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September 2017

News from The Benefit Specialists Corp.

From: The Benefit Specialists Corp. <ann.hauk@beneco.ca>
Subject: News from The Benefit Specialists Corp.
Preheader:  
Reply: ann.hauk@beneco.ca

Dear Ann,

 

We hope you enjoy the September 2017 edition of our bulletin.  Please feel free to contact us if you ever have any questions or concerns, we are here to help!

 

 The Benefit Specialists Corp. Newsletter

 

      


                                                                       September 2017

 
In This Issue
 

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BeneCo  

A Health Spending Account (HSA)  is an innovative way

 to complement your group benefit plan. HSAs provide the

 ultimate blend of flexibility and cost containment, while enabling

 your employees to pay for medical and dental expenses not

 otherwise covered by your plan-with non-taxable dollars. Offering

an HSA to your employees not only helps maintain a healthy,

 productive workforce, but gives you an edge for attracting

 and retaining high-calibre employees.

 

 

 For .62 cents a day, your employees can prepare their wills, obtain unlimited phone consultations, 3 letters or phone calls per quarter, 5 (10) page documents reviewed, emergency access if arrested or detained and preferred member discount for complex issues.

 

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Taxable Long & Short Term Disability Changes

 

 

Effective January 1, 2015, Canadian group insurers will begin to update how taxable long-term and short-term disability plans are administered, to align with new requirements outlined by the Canada Revenue Agency (CRA).

  • The CRA now requires that benefits paid from these plans be taxed at the source using payroll tax tables and basic personal exemption amounts.  Previously, plan sponsors or plan members could select other options for withholding tax such as a specific amount or percentage, or defer them until annual taxes are filed.  
  • Beginning January 1, 2015, plan members receiving taxable disability benefits that do not have income tax deducted at the source may begin seeing a lower net disability benefit payment as a result of the tax withholding.  
  • If a member selected a flat tax amount or percentage the withholding tax will be changed to align with the applicable payroll tax tables. This may result in a change to the member's benefit payments.
  • For Quebec members, provincial income tax has always been deducted from the disability benefit payments prior to being issued; however, federal income tax will now be deducted based on the CRA requirements

As information is announced by your group's insurance carrier(s), it will be forwarded to your attention.  In the interim, if you have any questions about this change, please contact your insurance company representative.

 

 

 

 

 

The Value of Critical Illness

Michael Kettner - benefitsworld.com

 


 Every once in a while I come across an interesting tool that really grabs my attention. Just recently, a supplier told me about a free app for the iPad which calculates a person's likelihood of dying, becoming disabled, or suffering from a critical disease. I know, I know... not the most light-hearted app out there, but I already have Angry Birds.

The app asks a few basic questions and then uses the information to calculate the odds of potential risks occurring. Here are the details I provided:

  • Age: 32
  • Gender: Male
  • Smoking Status: Non-Smoker

My results were shocking to me; they are as follows:

  • Probability of experiencing a disability before the age of 65: 36.9%
  • Probability of contracting a critical illness before age 65: 28.3%
  • Probability of dying before age 65: 7.7%
  • Probability of dying, becoming critically ill, or becoming disabled before age 65: 62.0%

Now, of course the app didn't have a lot of information to go on, so it was only calculating the results based on a very limited amount of data. But it still makes you think...

 

I consider myself fairly healthy. Yes, I may carry around 25 extra pounds of weight that I probably shouldn't, but I do walk to-and-from work a couple times a week (40 minutes a day total, on the days I do it), and I periodically visit the gym to relieve my guilt. So my chances may improve a bit compared to the statistics above. However, it is still eye-opening.

 

This made me ask myself: is my family properly protected if I become a statistic? Thankfully, since I am in the insurance industry and believe in what I promote, my family is well-covered. However, a lot of Canadians are not.

 

How do we address this issue?

 

It is now easier than ever to help relieve this problem. Group Benefits provide a simple way for employers to offer financial protection for employees in case any of these items happen.

 

Almost every group benefits plan in Canada offers Life Insurance. A lower percentage have Long Term Disability (in reviewing my personal client list, about 70% have disability coverage). However, not many companies offer standard group critical illness benefits, which is shocking since it is one of the least expensive benefits to add while providing tremendous potential value. This needs to improve in order to make the coverage more relevant to all employees.

 

What Are the Key Considerations in a Group Critical Illness Policy?

 

There are a lot of great critical illness policies out there. Not only do the major group benefit insurers provide them, but there are also a variety of specialty risk carriers who have developed a number of unique benefits within group critical illness.

 

There are, however, a few things you need to consider when reviewing which policy would best suit your needs. You should carefully contemplate the following:

 

Benefit Amount - Choosing a benefit amount is as simple as deciding the dollar amount you hope to provide to your staff if they were to experience a critical illness or serious disease. Depending on the number of employees, your options might be vast or limited. Your budget might play a role in choosing the benefit amount. In my experience, the most common amounts range between a benefit of $10,000 and $25,000.

 

Requirement of Medical Evidence - Depending on the number of staff on the benefits plan, as well as the benefit amount being offered, an insurer may set a maximum amount for how much insurance they will offer before the employees need to submit medical evidence. I typically don't like these limits, because it defies the reason that group benefits are offered in the first place (i.e. spreading risk among those who are healthy and those who are not), but it may be appropriate depending on the overall benefit amount you want to provide.

 

Types of Illnesses/Diseases Covered - While some critical illness policies tout that they cover the most illnesses, sometimes it is not the number that is most important, but rather which illnesses are actually covered. I typically focus on four main illnesses: cancer, heart attack, stroke, and coronary artery bypass - as they make up approximately 80% of the critical illness claims.

 

Number of Illnesses Covered - To partially contradict the previous section, I will say that it is also important to provide a lot of different opportunities for claims to be paid. By covering a wider range of illnesses, you give your employees the best chance of being covered during their time of need. Insurers typically cover between 15 and 30 illnesses in a standard policy.

 

Multiple Event Clauses - There are policies out there that provide a full benefit amount if someone was to contract one or more of the critical illnesses that are covered within the benefits plan. The first-generation products within group critical illness would only pay out once. The second-generation products allowed for a second payout if a separate illness was experienced. However, there are now several policies that will allow as many payouts as necessary, as long as each contracted illness is unrelated in nature. This can be very important to staff, depending on how many health concerns they may face.

 

Options for Conversion - When an employee considers leaving a company, they are in the awkward position of trying to continue providing their family with a similar benefit plan. Offering the option to convert their group critical illness benefit to an individual policy may be important to them. The employee may not be able to buy an individual policy in any other manner, as there is typically a requirement to supply medical evidence. Converting a group critical illness policy typically doesn't require proof of health within certain limits, and this makes conversion an attractive option.

 

Termination Age - You should look for an insurer who is flexible enough to provide the right amount of coverage for your needs. If your company values employees with a lot of experience, then it would be important to ensure the termination age of the policy is adjusted appropriately based on your requirements.

 

Reduction of Benefit Clauses - In conjunction with Termination Age, some insurers will mandate a 50% reduction of benefit for anyone over the age of 65. While this may be a reasonable cost-saving measure for insurers and some organizations, you should always search for a policy that fits your company culture.

 

While there are other items you may wish to review, this list should provide a good starting point for most discussions.

 

If you would like to add group critical illness benefits to your benefit plan please feel free to contact us here at The Benefit Specialists Corp. we would be happy to answer any questions or concerns you may have 


 


 


 

 

The information contained in this bulletin is for general information purposes only. The articles published in this bulletin have been collected by The Benefit Specialists Corp. (TBSC) and we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability or availability with respect to the information, products, services, or related graphics contained.  Any reliance you place on such information is therefore strictly at your own risk.  In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits out of, or in connection with, the use of the information contained in this bulletin.  Through this bulletin you are able to link to other websites which are not under the control of TBSC.  We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.

Ann Hauk
The Benefit Specialists Corp.
ann.hauk@beneco.ca
(403) 547-5236

 

The Benefit Specialists Corp., 339 Tuscany Estates Rise NW, Calgary, Alberta T3L 0C6 Canada

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