Death and Taxes
If there’s one thing to know about benefits:
It’s all about DEATH & TAXES
That’s right. A well-rounded, well-balanced plan will take in account the requirements for the needs of insurance at death, as well as covering off the other “risk” factors:
- Risk of loss of life
- Risk of loss of income
- Risk of a catastrophic event
When the employee pays the premium for these (life, ad&d, dependent life, long and short-term disability and critical illness insurance), the claim is received tax-free.
Benefits are built to support the day-to-day needs of the of the employees and their families through:
- Extended health care
- Paramedical services (massage, chiropractic, physiotherapy, etc.)
- Vision care
- Dental services
- Health Spending Accounts
- Emergency Medical Assistance—Travel Insurance
These benefits are provided on a non-taxable basis to all employees (except Quebec). If the plan members were to look for individual health and dental coverage outside the corporate parameters, they would pay for the premiums with after-tax dollars, thereby eroding the benefit by their current tax rate. In many cases this will fall between 36-42%.
Additionally, benefit plans are offered to employees without medical requirement. Often pre-existing conditions, which would deem the participant ineligible for individual insurance elsewhere, will be covered under a group benefit plan.
We put the “SURE” back into INSURANCE
Consistently providing the best solutions at the best price point. Listening to the business owner on what is important to reward and engage personnel. Always remembering a benefit plan is a useful tool for building engagement, assisting to create a work-life balance, and creating the culture necessary for a deeper engagement for the success of the business.
This is the human capital approach
Benefits—Human Resources—Strategy—Compliance—Contracts—Employment Law—Management
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