To say that the pandemic put a strain on businesses would be an understatement.
That’s why early on Beneplan recognized the need for much-needed relief, and knew they had a unique opportunity to make an impact.
Toronto-based family office, Mansha Plan, offers a tailored experience for business families. Unlike institutions, which can leave high net-worth clients feeling like a number, Mansha provides a more personalized and holistic approach to planning.
“When the pandemic started, there was tremendous uncertainty. We found the largest area of concern for many businesses surrounded their workforce. Some companies had no choice but to initiate mass layoffs,” says Tavinder Malhotra, President of Mansha Plan.
“While others wanted to keep their people at all costs. It was mission critical for us to identify ways we could help these businesses keep their families together. Thankfully, we had the right partners in Beneplan that could provide stability during these unforeseen times.”
During the pandemic, employee health benefits were being underutilized. For example, dental benefits were being underused by company employees because dental offices were closed due to the pandemic. Thus, Mansha took this opportunity to advise their business clients of their ability to adjust their policy to plan accordingly.
In a traditional employee health benefits plan, what you pay is what you pay. In Beneplan’s unique model, however, unused premiums are returned to members at the end of the year as a dividend.
This refund was a game-changer for a lot of business families, helping them weather the storm.
Partnering with healthcare provider, Beneplan, Mansha was able to give $5.9 million back to small and medium-sized businesses in the form of benefit refunds.
According to Beneplan CEO, Yafa Sakkejha, “2020 was a dark year for many business owners. We felt that many of our people were in pain.”
As a CEO herself, she witnessed the strain many other business leaders were under as they tried to put on brave faces for their teams and stressed over what was left in the bank.
“As a healthcare company, it pained me that so many people grieved the loss of their loved ones at the same time as stressing over whether they could make rent. I was always taught that charity starts at home, and so we couldn’t have been more relieved to be able to direct deposit over $5.9 million of employee benefits premium refunds to our customers in May 2020, representing premiums paid that did not go towards claims,” says Sakkejha.
That said, refunding premiums in cash isn’t anything new for the company — and 2021 marks the $26 million mark of reinjecting cash into the economy for over 20 consecutive years.
To learn more about what Mansha Plan can do for you, book a consult, you can visit manshaplan.com.