Nova Scotia Employee Benefits Program

NS Employee Benefits Program Advantages

The advantages of providing a Nova Scotia Group Benefit Plan for your employees:

1. You will enjoy a tax deduction in every cost relating to the Nova Scotia employee benefits program.
2. Rather than increasing your employees’ taxable salary, you may be better to compensate your valuable employees with a benefits program.
3. Instead of purchasing health coverage with the after-tax amount, your employees can get a tax-free health insurance benefit.
4. The employer will benefit by providing the Nova Scotia group benefit plan at a fixed cost and the plan will be automatically administered by an insurance company
5. The employees and their family will be protected against financial issues that could result from unexpected medical or dental expenses.

To learn more about Nova Scotia employee benefits program, click here.

NS Employee Benefits Program Benefits

Employers in Nova Scotia provides several benefits to their employees through the Nova Scotia group benefits plan. Some of these benefits are 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

To get an immediate Nova Scotia employee benefits program quote, click here.

NS Employee Benefits Program Package

The service of experienced professionals such as brokers or benefits consultants is needed when setting up a Nova Scotia employee benefits program. The professional can help you to navigate through the process of designing the process in order to prevent issues of growing liabilities or running into steep costs.

Brokers are paid by the insurance company and may be willing to offer their services at little or no cost. Furthermore, the services of such professionals could be relevant for you to get the best outcome in your benefits investment.

To learn more about Nova Scotia employee benefits program legislation, click here.

NS Employee Benefits Program Savings

Every company or employer needs to save cost when designing or creating a Nova Scotia employee benefits program. You can save long-term cost by taking advantage of the following approaches.

1. Capping or placing a limit on the amount of coverage.
2. Adding deductibles into the insurance coverage.
3. Sharing the cost of premium between the employer and the employee.
4. Considering co-insurance or the level of insurance.
5. Reducing carry-over of unused sick days.

To learn more about Nova Scotia employee benefits program, click here.

NS Employee Benefits Program News

The province of Nova Scotia is proposing measures to protect and manage defined-benefit pension plans. The change was introduced by the Liberal government under the Pension Benefits Act on Tuesday, March 12. It is intended to introduce reserve 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.

Karen Casey, the Finance Minister said that the government aims at providing more flexibility and stability to employers as well as protection and transparency of existing benefits for employees in order to ensure that the defined-benefit stay solvent.

According to Casey, the changes were engendered by the feedback received from employers and employees in the course of a regulatory framework review in September 2017. Also, the government pointed out that 92,000 Nova Scotians belong to the up to 132 defined-benefit pension plan in the province.

To learn more about Nova Scotia employee benefits program, click here.