January 2024 CGIB News

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Dear Subscriber,

HAPPY NEW YEAR!!! 2023 is behind us and 2024 looms large ahead.

In chats with advisors coast to coast, there is a palatable concern about the state of the benefits industry, and if,...maybe... it's time to get out.

Many of the concerns stem from the industry upset that could be caused by the National Pharmacare and Dental programs displacing private employee benefit plans. Combine that with stories of record high buyout factors and many think the end may very well be near.

I don't think there is a thing to worry about, as long as advisors have good, trusting relationships with clients that they have educated well. 

Helping clients navigate the various public and private options is more confusing and important than ever, and we have more options available to us to resolve difficult situations, but it takes employee benefit specialists to understand them, educate clients and provide them with lasting solutions. In short, being a specialist has never been more important or valued.

A Few Facts:
  • The CDCP does not provide coverage if you have a group plan, or are higher income, and if a client drops their dental plan, most employees will have little or no coverage from the national plan...Few will go this route (if educated) hence, not a big issue.
  • Though there is funding for the Drugs for Rare Diseases (DRD's) there is none for pharmacare, making this an even further off and harder initiative to implement. A DRD pharmacare program (drugs over $100k) might be welcomed by advisors and employers as it would remove the real outlier drugs affecting rates (so a plus). 
  • A federal election is expected by Oct. 2025, assuming no NDP/Liberal fall out, so the entire program would need to be in by then and well supported by voters (unlikely)

So, what can you do? Double down on benefits. Look to grow, buy or partner to build your benefit blocks. Re-focus your business on this area of need even more than you already are. REMEMBER: 50% of plans are sold by advisors who sell 1 case or less a year. Many have no clue how any of it works and can cause more damage than good. You are the solution and both you and your clients will benefit.

Don't agree? Let me know and I can take over your benefit clients, or find good homes for them with other CGIB members :-)

Here's to the year ahead.

Dave
 
OUR EVENTS

CGIB COFFEE CHATS

Coffee chats are like a virtual breakfast. Log in, ask questions, share problems, seek solutions and talk about what's on your mind.  Best done from a computer, with a camera and a microphone. No CE credits, but also no cost, just show up.

QUICK.... PUT THESE IN YOUR CALENDARS NOW!!!!

Thursday January 11th at 2:00 PM to 3:30 PM, EST
   Special top & presenter - INDEMNIFICATON OF RISK

Tuesday Jan 23, 2024 at 2:00 PM to 3:30 PM, EST
Thursday Feb 8, 2024 at 2:00 PM to 3:30 PM, EST
Tuesday Feb 20, 2024 at 2:00 PM to 3:30 PM, EST
Thursday Mar 14, 2024 at 2:00 PM to 3:30 PM, EDT
Tuesday Mar 26, 2024 at 2:00 PM to 3:30 PM, EDT
Thursday Apr 11, 2024 at 2:00 PM to 3:30 PM, EDT
Tuesday Apr 23, 2024 at 2:00 PM to 3:30 PM, EDT
Thursday May 9, 2024 at 2:00 PM to 3:30 PM, EDT
Tuesday May 21, 2024 at 2:00 PM to 3:30 PM, EDT
Thursday Jun 13, 2024 at 2:00 PM to 3:30 PM, EDT
Tuesday Jun 25, 2024 at 2:00 PM to 3:30 PM, EDT

CGIB Members may join the meeting at the time above by visiting... 
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BREAKFAST MEETINGS
CGIB supports the volunteers that runs the breakfast meetings below.

Please find the details for your closest location below.
Ajax, Atlantic Canada, Cambridge, Edmonton, London, Markham, Oakville, St Catherines, Toronto, Vancouver, Vancouver Island, Windsor or the Virtual National Meeting

Please contact the event champions to be added to their lists, and receive more info.  
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Upcoming CGIB Events:   Hold the dates.

Halifax March 6, 2024 - Full-day Plan Admin Checklist Workshop
Toronto May 8, 2024 - Full-day multi speaker event
Calgary June 4, 2024 - Full-day Plan Admin Checklist Workshop
Vancouver June 6, 2024 - Full-day multi speaker event
Toronto June 26, 2024 - Full-day Plan Admin Checklist Workshop
Toronto Nov. 6, 2024 - Full-day multi speaker event

Halifax April 2, 2025 - Price vs Value, Growing your block (w/o a sale)
Toronto May 7, 2025 - Full-day multi speaker event
Calgary June 3, 2025 - Full-day multi speaker event
Vancouver June 5, 2025 - Full-day multi speaker event
Toronto Nov. 5, 2025 - Full-day multi speaker event
 
Don't forget the CGIB Member Benefit of HR Resources for your Clients
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GET ON SLACK

The CGIB SLACK channel is a great place to pose questions, share info and learn a ton from your fellow members.  The info and discussions that are posted there are unlike anywhere in the industry with documents, videos and information available in MEMBERS ONLY to make your life easier. 

NOTE TO ALL SLACK USERS: We now have 80+ channels in Slack to handle different topics. Please take a moment to add these channels to your menu. To do so, just click on the + next to Channels on the top left.  
Browse the channels and then click JOIN to add each of them. By doing so you won’t be missing really great info.
 
SUGGESTED READING

We think the information contained below is of great value and encourage you to read the articles and check out the events that interest you.  In most cases, these articles and events are not run by CGIB, so please contact the organizers for more information. We take no responsibility for the websites, events, organizations or their content.
https://insurance-portal.ca/health/prescription-drug-plan-the-private-sector-is-part-of-the-solution/You asked for it…

Looking for a discount to get to the articles in…  ?
Use the promo code CGIB which gives a 30% discount on our PRO Level subscription for 12 months.   








 
SETH GODIN'S BLOG - 

Friendly doesn’t mean saying ‘yes’ all the time, or changing every policy, or giving up our principles. 

Friendly is how it feels, not what it does.

 Put another way... I love this one. it's both short and simple.

Those that say yes to clients (yes, I'll shop your plan...yes, I'll go back to the insurer for an unsustainable rate....yes, you can have 50% of your staff on the plan...etc.), are the order takers. They are NOT partners, advisors or consultants....they just say yes because they are afraid of saying NO. That if they do say no, they'll lose the client.

Saying yes is NOT what employers, or their employees, really need. They need a guide that will keep them safe, while getting them to their destination. Often the best business relationships come from not agreeing...and getting better outcomes.

Steve Jobs, the co-founder of Apple was known for fostering a culture of innovation and creativity at Apple, and he believed in surrounding himself with individuals who challenged him. If it was good enough for Steve...why not you?
 

Want to provide your admin and support staff with basic knowledge?
Want to dig into something more detailed for your benefits/insurance business?

Business Career College (BCC) has an extensive catalogue of online CE courses with a number of group benefits specific courses covering topics ranging from contractual concerns, plan designs, and underwriting requirements, to product specifics and integration with government benefits. Courses consist of narrated videos with short, online quizzes.
The full catalogue includes over 60 courses, podcasts, and videos covering topics from the world of insurance, investments, financial planning, taxation, and ethics with a focus on technical content and real-world application. Courses are accredited for the maximum categories of credits and can include provincial Life and A&S credits, FP Canada, Advocis, and more!

Use the code CGIB25 for 25% off the yearly subscription Price.
The regular retail price is $200/year, CGIB members save $50/year!!!

Sign Up
 
The Benefits Trust presents...

Meaningful Executive Benefits
 
Time: 10:00 am – 11:00 am EST

Delve into the world of executive benefits that go beyond the basics. Kevin Brady, Founder and Creator of Advica Health, will lead a discussion on the tax advantages and luxury of medical concierge services that cater to proactive health management.

We’ll explore strategies for attracting and retaining top talent, ensuring client loyalty, and expertly navigating the medical system. Insightful case studies and an interactive Q&A session will round out this session.
In this Zoomcast, we’ll look at:
  • Tax advantages
  • Medical concierge services
  • Attracting top talent
  • Client retention/sticky client
  • Medical system navigation
  • Case Studies
  • Q & A

This Zoomcast will be presented by Kevin Brady, Founder and Creator of Advica Health, and The Benefits Trust, Canada’s largest independent third-party administrator.

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Advisor webinar January 16, 2024: Susan Black to join Mark Sylvia and Stephen Frank in group benefits industry outlook panel

The 2024 Empire Life Group Benefits Industry Outlook Panel for advisors takes place January 16, 2024. In this edition, Conference Board of Canada President and CEO, Susan Black, will join returning panelists Mark Sylvia, President and CEO of Empire Life, and Stephen Frank, President and CEO of CLHIA, who have been instrumental in the success of the past two years' events.

The 2024 panel will delve into key trends affecting the group benefits industry and report on advisors’ perceptions of the most positive and most concerning trends affecting their business. The collective insights of Black, Sylvia, and Frank promise to deliver a dynamic and relevant discussion.

"We are excited to have Susan Black join us this year, together with our returning experts, Mark Sylvia and Stephen Frank, who bring an impressive depth of knowledge and expertise,” said Vanessa Lycos, Vice president of Group Marketing at Empire Life. “We’re looking forward to exploring the trends that are shaping the group benefits landscape." Lycos will moderate the panel.  

Open to group advisors and industry professionals interested in staying current with group benefits trends, the January webinar offers a concise and valuable opportunity to gain insights from these influential leaders. Registration is now open .
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 Join Canada’s premier virtual group health benefits event! 

   For two decades, the TELUS Health Annual Conference has stood at the forefront, illuminating the health benefits management landscape with unparalleled insights and trendsetting perspectives. 

Save the date today for your exclusive access to:

  •Comprehensive drug data trends and national benchmarks. 
  •Insights on health benefits trends. 
  •Continuing education credits. 

  Join us on April 23 and 30, 2024

        

Registration opens in February 2024** 
Need help? Have questions? Looking for something?

Reach out to CGIB - Dave Patriarche - dave@cgib.ca - 905-886-9203

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