Calgary Group Benefit Plan

Calgary Group Benefits Plan Advantages

The advantages of Providing a Calgary Group Benefits Plan for your employees

1. Employees can protect themselves and their families against financial problems that could result due to health and dental expenses with the group benefits plan.
2. Your employees can also benefit from the tax-free health coverage in the Calgary group benefits plan.
3. The employer will receive a tax deduction in all costs associated with the Calgary group benefits plan.
4. The employer provides the Calgary employer benefit program at a fixed cost and the plan may be automatically administered by an insurance company.
5. You can provide additional compensation to your employees through a Calgary group benefits plan rather than increasing their taxable salary.

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Calgary Group Benefits Plan Benefits

A Calgary group benefits plan can include a number of employee benefits as follows:

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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Calgary Group Benefits Plan Package

With the changing needs of the business place, Calgary employee benefits programs are becoming increasingly complex. As a result, employers need the help of proven professionals and experts to assist them in setting up the Calgary group benefit pl. With professional assistance and services, you can minimize the risk of growing liabilities and steep costs.

Moreover, brokers and/or benefits consultants can help employers to define a competitive benefits program at a reduced cost. The consultant will provide important data that would be useful in getting the best result from your benefits investment. You will also benefit from the expert guidance offered by the consultants. It is usually recommended to obtain up to three different proposals so as to access the best value and cost from more than one perspective.

Calgary Group Benefits Plan Savings

When designing a Calgary group benefits plan, employers leverage several strategies to limit cost or contain cost. These include:

1. Sharing the cost of premium between the company and the employee.
2. Adding deductibles to the coverage.
3. Evaluating the level of coverage or co-insurance.
4. Placing a cap on the coverage (for instance, the cost of vision care can be fixed over a period of time).
5. Reducing carry-over of unused sick days.

To learn about the Calgary group benefits plan, click here.

Calgary Group Benefits Plan News

236 Calgary employees are set to get three registered pension plans, courtesy of taxpayers. However, 76 percent of private-sector workers in Alberta do not have a workplace pension plan.

Colin Craig, the Alberta director of the Canadian Taxpayers Federation (CTF), who filed a freedom of information request with the city that revealed the information, said that it is a top-up pension on top of a top-up pension on top of a pension that describes itself as ‘quite generous’.

A report released in August 2018 by the Fraser Institute revealed that 72 percent of government workers in the province are covered by a registered pension plan while only 24.2 percent of private-sector employees are. Of those covered by a registered pension plan, 29.3 percent of private-sector workers get a defined-benefit pension plan compared to 95.3 percent of government workers.

Craig said that people are struggling to get by without a workplace pension while paying higher and higher taxes to support those with three pensions. He added that the major should shut down the pension party and there is no good argument for keeping all of them.

Craig revealed that city documents gotten from CTF indicate that in 2008, only 20 retirees received triple pensions but this has increased to 236 eligible employees. He added that the cost to taxpayers for providing second and third pensions to city employees is a whopping 5.2 million per year.

To learn more about the Calgary group benefits plan, click here.