, fitness programs, or traditional health coverage. That’s where combining myFlexplan with traditional benefits can be a game-changer.
If you’re an insurance advisor or business owner, offering a mix of these benefits can set you apart. Let’s dive into how myFlexplan and traditional benefits can work together to create a personalized experience that employees want.
Why Personalization is the New Normal in Employee Benefits
Gone are the days when people were happy with just a standard health insurance package. Employees today expect more. They want benefits that reflect their individual needs and lifestyles. From younger employees who prioritize mental health and fitness to older generations looking for solid health coverage, the demand for personalized benefits is growing fast.
Some trends driving this shift:
Generational differences: Younger employees may be all about mental wellness and fitness perks, while older employees might focus on health insurance and retirement savings.
Mental health awareness: After the pandemic, employees are putting a higher value on mental health support and preventive care options.
The challenge? Finding a way to offer all of this without breaking the bank or making benefits too complicated. This is where myFlexplan comes in to work alongside traditional benefits.
Traditional Benefits: The Core of Employee Care
Traditional benefits are the basics—health insurance, dental plans, life insurance, and so on. These are the foundational benefits that cover things like doctor visits, dental work, and prescriptions. Everyone needs these, right?
What they include:
Health insurance for medical expenses like doctor visits and prescriptions.
Dental and vision for routine care and emergencies.
Life and disability insurance for financial protection during tough times.
But here’s the thing: while these benefits are great for essential coverage, they don’t cover all the health and wellness needs that employees care about today. That’s where myFlexplan comes in.
myFlexplan: The Flexibility Everyone Wants
myFlexplan is like a breath of fresh air in the world of benefits. It gives employees the freedom to choose how they want to use their health and wellness funds. Whether it’s for covering expenses that were not fully covered by insurance, gym memberships, mental health support, child care, or even something like pet adoption and veterinary fees—myFlexplan lets employees decide what’s best for them.
Just a few of the things employees can use their myFlexplan funds for:
Health: Massage, physiotherapy, dental, vision, prescriptions, therapy, counselling, wellness apps, addiction and rehabilitation programs.
Fitness: gym memberships, fitness classes, home workout equipment, vitamins and supplements, fitness trackers, personal training, and kids sports fees.
Family: elder care services, pet insurance, child daycare fees
Other: veterinary fees, professional memberships, personal RRSP contribution reimbursement, parking fees, vehicle maintenance and even mortgage payments
*Wellness (taxable) related items are unique to each business. All eligible expense items are decided on by the employer and can be as specific or as creative as the employer wishes.
With myFlexplan, employees get to personalize their benefits. It’s not about what they should need; it’s about what they actually want.
How myFlexplan and Traditional Benefits Make the Perfect Pair
When you combine myFlexplan with traditional benefits, you get the best of both worlds. Traditional benefits cover essential healthcare, and myFlexplan lets employees focus on their personal health and wellness goals. Here’s how they work together:
Cover the Basics with Traditional Benefits
Traditional benefits take care of the essentials, like doctor visits and prescriptions. This gives employees peace of mind knowing they’re covered for major medical needs.
Personalize with myFlexplan
myFlexplan allows employees to choose the additional health and wellness options that work best for them. Whether it’s paying for therapy sessions, a dietician, additional dental or orthodontic work, a new set of dumbbells, or a subscription to a meditation app, myFlexplan gives employees the freedom to spend on what matters most to them.
Better Support for Mental Health
Let’s face it, mental health benefits are more important than ever. While traditional plans may cover some mental health services, myFlexplan can fill in the gaps by providing funds for counselling, wellness apps, or providing financial relief for expenses on items that matter most to the employee.
Cost-Effective for Employers
For employers, offering myFlexplan can actually help manage costs. You set a budget for the employee and the employees choose how to use it. This can help control costs while still offering a valuable, personal and flexible benefit.
Happier, Healthier Employees
When employees can choose benefits that fit their lifestyle, they’re more likely to feel valued and engaged. A mix of traditional benefits and myFlexplan makes your package more attractive to new hires and helps keep current employees happy.
Real-Life Examples: How it Plays Out
Here’s how this might look in action:
Scenario 1: A 30-year-old employee who loves fitness. They use their traditional health plan for annual check-ups, but their myFlexplan is where the fun begins. They use it for a gym membership, online yoga classes, and a wellness app subscription.
Scenario 2: A stressed-out employee looking for mental health support. They rely on traditional insurance for medical care, but their myFlexplan helps cover weekly therapy sessions and a meditation app to manage stress.
How to Present myFlexplan to Your Clients
As an insurance advisor, explaining the benefits of myFlexplan is a great way to help your clients build a stronger benefits package. Here are some key points to highlight:
Cost control: Employers can set a fixed budget for health and wellness spending, keeping costs predictable.
Employee satisfaction: myFlexplan gives employees the flexibility to choose the health and wellness items that matter to them.
Well-rounded benefits: Combining traditional health insurance with myFlexplan creates a more complete package that covers both essential healthcare and wellness.
Personalization is the Future of Benefits
As employees continue to demand more personalized benefits, it’s clear that the future of employee care is all about flexibility and choice. By offering both traditional benefits and myFlexplan, you’re giving employees the best of both worlds—comprehensive coverage and the freedom to tailor wellness options to fit their lifestyle.
If your clients are looking to attract top talent, improve retention, and show their employees that they truly care about their well-being, combining these benefits is the way to go. The power of personalization in benefits is here to stay, and it’s time to embrace it.
Balancing flexible plans like myFlexplan with traditional benefits can be a great way to meet diverse employee needs. Flexibility allows individuals to tailor their benefits, which is especially helpful when dealing with specific health challenges, like addiction recovery. Access to programs such as drug rehab in Montreal can be essential for employees who need help overcoming substance abuse. A comprehensive benefits plan that includes mental health and rehabilitation services can empower employees to seek the support they need without fear of stigma. Ultimately, combining flexible and traditional benefits can promote a healthier, more balanced workforce.