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Health & Wellness Benefits Maximize & Grow Your Business
BUSINESS OWNERS & CORPORATIONS nbBenefits Health & Wellness Benefits Maximize & Grow Your Business
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Health Spending Account
What Is It? A method to provide health benefits for business owners and their staff
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Topic of Discussion Who is eligible? Benefits Costs to Employer
Compensation for You
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Eligibility Self-employed, Incorporated, Limited Companies or Charitable Organizations Employee Size (1 or more) For employees and their dependents.
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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.
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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.
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Employee Benefits Covers 100% CRA Approved Medical and Dental Expenses including: Laser eye surgery Glasses Orthodontics Prescription drugs Naturopathic Alternative treatments and more
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Employee Health & Dental Benefits
Adds Health spending $$ to employees’ current health plan. Recover premiums from existing health plan coverage Claims are processed online or through iphone or Android APP’s & paid quickly A Great Tax Planning Tool!
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Employee Wellness Benefits
Adds Wellness & preventative care $$ 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’ $$
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Costs Set-up Fee $350 + $40 per employee + GST
Catastrophic & Travel $105/year Expense Cost + 10% + GST
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BUSINESS OWNER VS EMPLOYEE
30/04/2018 BUSINESS OWNER VS EMPLOYEE BUSINESS OWNER REVENUE EXPENSES TAX NET INCOME EMPLOYEE INCOME TAX EXPENSES NET INCOME
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Ex. Business Expense Tax Write offs
- Motor Vehicle Expenses - Business Use of Home, - Cell phone, Internet, - Vacations (conventions) - 50% Meals for Business - Motor Vehicle Expenses, - Business Use of Home, - Cell phone, Internet, - Vacations (conventions) - 50% Meals for Business
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Employee has a $3000 Dental Expense (1-5 employees)
WITHOUT HEALTH PLAN $5000 Salary Less $2000 Taxes (40%) = Net Salary $3000 Employee pays the Dentist No Re-imbursement!!! WITH HEALTH PLAN Employee pays Dentist Submit Expense receipt Company pays Plan Provider 110% of expense = $3300 Employee is reimbursed $3000 Tax Free!
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2) SELF – EMPLOYED (no corporation)
Limited to $1,500 benefit per adult and $750 per child (under age 18) Catastrophic + Emergency Travel Insurance $105/year mandatory
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3) Benefits for a Large Business (> 6 EMPLOYEES)
Employer sets benefit level Benefit levels may vary by job classification, reducing overall costs Can provide employees with a tax-free top up to their existing health plan Can be offered as an incentive to different levels of employees
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PRACTICE FINANCIAL MANAGEMENT
30/04/2018 PRACTICE FINANCIAL MANAGEMENT VACATION FUND DAILY SAVINGS PROTECTION FUND CASHFLOW EQUALIZER GROWTH FUND
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YOU HAVE OPTIONS… Key Person Insurance Buy Sell Agreements
Provides $$ To Keep Company Running in case of Death or Disability You Die I Buy, I Die You Buy Universal Life Insurance Split Dollar Critical Illness Insurance Coverage Today, Use Your $$ Tomorrow Disability Insurance Survive and have $$ Company Still Thrives Monthly $$ If Hurt Or Sick
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AND SOLUTIONS… Debt Management Contingency Fund Succession Planning
Health Plans Office Overhead Group Benefits
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TYPICAL BUSINESS OWNERS
Accountant Bookkeeper (Spouse) Registry Will Kit Bank Teller Investments Insurance
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Do You Have a TEAM? BUSINESS OWNER TOGETHER EVERYONE ACHIEVES MUCH
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SUCCESSFUL BUSINESS OWNERS
FINANCIAL COACH FINANCIAL ADVISOR ACCOUNTANT COACH
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BUSINESS OWNER RELATIONSHIP MARKETING Home & Auto Mortgage Insurance
30/04/2018 BUSINESS OWNER RELATIONSHIP MARKETING Home & Auto Insurance Mortgage Brokers Accountants Banker Tax Planning Specialist Investment Broker Insurance Broker Succession Plan Specialist Estate Planning Specialist
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Additional Benefits nbWorkshops –
Traditional Health & Dental Insurance Individual & Group plans are available Eg. Group Home & Auto Insurance Additional Benefits to follow - keep watching
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Together, We are the Best
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