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