Best Financial Advisors in Kanata, ON

The greater the contribution from the employer, the greater the chance of implementing a plan. If the employer can pickup the cost of the EHC and Dental it will really go a long way to getting a plan in place. Employers can pay the premiums for Life, ADD and STD (STD would then be taxable) with the Life premium charged to the employee as a taxable benefit, rather than have employees pay the premiums. The employer offers health and dental benefits to all employees (and their families) The employer offers to pay 100% of the single rate for ALL Employees, Employees with families pay the difference between the single and family rate If single = $50, and family = $150 then the employees with a family pays the $100 difference

To maximize tax efficiency and to help with cost sharing ,the employees should pay for the life, AD+D, Dep Life, and LTD. This will ensure that life, AD+D, Dep life are not taxable benefits. With LTD, the employee would receive non-taxable benefit at the time of a claim.

With the introduction of many specialty medications, and the rising overall cost of drugs in the marketplace, groups can always consider a drug cap (perhaps $2,000). A drug cap allows for the majority of basic medications to be covered, however, it will cap out any high cost claims, or employees taking several medications that add up to more than the drug max. The drug cap reduces the insurance company's risk significantly and there will be large reductions to the EHC premiums which will increase the affordability of a basic plan. Having 80% co-insurance, a dispensing fee deductible on drugs (this is often overlooked), mandatory generic drugs, and combined paramedical maximums can all be nice cost containment features. Once the plan is up and running it can always be enhanced over time as the company grows.