1. An Affordable investment in your business
Presented by:
Tchavdar (Charles) Elenkov, CFP, CHS
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2. Thursday, January 17, 2019Thursday, January 17, 2019
Agenda
The challenges
A great solution
What to look for
Getting Started
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3. Challenge #1 Attracting and retaining the best employees
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4. Challenge #2
Attracting and retaining those employees in a shrinking market
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5. Your People…a competitive edge
Good employees can have a significant impact on the bottom line for a small business
Long term employees bring more value to the organization than a series of short-term employees
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6. A great solution…
Security and peace of mind through a Group Benefits Program
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7. Thursday, January 17, 2019Thursday, January 17, 2019
Why Group Benefits?
You will:
Attract high quality employees
Improve employee morale
Retain the best employees
Take advantage of this tax deductible business expense
Promote health and wellness
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8. Thursday, January 17, 2019Thursday, January 17, 2019
A Group Benefits Plan
Shows concern for employees and their families
Demonstrates management responsiveness
Makes a strong statement that says:
“We are an established company”
“We value employees”
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9. Employee Satisfaction
A Group Benefits Plan contributes to a sense of employee satisfaction and security
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10. Thursday, January 17, 2019Thursday, January 17, 2019
The Benefits of Group
A group discount for the coverage including for yourself and your family (much more affordable than individual coverage)
More comprehensive benefits than individual coverage
No requirements for proof of good health within the No Evidence Limits
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11. A cost-effective approach
Employer contributions represent a tax deductible business expense
Employer contributions are not taxable income for the employee
Health and dental benefits are received tax free by employees
Employee contributions are paid via payroll deduction
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12. Thursday, January 17, 2019Thursday, January 17, 2019
What to look for…
Simple administration
Straight-forward communication materials
Toll free customer service
Pre-authorized payment
Online access to plan management, claims and information
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13. Thursday, January 17, 2019Thursday, January 17, 2019
Base Benefits
Life Insurance (Salary Based Benefits Available)
Accidental Death & Dismemberment (AD&D)
Extended Health Care (pays medical expenses not covered by OHIP)
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14. Supplementary Benefits
Dependent Life
Short and Long Term Disability (Income replacement)
Dental care
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15. Thursday, January 17, 2019Thursday, January 17, 2019
Optional benefits
Optional Life Insurance for Members and Dependents
Optional Critical Illness Insurance
Health Spending Accounts
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16. Thursday, January 17, 2019Thursday, January 17, 2019
Common Plan Design
Life & AD&D (Flat $25,000)
Dependent Life ($5,000 spouse/$2,500 child)
LTD (66.67% / 120 day wait / to 65 / Max $3,000 / Non-Taxable)
Health (Prescription drugs; massage, chiropractor, physiotherapist, naturopath and other professional services; semi-private hospital; laboratory tests; vision care; hearing aids; orthotics; out of province travel coverage etc.)
Dental (Preventative and restorative coverage – checkups, cleaning, whitening, fillings, x-rays etc.)
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17. Thursday, January 17, 2019Thursday, January 17, 2019
Managing the Plan
The insurance company will provide support with…
Comprehensive, easy-to-understand administration kit
Clear, detailed monthly billing statements
Toll-free access to customer service professionals
On-line claims
Direct deposit of benefits
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18. Thursday, January 17, 2019Thursday, January 17, 2019
Not on your own
I will help with:
Day to day issues and employee questions
Annual program reviews, plan performance and plan design management (add or remove, increase or decrease benefits)
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19. Thursday, January 17, 2019Thursday, January 17, 2019
Getting Started
Simply provide:
Employee info:
Dates of birth
Gender
Dates of hire
Occupations
Income
Coverage status (single family)
Desired or current benefits
Authorization Letter
Information on any absent staff
I will do the rest!
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20. Thursday, January 17, 2019Thursday, January 17, 2019
Summary of Advantages
The most comprehensive and affordable way to provide yourself, your family and your employees with financial protection against unexpected big medical expenses
Tax deductible premium for you
The most tax effective way to compensate employees
Streamlined administration
A strong statement
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21. Thursday, January 17, 2019Thursday, January 17, 2019
Questions?
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