HFG January 2024 Newsletter
The Four Keys to Business Health
The health of your business is a reflection of how well you manage all aspects of your operation. Smart business owners know they can avoid problems by keeping aware of the many elements that can affect growth and success. By conducting a regular business check-up, you can identify strengths and weaknesses. And much like your own annual physical, a business check-up pinpoints concerns and enables you to take preventative measures so they don’t become a threat to your organization’s health.
We’ve categorized your check-up into four key aspects necessary for business health: management and operations; marketing; financial and legal; and human resources. In a healthy and sound business, these four areas are in balance.
FREE Help is at Hand for Your Business Challenges
Have you found yourself thinking any of the following recently?
• I’m not sure what my employee of less than a year is eligible for with regard to her upcoming maternity leave.
• I need to terminate a staff member’s employment. What’s the best way for us to proceed?
• I’ve got someone going on sick leave, but what do I do about their benefits while they’re off?
HSA – Going the Extra Mile
You try to provide comprehensive coverage through your Plan, but employees have unique lives that don’t always fit neatly under a group benefits package – and that’s where a Health Spending Account (HSA) can help.
Plan News & Resources
We’re In This Together!

Being a not-for-profit is one of the strengths of Chambers of Commerce Group Insurance Plan. It’s a mandate to manage premiums with extra care, and a path toward sustainability of the Plan. Because Chambers Plan is a not-for-profit, all surpluses are rolled back into the Plan. You might be wondering what this means.
When a company buy insurance, they are putting money into a premium pool with many other firms to help participants should they suffer a loss or expense covered by the policy. Most policies are annual contracts, with premiums based on informed predictions about how much money will be needed to pay future claims. At the end of the policy term, it is hoped that enough premiums were collected from all participants to cover the claims incurred.

Other insurance companies will use this claims experience each year to help predict how much money they will need to pay the upcoming year’s claims and set premiums accordingly. Any surpluses or deficits belong to the insurance company, as they are assuming the risk. So, if there are deficits, the insurer absorbs the loss and will use this information to set rates for the upcoming year. This can sometimes result in a significant increase in rates. If there are surpluses, these funds are typically kept by the insurance company.

This is where the Chambers Plan is different. Your premium dollars are working for you, not the insurance company.

Surpluses in Chambers Plan do not go to the insurance company, but are used in determining the premiums for the upcoming year, which means more reasonable renewals for everyone.
Everything You Need to Manage Your Employee Benefits Plan

The easiest way to administer your firm’s Chambers Plan group benefits is with my-benefits. Manage administrative tasks quickly and accurately – from adding employees and updating earnings to calculating payroll deductions. If you’re not registered, please do so at www.my-benefits.ca. If you choose not to register now, the Firm Guide and the Administrators tab found on chamberplan.ca provides you with the information and tools you’ll need to manage your program.
Recently hired a new employee? Add them quickly and easily using online enrolment, found on my-benefits.ca. Just fill out the Employer sections, have the employee complete their section, and submit! 
Hynek Financial Group
5500 North Service Road, Suite 209, Burlington, ON  L7L 6W6
PH: (905) 319-9999
Email: info@hfgb.ca