Employee Benefit Plans
- Category: Employee Benefit Solutions
Employee benefit plans, also referred to as group insurance, provide health coverage and insurance, for employees and their families, not extended through government sponsored plans.
Employee benefit plans provide Life Insurance, Accidental Death & Dismemberment, Dependant Life, Critical Illness, Weekly Indemnity, Long Term Disability, Extended Health Care, Dental Care, Employee Assistance Programs and Health Spending Accounts to employees and their dependants.
Employee benefit plans are valuable and are a tax effective solution for businesses and employees.
We have provided a cost vs. benefits model below to illustrate how an employee benefits plan can help your company, and your employees save on costs. (Employer Health Tax based on a business with a payroll of greater than $400,000, and WSIB rates are based on the average rate per hundred reported by WSIB for 2012. WSIB rates may vary depending on your industry)
Group Health and Dental Insurance Plans
Covers costly medical expenses of health care products and services such as prescription drugs, a full range of medical supplies, dental coverage and travel insurance options.
Group Life Insurance
Includes affordable term life insurance providing protection 24 hours per day, 365 days a year.
Disability Benefits
Includes affordable disability insurance, both weekly indemnity and long term solutions, providing protection 24 hours per day, 365 days a year.
Flexible Benefit Plans
Provides plan flexibility to employers and employees who want to decide where their benefit dollars are being spent.
Fixed Cost and Self Funding Options
Provides alternative ways for employers to fund the cost of their traditional employee benefit plan. These can include Self Funded options such as Administrative Services Only (ASO), Retention & Refund Accounting and fixed cost alternatives such as Health Care Spending Accounts.
Health Care Spending Accounts
An account that reimburses employees for non-taxable health and dental expenses, not covered under a traditional group plan. This provides the employee with more choices and greater flexibility. Non-taxable health and dental expenses are those defined and approved by the Canadian Revenue Agency.
Tax Favoured Options
Commonly referred to as Cost Plus or Health & Welfare Trusts, they provides tax favoured solutions to get medical and dental expenses reimbursed for business owners.
Coverage for Contract Employees
Life, Disability and Health and Dental coverage for contract employees who are not eligible for benefits under an employer sponsored program.
Executive Benefits
Executive Medicals, Buy-Sell Insurance, Buy-Sell Agreement Funding, Key Person Insurance, Segregated Fund solutions and Business Overhead coverage.
Group Critical Illness Insurance
Provides a non-taxable lump sum payment for unexpected medical and living expenses following the diagnosis of an eligible cirital illness.
Employee Assistance Programs
Provides confidential voluntary support services available to employees and their families that address challenges in the workplace or at home.
Group Home and Auto Coverage
Programs implemented are available through a preferred arrangement enabling businesses and their employees to receive preferred pricing on home and auto insurance.
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