September 5, 2024

Save $1,000 Per Employee, Starting Next Month 💰🇨🇦

We’re thrilled to share that Tedy is growing rapidly, with new businesses from various industries, cultures, and sizes joining the platform every day. Tedy offers a fast track to modernize your benefits, make your team happier, and position you as a better employer. But let’s address the elephant in the room: businesses adopt or switch to Tedy because they can save substantial amounts on salary expenses with no hassle and virtually zero administrative burden. Here are a few examples of how satisfied companies save money directly with Tedy:

Scenario #1: Tedy as a Replacement for Traditional Group Insurance

We all know group insurance is expensive and keeps getting pricier every year. And let’s be honest, its structure makes it uneven in terms of how most of your staff can actually use it. From what we’ve seen, businesses are paying anywhere from 2,000 to $3,000 per employee annually—yikes. 😲

‍Here’s how Tedy can replace that. Start by setting an allocation per employee—say $1,500 a year. You can split this amount (or let your employees decide) between our tax-friendly wallets:

LSA (Lifestyle Spending Account): The most flexible LSA in Canada, with 20 categories to choose from. It’s mostly taxable, but the perceived value is huge. Based on our research, every $1 in an LSA can feel like $1.40 to your employees.
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HSA (Health Spending Account): For health-related expenses like prescriptions, mental care, dental, vision, and massage. It’s 100% tax-free for employees, and employers don’t pay contributions on this—plus, it’s a business expense!
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FIN (RRSP Wallet): Build an RRSP that kicks in after certain years of service or on specific dates—an awesome perk for your team.
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Recognition: Celebrate life milestones or work anniversaries with tax-free recognition, offering $500 to $1,000 per employee each year.
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Add-Ons: Round out your benefits with affordable extras like telemedicine, mental care, and legal advice.

While this setup isn’t exactly the same as traditional insurance, Tedy gives your team a fresh, modern benefits experience—at half the cost.

Scenario #2: Tedy as a Complement to Traditional Group Insurance

Not ready to give up your current traditional plan? No problem, we get it. Here’s the good news: You can use Tedy alongside your core group insurance, keeping essentials like life, disability coverage, or prescription plans. In other words, customize your benefits the smart way to save money.
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As a general tip, we recommend shifting capped benefits from traditional insurance to Tedy. This protects you from those yearly price hikes while giving your team a better, more flexible experience.
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On average, companies using this approach with Tedy save around 500$ to $1,000 per employee each year.
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Scenario #3: Small Business Benefits Starter Kit

Now, let’s talk about the smaller teams out there. Every growing business eventually hits a point where you need to think about benefits—not just to stay competitive as an employer, but because you care about your team’s well-being. Some companies reach that tipping point with their third employee, others with their tenth. It doesn’t really matter when it happens—the real challenge is finding a solution that fits your reality, your budget, and your vision for employee well-being. Sound familiar? Good, because we’ve got you covered.

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For only $95 per month (up to 20 employees), small teams can save big with Tedy. You’re in full control of your budget allocations, and you’ll also get great prices on virtual care services. Whether you’re a two-person design studio or a 15-person architecture firm, Tedy helps you create a custom benefits experience.

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For example, a $500 annual allocation is a common split we see. And beyond financial savings, Tedy can save you up to 40 hours of admin work a year—we take care of everything from claim validation to refunds, reports and also employee support.
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Scenario #4: The Best Salary Raise Hack in Town

Every year, it’s the same story—it’s time to raise salaries. In Canada, it’s usually around 3.5% for the whole team. And since salary is your biggest expense, this yearly bump puts real pressure on employers. What’s worse? Most employees forget about their raise after two pay cycles. So here’s our take: raise smart.
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Why not take a third of that raise and put it towards Tedy for your entire team? The boost in wellness, recognition, and tax savings for both you and your employees will make a real difference.

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Here’s a simple rule: allocate 1% of your employee’s salary into Tedy. Just by offering an HSA, your team will see real savings. Think about how many of your employees wear glasses or visit the dentist every year. Instead of paying out of pocket (and getting taxed), they’ll get a tax-free option that makes them happier—and wealthier. We’ve made it even easier for you with our free Salary Raise Optimization Guide, designed to help you navigate the process the right way.