WHat we do
Benefits 101
Employee benefits are benefits that are made available to employees through their employer. Employee benefits form part of the employee’s total compensation package and may be paid wholly or in part by the employer. A well-designed benefits plan is good for employee morale and provides tax effective compensation that helps to attract and retain the best employees. If you are an employer competing for talent or looking for ways to improve employee retention you should consider how the addition of a benefits plan can positively impact your business.

Designing Your Benefits
We tailor make plan designs specific to the needs of each company we work with.
The following are benefit options that are commonly included in a group insurance plan:

Healthcare
Prescription drugs – Provides coverage for many prescription drugs not covered by the Provincial Healthcare plan. Coverage for prescription drugs coverage works in concert with the requirements of provincial drug legislation.
Paramedical practitioners – Coverage for paramedical treatments such as a Chiropractor, Physiotherapist, Acupuncture, Registered Dietician, Massage Therapist, Naturopath can be included in your plan design.
Coverage for semi-private hospital stays
Medical Services and supplies such as orthotics, hearing aids, diabetic supplies, and wigs for cancer patients.
Emergency Travel coverage

Dental Care

Vision Care

Disability Insurance
Long term disability (LTD) – Long term disability benefits help provide financial protection to an employee who is off work due directly to a covered illness or injury. A claim for a covered disability can begin immediately following a short-term disability claim or after the elimination period has been satisfied. There are a range of start date and benefit period options available to choose from. Generally LTD claims have a four to six month waiting period and benefits can be payable for 2 years, 5 years or to age 65.

Life Insurance

Critical Illness
Health Care Spending Account (HCSA)
With healthcare spending accounts the claim risk is shifted away from the small business. HCSA’s are simply an account funded by the employer to a specified maximum, for example $1,500/year. The employee can claim against their annual allotment for any Healthcare or Dental Care expense. As a result, the premium risk to the small business is low as the expense is capped at the annual allotment multiplied by the number of employees. HCSAs do represent increased claim risk to employees. If an employee or family member is faced with a large health expense they can hit the HCSA limit quickly and subsequently be faced with a financially damaging out-of-pocket expense.

Employee Assistance Programs (EAPs)
Cost Plus Arrangements
EAP’s are gaining traction and for good reason. Plans are designed to cover the unique needs and goals of your plan members. Plans can be designed to include access to professionals to help employees deal with depression, anxiety, grief, financial, legal support and much more. The employer can also utilize an EAP to help deal with issues facing the business such as coaching and guidance, an employer newsletter, and trauma response for assistance dealing with a critical incident that is affecting your workforce..

Healthcare
Prescription drugs – Provides coverage for many prescription drugs not covered by the Provincial Healthcare plan. Coverage for prescription drugs coverage works in concert with the requirements of provincial drug legislation.
Paramedical practitioners – Coverage for paramedical treatments such as a Chiropractor, Physiotherapist, Acupuncture, Registered Dietician, Massage Therapist, Naturopath can be included in your plan design.
Coverage for semi-private hospital stays
Medical Services and supplies such as orthotics, hearing aids, diabetic supplies, and wigs for cancer patients.
Emergency Travel coverage

Dental Care

Vision Care

Disability Insurance
Long term disability (LTD) – Long term disability benefits help provide financial protection to an employee who is off work due directly to a covered illness or injury. A claim for a covered disability can begin immediately following a short-term disability claim or after the elimination period has been satisfied. There are a range of start date and benefit period options available to choose from. Generally LTD claims have a four to six month waiting period and benefits can be payable for 2 years, 5 years or to age 65.

Life Insurance

Critical Illness
Health Care Spending Account (HCSA)
With healthcare spending accounts the claim risk is shifted away from the small business. HCSA’s are simply an account funded by the employer to a specified maximum, for example $1,500/year. The employee can claim against their annual allotment for any Healthcare or Dental Care expense. As a result, the premium risk to the small business is low as the expense is capped at the annual allotment multiplied by the number of employees. HCSAs do represent increased claim risk to employees. If an employee or family member is faced with a large health expense they can hit the HCSA limit quickly and subsequently be faced with a financially damaging out-of-pocket expense.

Employee Assistance Programs (EAPs)
Cost Plus Arrangements
EAP’s are gaining traction and for good reason. Plans are designed to cover the unique needs and goals of your plan members. Plans can be designed to include access to professionals to help employees deal with depression, anxiety, grief, financial, legal support and much more. The employer can also utilize an EAP to help deal with issues facing the business such as coaching and guidance, an employer newsletter, and trauma response for assistance dealing with a critical incident that is affecting your workforce..
GROUP RETIREMENT PLAN
Group Retirement Plans give your employees the ability to save for the future through payroll deduction. Your employees will benefit from tax savings at source, reduced investment management fees, and access to investment fund managers that they may not have access to as an individual investor. Employers can elect the degree to which they match the contributions of their employees. Group Retirement Plans that we recommend include:
Group RRSP (Registered Retirement Savings Plan)
Group Tax Free Savings Account (TFSA)
Deferred Profit Sharing Plan (DPSP)
Defined Contribution and Defined Benefit Pension Plans
A defined contribution pension plan requires specific or defined contributions by the employer. Contributions may also be required from employees or offered on an optional basis to employees. All contributions are deposited in a pension fund to accumulate investment earnings until retirement. The amount of retirement benefit that will be available for the employee is not guaranteed and can be negatively or positively influenced by interest rates and investment returns.
Defined Benefit Contribution Plan
In a defined Benefit Pension Plan, an employer agrees to provide a specific level of retirement pension. The amount of retirement income may be expressed either as a fixed-dollar or percentage-of-earnings amount. The retirement income benefit available may increase with years of seniority at the company. With defined benefit pension plans the company assume financial risks for funding the pension including those associated with interest rate and investment rates of return.
Thinking about benefits or have a benefits question you would like answered?
Contact Us Today!
t: 613-546-2282
toll free: 1-844-546-2282
e: info@bcpbenefits.com