BUSINESS OWNERS CORPORATIONS nb Benefits Health Wellness Benefits
BUSINESS OWNERS & CORPORATIONS nb. Benefits Health & Wellness Benefits Maximize & Grow Your Business
Health Spending Account Why Pay More?
Health Spending Account What is it? A method to provide health benefits for business owners and their staff
Topic of Discussion Who is eligible? Benefits Costs to Employer Compensation for You
Eligibility Self-employed, Incorporated, Limited Companies or Charitable Organizations Employee Size (1 or more) For employees and their dependents.
1) Small Incorporated Business (1 -5 Employees) Provide tax free health benefits to owners and their employees Costs are 100% tax deductible to the business The company designs the plan.
Health and Dental Plan No physicals, No age limits and No pre-existing condition exemptions Pay as you go – no monthly premiums required Plan can be modified specifically to an employee and their dependents’ health care needs.
Employee Benefits Covers 100% CRA Approved Medical and Dental Expenses including: Laser eye surgery Glasses Orthodontics Prescription drugs Naturopathic Alternative treatments and more
Employee Health & Dental Benefits Adds Health spending $$ to employees’ current health plan. Recover premiums from existing health plan coverage Claims are processed online or through iphone or Android APP’s & paid quickly A Great Tax Planning Tool!
Employee Wellness Benefits Adds Wellness & preventative care $$ to employees’ current health plan Employer designs the plan but Employee can allocate per year the % & Type of Benefits for their personal use Eg. – Daycare, Gym membership, Alternative Health Care, Personal Development Courses, Fitness Training, Equipment Benefits are taxable to the employee, however, provide an excellent value to employee retention while they stretch the employees’ $$
Costs Set-up Fee $350 + $40 per employee + GST Catastrophic & Travel $105/year Expense Cost + 10% + GST
BUSINESS OWNER VS EMPLOYEE BUSINESS OWNER EMPLOYEE REVENUE INCOME EXPENSES TAX EXPENSES NET INCOME 12
Employee has a $3000 Dental Expense (1 -5 employees) WITHOUT HEALTH PLAN $5000 Salary Less $2000 Taxes (40%) = Net Salary $3000 Employee pays the Dentist No Re-imbursement!!! WITH HEALTH PLAN Employee pays Dentist Submit Expense receipt Company pays Plan Provider 110% of expense = $3300 Employee is reimbursed $3000 Tax Free!
2) SELF – EMPLOYED (no corporation) Limited to $1, 500 benefit per adult and $750 per child (under age 18) Catastrophic + Emergency Travel Insurance $105/year mandatory
3) Benefits for a Large Business (> 6 EMPLOYEES) Employer sets benefit level Benefit levels may vary by job classification, reducing overall costs Can provide employees with a taxfree top up to their existing health plan Can be offered as an incentive to different levels of employees
Compensation to Field nb. Benefits HSA 50% ($350 + $40 per employee) + 3% claims submitted by the employees, then it goes through the Grid Referrals may be made to specialists and compensated for those referrals
PRACTICE FINANCIAL MANAGEMENT DAILY SAVINGS VACATION FUND CASHFLOW EQUALIZER PROTECTION FUND GROWTH FUND 17
YOU HAVE OPTIONS… Buy Sell Agreements You Die I Buy, I Die You Buy Key Person Insurance Provides $$ To Keep Company Running in case of Death or Disability Universal Life Insurance Split Dollar Critical Illness Insurance Survive and have $$ Company Still Thrives Disability Insurance Monthly $$ If Hurt Or Sick Coverage Today, Use Your $$ Tomorrow
AND SOLUTIONS… Contingency Fund Succession Planning Office Overhead Debt Management Health Plans Group Benefits
TYPICAL BUSINESS OWNERS Business Owner Accountant Registry Bookkeeper (Spouse) Will Kit Bank Teller Investments Insurance
SUCCESSFUL BUSINESS OWNERS FINANCIAL COACH BUSINESS OWNER ACCOUNTANT FINANCIAL ADVISOR
BUSINESS OWNER RELATIONSHIP MARKETING Mortgage Brokers Home & Auto Insurance Accountants Banker Tax Planning Specialist Investment Broker Insurance Broker Succession Plan Specialist Estate Planning Specialist 22
Additional Benefits nb. Workshops – Traditional Health & Dental Insurance Individual & Group plans are available Eg. Group Home & Auto Insurance Additional Benefits to follow - keep watching
nb. Benefits Mastermind Group nb. TV beginning March 27 th time to be determined Group across the country to work together to roll this program out Product providers will be available for training and to answer questions Marketing material will be developed or is readily available
Together, We are the Best
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