Kitchener-Waterloo-Cambridge Group Benefit Plan

Group Benefits Plan Advantages

The advantages of Providing a Kitchener-Waterloo-Cambridge Group Benefit Plan for your employees:

1. With a Kitchener-Waterloo-Cambridge group benefit plan, your employees and their families can be protected against financial problems that may occur due to unexpected medical emergencies.
2. The group benefit plan offers a tax-free health benefit to your employees.
3. The employer will get a tax deduction on all costs associated with the Kitchener-Waterloo-Cambridge group benefit plan.
4. The employer benefits by providing the benefits program at a fixed cost and the plan can be automatically administered by an insurance company.
5. You can provide extra compensation to your employees with the Kitchener-Waterloo-Cambridge group benefit plan instead of increasing their taxable salary.

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Group Benefits Plan Benefits

You can provide a number of benefits to your employees through the Kitchener-Waterloo-Cambridge group benefit plan. These benefits include:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Group Benefits Plan Package

With the increased flexibility and complexity of the employee benefits programs today, employers need the service of professionals in setting up a Kitchener-Waterloo-Cambridge benefit program. Issues such as growing liabilities and steep costs might result without such a professional service.

In addition, the service of brokers or consultants is often required in defining competitive benefits programs at reduced costs. Consultants will help your business to get the best outcome from your benefits investment by providing relevant data and expert guidance. It is usually recommended to get a minimum of three different proposals for a better outcome and to access values from various perspective before deep-diving.

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Group Benefits Plan Savings

A lot of strategies are employed by employers in the Region of Waterloo when designing a Kitchener-Waterloo-Cambridge employee benefits program to save cost in the long-run. These benefits may include:

1. Adding deductibles to your coverage.
2. Lowering carry-over of unused sick days.
3. Sharing the cost of premium between the company and the employee.
4. Considering the level of coverage or co-insurance.
5. Placing a limit on the coverage (for instance, capping vision or dental care at $400 over a period of time).

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Group Benefit Plan News

After Erwin Hymer Group North America went into receivership, a local leather business had no option than to lay off its employees.

KW Leather Products provided over 300 items for the RVs well-regarded for being luxury vehicles. According to the owner of the business, Zaid Samid, the company’s receivership forced him to lay off all of his employees.

Samid added that he is bordered that most of the people had worked with him for more than 20 or 25 years and since there is no job now, he cannot do anything for them. The creditor list for Erwin Hymer Group North America revealed that KW Leather Products is one of the 950 creditors owed at least $273 million and to be specific, the company is owed $1.2 million.

Over 150 of the 950 companies are local companies, some others are outstanding employees and warranty claims. At the time of the receivership, the company had $7.7 million in pension assets.

Moreover, before going into receivership, the company was financially scrutinized for irregularities which could include ill-treating, the pension holders, to be polite, as explained by Al Rosen, a forensic accountant out of Toronto.

To learn more about the Kitchener-Waterloo-Cambridge group benefit plan, click here.