NbBenefits OWNERS & CORPORATIONS BUSINESS OWNERS & CORPORATIONS.
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Transcript of NbBenefits OWNERS & CORPORATIONS BUSINESS OWNERS & CORPORATIONS.
nbBenefits
Health & Wellness Benefits
Maximize & Grow
Your Business
BUSINESS OWNERS & CORPORATIONS
Health Spending Account
What is it?
A method to provide health benefits for business owners and their staff
Topic of Discussion
Who is eligible?BenefitsCosts to EmployerCompensation for You
Eligibility
Self-employed, Incorporated, Limited Companies or Charitable Organizations
Employee Size (1 or more)
For employees and their dependents.
1) Incorporated Businesses
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.
Benefits for a Business
Employer sets benefit level Benefit levels may vary by job
classification, reducing overall costs
Can provide employees with a tax-free top up to their existing health plan
Can be offered as an incentive to different levels of employees
Employee Benefits
Covers 100% Revenue Canada 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’ $$
BUSINESS OWNER VS EMPLOYEE
EMPLOYEE
INCOME
TAX
EXPENSES
NET INCOME
BUSINESS OWNER
REVENUE
EXPENSES
TAX
NET INCOME11
Employee has a $3000 Dental Expense
WITHOUT HEALTH PLAN
$5000 Salary Less $2000 Taxes (40%) = Net Salary $3000 Employee pays the DentistNo Re-imbursement!!!
WITH HEALTH PLAN
Employee pays Dentist Submit Expense receipt Company pays Plan Provider 110% of expense = $3300 Employee is reimbursed $3000 Tax Free!
2) SELF – EMPLOYED (no corporation)
Limited to $1,500 benefit per adult and $750 per child (under age 18)
Catastrophic + Emergency Travel Insurance $105/year mandatory
Costs
Set-up Fee $290 + $40 per employee + GST
Catastrophic & Travel $8.95/month Expense Cost + 10% + GST
Compensation to Field
nbBenefits HSA 50% ($290 + $40 per employee) + 3% claims submitted by the employees, then it goes through the Grid
Referrals may be made to specialists and compensated for those referrals
PRACTICE FINANCIAL MANAGEMENT
PROTECTION FUND
DAILY SAVINGS
VACATION FUND
CASHFLOW EQUALIZER
GROWTH FUND 16
Key Person Insurance
Universal LifeInsuranceSplit Dollar
Critical IllnessInsurance
Buy Sell Agreements
DisabilityInsurance
You Die I Buy, I Die You Buy
Provides $$ To Keep CompanyRunning in case of Death or Disability
Coverage Today, Use Your $$ Tomorrow
Monthly $$ If Hurt Or Sick
Survive and have $$Company Still Thrives
YOU HAVE OPTIONS…
Group Benefits
Health Plans
Contingency Fund
OfficeOverhead
Debt Management
SuccessionPlanning
AND SOLUTIONS…
Mortgage Brokers
Home & AutoInsurance
Banker
Succession Plan Specialist
Investment Broker
Tax PlanningSpecialist
Accountants
Estate Planning Specialist
InsuranceBroker
BUSINESS OWNER RELATIONSHIP MARKETING
19
Additional Benefits
nbWorkshops – Traditional Health & Dental
Insurance Individual & Group plans are available
Eg. Group Home & Auto Insurance Additional Benefits to follow - keep
watching
nbBenefits Mastermind Group
nbTV beginning March 27th 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