Cost Inflation: How To Fight It

With CPI (Consumer Price Index) at 6.8% in April, businesses are needing to be more diligent about keeping costs down where they can. For many parts of a business, including raw materials, there is no choice but to accept price increases. Especially when it comes to commodities, there aren’t any other options but to pay to the piper.

This is why it’s that much more important that you achieve savings where you can. One way to do this is with a PHSP.
Read more below for how it works.

How a PHSP fights inflation

One of the main ways that inflation affects business owners is in the area of wage pressure. Increased costs for the average family means that workers seek out increased wages. You can defray this wage pressure by offering increased benefits though. And if you’re a small business owner, a PHSP might be the perfect way to do that.

Tax Free Goes Farther

How does this save you money though? Unlike wage increases, a health spending account is a tax free benefit to the employee. This means that every dollar goes farther. And if it goes farther for them, it goes farther for you as well. Think of it this way: your employee will appreciate a $3000 raise more if it’s tax free.

Cost Certainty

Another way you can benefit through a PHSP, especially with Corporate Care, is our track record of cost certainty. Inflation typically has the insidious effect of causing all services to increase in cost. This is most pronounced in services with a large administrative burden, like Blue Cross or insurance companies. Corporate Care, on the other hand, is built to run as lean as possible. We have minimal labour costs, having spent twenty years refining our system to run as efficiently as possible. In fact, we set our fees at 5% in 2005 and have never changed them.

Fight Cost Inflation Now!

Save money where you can and sign up for a PHSP today.