Did you know that over a third of disability claims in Canada are due to mental health
challenges? In 2024, absenteeism due to mental health costed Canadian companies
$16.6 billion in lost productivity.
An employee benefits plan should play a major role in any organization’s overall support
strategy. Yet, many benefits plans still offer $300 to $500 annually for mental health
support for employees and their family members, even though one appointment costs
between $150 to $300 an hour with a psychologist or psychotherapist.
There are cost effective solutions that may already – or can be – put in place to support
employees and better ensure that they remain happy and productive at work.
A Health Care Spending Accounts (HCSA) can be offered to employees which they can
use for appointments with practitioners. The HCSA is a cost-effective solution which can
be applied as a tax deduction for your organization and a tax-free benefit to your
employees, can serve as a valuable ‘top up’ for the mental health paramedical coverage
already in place.
A ‘hidden’ and often poorly communicated benefit in many plans is the Employee and
Family Assistance Program (EFAP). This employer‑paid benefit typically costs only a
few dollars per month per employee, yet provides access to a wide range of mental
health support, including appointments with practitioners.
Organizations that take the time to review and strengthen their benefits strategy can
unlock significant value for both employees and the business. With the right guidance,
even small adjustments can make a meaningful difference in supporting mental health
and productivity.
Visit Halpenny Insurance Brokers
Learn more about how Halpenny can help you build a benefits program that reflects today’s workforce and protects tomorrow’s success at halpenny.com.