Halifax Group Benefit Plan

Halifax Group Benefits Plan Advantages

The advantages of Providing a Halifax Group Benefit Plan for your employees

1. The benefits plan protects your employees and their families against financial problems that may be caused by unexpected health and dental expenses.
2. Instead of paying medical costs with after-tax dollars, your employees will receive tax-free health coverage from the Halifax employee benefits program.
3. The employer will receive a tax deduction on all costs associated with the Halifax group benefit plan.
4. The employer can provide Halifax employee benefits program at a fixed cost and the plan is administered by an insurance company automatically.
5. Employers can also provide extra compensation to their employees through the Halifax group benefit plan rather than increasing their taxable salary.

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Halifax Group Benefits Plan Benefits

Halifax group benefit plan offers several benefits to employees. These benefits include the following:

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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Halifax Group Benefits Plan Package

With the increasing complexity and flexibility of Halifax employee benefits program, it is becoming important now more than ever for employers to seek the help of professionals to help them go through the process of setting up such a program. Such professional service will help a business to minimize growing liabilities and to avoid steep costs.

Also, businesses need the service of a broker or consultant to define benefits program with minimal cost. The service of consultants is required for providing relevant data and expert guidance that will guarantee that you get the best result from your investment. It is also required that you get a minimum of three proposals before opting for a benefits program. This will help you to get the best value and evaluate the costs from multiple perspectives before deep diving.

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Halifax Group Benefits Plan Savings

Several strategies are leveraged by employers to lower expenses in the long-term when designing Halifax employee benefits program. These include the following:

1. Sharing the cost of premium between the company and the employee.
2. Adding deductibles to the coverage.
3. Considering the level of coverage or co-insurance.
4. Reducing carry-over of unused sick days, and
5. Capping the coverage at some limit.

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Halifax Group Benefit Plan News

The province of Nova Scotia is proposing measures to manage and protect defined benefit pension plans. Under the Pension Act, the Liberal government introduced changes on Tuesday, March 12, that will ensure reversed accounts, eliminate limits on the use of letters of credit and give room for the discharge of liability for annuity buyouts allowing employees to move their pension assets to insurance companies.

According to Finance Minister Karen Casey, the goal is to help to ensure that defined-benefit plans are solvent by providing stability and flexibility to employees while also ensuring that existing benefits for employees are transparent and protected.

Casey further added that the changes are due to the feedback obtained from employers and employees during a regulatory framework review in September 2017.

According to the government, about 92,000 Nova Scotians belong to about 132 defined-benefit pension plans registered in the province. Moreover, pensions for members of the legislature and civil servants are regulated under a separate piece of legislation and the changes do not apply to such pension plans.

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