Services

Group Benefits

Group Benefits Customized plans for you and your employees

A poll by Decima Research concluded that 84% of respondents agreed that one of the most important aspects of attracting and retaining a valuable employee is a great Group Benefit package. Health and Dental care benefits help bridge the gap between provincial health insurance plans and the coverage that families need. When an employee is off work due to injury, they return more quickly when offered services such as physiotherapy and other recovery medical attention. Being prepared for the unexpected events is the basis of Life, Disability and Critical Illness benefits. These plans provide financial support when it is most needed.

Benefits typically included in a full coverage plan:

• Life
• Disability
• Dental Care
• Critical Care
• Medical Care
• Accidental Death & Dismemberment

Retirement

Group Retirement Customized investment plans for your employees’ future

Group retirement plans provide one of the best tax-sheltering opportunities available and can be a significant benefit to employees. Employees that plan to retire in the future should look at the benefits of ira vs 401k. With the long term viability of government sponsored pension plans in question, group retirement plans together with individual RRSP plans play a major role for most Canadians in saving for their retirement. From the viewpoint of the plan sponsor, group retirement plans can play a very significant role in attracting new employees and increasing employee retention.

There are many options available when putting together a group retirement plan. Factors that should be taken into consideration when determining which options are appropriate include:

• Contribution levels – Should the plan be contributory or only funded by the employer? What percentage should the employer contribute? Should there be a matching formula?
• Contribution Flexibility – Should contributions be uniform? Linked to profitability? Discretionary? Linked to years of service?
• Vesting and Eligibility – Should the plan vest immediately (maximum vesting period is 2 years)? Who should be eligible for the retirement plan and after how long?
• Administration – Is plan administration practical given the size of the workforce and the objectives of the plan?
• Costs – What are the costs associated with each option? Are the costs reasonable given the objectives of the plan?

Only after a very thorough review of all the retirement options and the implications of each, can an appropriate group retirement plan be developed.

Individual Coverage

Travel

Choose the plan that’s right for you For travel outside your home province, Canada or visitors to Canada or for Full-Time Students there is a plan for everyone. Click here to read more.

Critical Illness

Lifecheque Basic critical illness insurance offers a lump sum benefit that provides extra help and peace-of-mind on the road to recovery. You can’t predict the future, but you can be prepared for it. Get the peace-of-mind you deserve.

Health & Dental

IF YOU ARE ONE OF the millions of Canadians without an employer group health plan – and, therefore, vulnerable to health care costs not covered by your Government Health Insurance Plan – supplemental health care coverage should concern you.

Now, custom-designing your health insurance plan is fast and easy with FlexCare®.FollowMeTM

Health allows you to continue enjoying health and dental benefits even if your employment benefits end. There’s no need to worry about interruption of coverage for you or your loved ones.

For only dollars a day, we can offer you a unique combination of health benefits that provide you and your family with comprehensive coverage. Read More.

Manual Life ONE

The concept of having an all-in-one account makes perfect sense: bring all your banking together to simplify your finances so your income and savings can work harder to reduce debt faster.

• Consolidate your debts
• Put your savings to work
• Put your income to work

For more information, click here

Self Insured

Self-insuring gives the employer control in designing the plan and costs.

Unique goals and needs of individual employers can be addressed without the task of searching for plans which may or may not meet all your requirements. Self-insuring allows you to achieve significant savings and flexibility. Plans use pre-tax dollars to fund the costs of health and dental expenditures, greatly reducing the cost to your company. In some cases, the use of an HCSA can result in savings of 30 – 40% per year for your companies medical, vision or dental related services.

Health Spending Accounts

Health Care Spending Accounts provide a way for businesses to pay health and dental expenses in a tax-effective and cost-efficient manner. A traditional benefit plan takes a one-size-fits-all approach, providing the same benefits for all employees. Health Spending Accounts can be used:

• As an alternative for business owners who find the cost of personal Health and Dental Insurance prohibitive.
• As an alternative for employers who want to offer their employees a benefit plan but don’t have the budget for a traditional Group Insurance plan.
• To enable employees to tailor benefits to suit their own needs by allocating funds to specific areas of eligible healthcare expenses that meet their individual requirements.

How does a HCSA work?

Every year, employers choose a specific dollar amount to contribute to each employee’s individual account. The contribution must be the same for every employee in a given class. Each dollar contributed equals one credit in the employee’s account. The employee is able to use his or her HCSA credits to pay for eligible healthcare expenses.

What are the advantages of HCSAs?

When HCSA guidelines are followed, contributions are tax deductible to the employer. Benefits paid are not taxable to the employee. Without a HCSA, eligible expenses not covered by a benefit plan must be paid for by employees with after-tax dollars. HCSAs provide for payment of healthcare expenses with pre-tax dollars, enabling this alternate form of compensation to go further than if the employee had received the same compensation in the form of salary or wages.

Are any companies restricted from establishing a HCSA?

HCSAs are not available to unincorporated business owners.

What types of expenses can be paid for by using HCSA credits?

Employees may use HCSAs to pay for any expense allowed by the Canada Revenue Agency under Section 118.2(2) of the Income Tax Act, and as stated in Income Tax Bulletin IT-519R2 Medical Expenses. They are the same expenses as those allowed under the Medical Expense Tax Credit, although any expense paid for by a HCSA cannot also be claimed as a Medical Expense Tax Credit. HCSAs can also be used to pay for eligible expenses that are not covered by a core benefit plan, to pay for co-insurance amounts, or to top up a core benefit plan when the maximum benefit amount has been paid.

Can HCSA credits be used by anyone other than the employee?

Yes, HCSA credits can be used for eligible expenses incurred by the employee’s spouse, or other dependents who are covered for benefits under the Office Supervisory Plan, for whom the employee is entitled to claim a Medical Expense Tax Credit under Canada’s Income Tax Act.