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The Benefit Specialists Corp. is more than willing to answer any questions you or anyone you know may have had. If you know someone who has questions regarding the insurance industry or anyone who wants to join our mailing list please contact me, or forward this email to them and get them to click the join our mailing list button below.
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The Benefit Specialists are here to Help! | |
The Benefit Specialists Corp. are independent brokers who are licensed to provide you with a group benefit plan. We are not salaried employees of the insurance company you are with. We work for you and want to ensure that you are happy with your provider. We are here to help you and if you are not happy with your provider, we hope that you continue to work with us to provide alternate options, i.e plan design changes or going to market to prepare a plan audit.
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Flooding - Calgary, High River, Canmore and Bragg Creek. | |
Flash Flooding that occurred on June 20, 2013 has not only affected homes but many businesses. Some businesses have either had to shut down completely, or reduce hours of existing staff which could affect their group health and dental benefit coverage. Normally in a group benefit contract, it states under the eligibility guidelines that the employee must be actively at work and working (20-25 hours). Some of the business have either had to shut down, reduce hours or shift employees to work at other locations so that they meet these guidelines. Upon checking with the insurance carriers, it is recommended that the policyholder not terminate/suspend their employee's benefits including Long Term Disability, based on the fact that their business may be closed due to the flood, as this would not be the fault of the employee and could create a Legal/Human rights issue. It is important that you get in touch with your group benefits provider, so that they know the names of the employees, the number of hours they are working, or just the situation in general. The carrier will then talk to the contracting area and will respond with the appropriate plan of action. Please contact our office or your service representative at the insurance company. |
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Costly Waits
Acure Health Corp. | | |
According to the Fraser Institute (see link below to the Calgary Sun article) total loss of time due to wait times (from specialist to treatment) is 10.6 million weeks in Canada at cost of $982M in time and lost productivity. This does not include the cost of adverse consequences resulting from long delays or the wait time from GP to Specialist. Those are big numbers!
Based on averages, approximately half of all people who were on a medical wait list would have qualified for HealthSure - Medical Access Insurance. To qualify for coverage you have to be placed on a wait list that is longer than 45 days. According to this study,100% of all people waiting for an orthopedic surgeon would have qualified!
Acure has two levels of coverage available:
* DSAI (Diagnostic and Specialist Access Insurance):
www.fasthealth.ca This plan provides coverage for MRIs and CT scans and includes access to 10 Specialists. Rates are on the website and are by group size. The most expensive option for a small group (starting at 2 lives) is $18.90/member/month. Best Doctors just released their product, EDIS. It covers MRIs, CT scans, and a second opinion for $15.00/member/month. The gap with the Best Doctors coverage is that if an employee gets their MRI and treatment options they still have to go on a wait list for a specialist and/or surgery. DSAI includes access to 10 Specialists for only $4 more per month (less for larger groups);
* HealthSure:
www.waitlistinsurance.com This plan includes a more comprehensive list of diagnostics and specialists, second opinion, and surgery. The group premium is $49 single / $98 family / member / month. ER (Employer) can pay single (to protect their asset) and the EE (employee) has the option to purchase family coverage. Currently this plan is insured by Lloyds and administered by MSH (formerly Norfolk Mobility). They are more than willing to work with TPA type agreements.
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CRA -Introducing income tax folios
Canada Revenue Agency | |
Income tax folios - a new income tax technical publication The Canada Revenue Agency recognizes the value that income tax interpretation bulletins have for taxpayers and for tax professionals. We have undertaken an initiative to introduce a new technical publication product to update the information currently found in the income tax interpretation bulletins and to introduce improved web functionality. The new publications are known as the income tax folios. The folios are organized by broad categories into seven series. Each folio within a series will be subdivided into topic-specific chapters to better enable users to locate the information they need. Phase-out of income tax interpretation bulletins and ITTNs A chapter of an income tax folio will be an updated version of the technical content in one or more income tax interpretation bulletins. The folios will also incorporate material currently contained in the income tax technical news (ITTNs). Chapters will be published as the content has been updated. At that time, the interpretation bulletin or bulletins and any ITTN updated by a folio chapter will be cancelled. It is expected that the update process will occur over a number of years. Additionally, in connection with the income tax folio initiative, and in order to remove redundant and outdated content from the CRA Web site, all of the archived income tax interpretation bulletins, nine of the current income tax interpretation bulletins and all archived ITTNs were cancelled, effective September 30, 2012. |
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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. |
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Sean Murray
The Benefit Specialists Corp.
sean.murray@beneco.ca
(403) 547-5236
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