Statistics Canada tells us that employers pay their employees amounts equal to between 30 and 50% of a persons salary for benefits other than salary. Hard earned dollars are spent on such things as; group life & health benefits; disability insurance; retirement plans; government benefits and special company benefits.

Many employees do not appreciate their benefit programs because;

They have no idea what it costs their employer to provide these benefits

They do not fully understand many of the benefits provided

They have forgotten about a lot of the benefits provided

Today, with the variables in benefits available; tax implications; competitive pricing, etc., it is becoming increasingly clear that there is a requirement for employers to engage the services of a broker/consultant to provide guidance in providing these benefit programs.

The consultants role then, involves a preliminary consultation to discuss specific requirements, concerns and conditions affecting benefits, costing and administrative support services as well as designing an effective employee benefits/communications programme.

It is also important to find the correct insurance company or companies who will underwrite and service the program. We look for flexibility in underwriting, financial stability and a proven record of claims handling and service.

An annual "Plan Review" is vital to ensuring that the group insurance plan continues to meet its requirements and objectives. An annual report is prepared chronicling the claims experience during the previous policy term, detailing the rate structure the carrier proposes for the coming policy year together with recommending a course of action.

In addition, we can provide assistance in administering a group benefit program. Such computerized administration is usually arranged on a separate fee basis depending on the degree of service.

In summary, we have the skills and knowledge to advise you on your Employee Benefit Program, keeping you informed of changes in government policies and regulations as well as changes in the insurance marketplace - all working toward optimizing the use of your benefit program dollars.

COST PLUS BENEFITS
This is a relatively new Benefit that enables you to "top up" Benefits for Senior Executives only. Full discretion is allowed and you may select which Executive Staff can participate within the Executive Class.

Cost Plus allows tax effective payment of extra Health or dental expenses for Executives. This special Benefit will be superimposed on top of the traditional Group Health and Dental Plans.

Example:

Executive Staff earnings $60,000 annually
Incurs Dental expenses as follows:
Basic Services: $500
Child Orthodontic Care: $3,000
Total $3,500

Group Dental Plan reimburses:
80% of $500: $400
0% of $3,000: $0
Total $400

Cost Plus can reimburse Executive tax-free for the $3,100 unpaid difference

METHOD: In this example you would issue a cheque to the Insurance Company for the amount of the claim ($3,100) plus an administration fee, usually 15% ($465). The insurer then sends a tax-free cheque back to the Executive for $3,100. Your company then tax-deducts the amount as a Group Insurance premium.

We normally recommend that consideration be given to including this new Executive perk to Senior Staff and their dependants only.