Group Benefit Plans

Providing benefit plans for companies with 2 employees or more. A group benefit plan offers many advantages to a company including:

• Offer basic benefits and protection coverage
• Ensure employees are not devastated by a catastrophic event
• Maintain a healthy and productive workforce
• Attract and retain high quality employees

Employee benefits provide a tax effective form of compensation for employees. A benefit plan provides a formal corporate policy (for employers) in the event of a death, disability, major medical or dental expense for their employees.

I work for you, not the insurance company. My role is to act as a liaison between your company and the insurance company in order to make sure your plan runs smoothly. After a 12 month period we will review the previous year and work together on the renewal. At that time I will review your claims history, suggest any plan design changes and go to market if necessary.

Life Insurance & Accidental Death & Dismemberment

A structure relating to earnings is very common, for example one or two times annual earnings. This type of structure rewards employees on the same basis as income and is inflation proof. This is also a good base for a standard financial plan. Other options will include a flat amount such as $25,000.

Dependent Group Life

This will provide a benefit of $10,000 for a spouse and $5,000 per child, which is excellent as a “last expense” benefit in the event of the death of a spouse or child.

Long Term Disability

The long term disability plan is the cornerstone of most group insurance programs. If an employee becomes disabled due to illness or injury they may receive benefits on a “short term” basis through government Employment Insurance, however if their disability goes beyond 17 weeks there would be little (CPP) or no wage loss replacement income. This could be financially devastating. Long-term disability benefits will pay a percentage of ones income to age 65. It is recommended that the employee pay the premium for this benefit in order for the payout to be tax-free.

Major Medical

The major medical portion of the plan picks up where OHIP leaves off. You can design the benefit to suit your needs. There are different deductibles and co-insurances available to customize a program to suit your company’s needs. There is no overall maximum but certain benefits do have maximums.

Some of the benefits covered are:

• Semi – Private Hospital
• Prescription Drugs
• Private Duty Nursing
• Medical Services and Equipment
• Paramedical Services – Chiropractor etc.
• Out of Country Travel
• Glasses

Dental

The dental plan covers basic and preventative procedures. The idea is for everyone to go to their dentist on a regular basis in order to avoid any major work. You have the option of different deductibles and co-insurances when designing your benefit. Your dental plan will reimburse you based on the current dental fee guide for general practitioners. The annual maximum per person is either $1000 or $1500.

Some of the procedures covered under this plan include:

• Regular check-ups every 6 or 9 months
• Fillings, extractions, X-rays and minor surgical procedures
• Periodontics – gum disease
• Endodontics – root canal

Individual Health & Dental Plans

If you are not part of a group plan, you can get an individual health and dental benefit plan to cover you and your family. Most of the plans are medically underwritten and may or may not cover pre-existing conditions. You have the flexibility to create a plan to suit your family’s needs. Coverage could include:

• Prescription drugs
• Services and supplies
• Emergency travel insurance
• Professional services (chiropractor, massage therapy, physiotherapy, etc.)
• Vision
• Basic dental

Health Care Spending Account (HSA)

Visitors to Canada

Whether you have just arrived in Canada and awaiting OHIP coverage or you are here on vacation. Protect yourself against unforeseen medical bills.

For more information, visit Manulife Travel.