Surrey Group Benefit Plan

Surrey Group Benefits Plan Advantages

The advantages of Providing a Surrey Group Benefit Plan for your employees:

1. The employer will receive a tax deduction in all cost associated with the Surrey group benefit plan.
2. Your employees and their family members will be protected against financial issues that could result from unexpected health and dental expenses.
3. The benefit plan offers tax-free health coverage benefits to your employees.
4. The employer will benefit by providing the benefits at a fixed rate and the insurance plan is automatically administered by an insurance company.
5. Surrey group benefit plan provides an interesting way for you to compensate your dedicated employees without bordering about increasing their taxable salary.

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Surrey Group Benefits Plan Benefits

A lot of employee benefits can be provided through Surrey employee benefits plan. Some of the benefits are outlined below:

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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Surrey Group Benefits Plan Package

The service of an experienced professional is usually required in setting up a Surrey employee benefits program. The process could be complex and involve some flexibility; with the service of the professional, you will avoid the problems of growing liabilities and also steep costs.

The broker or benefits consultant is usually paid by the insurance company and therefore you can take advantage of their services at little or no cost. With the service of the benefits consultant, you can get relevant data and expert guidance for the desired results in your benefits investment.

Usually, it is recommended that you get up to three proposals in order to access the best value and cost and evaluate them from different perspectives.

To learn more about Surrey group benefit plan legislation, click here.

Surrey Group Benefits Plan Savings

You probably need to save long-term cost when setting up or designing Surrey employee benefits program. To do this, you need to leverage a number of strategies, some of which include the following:

1. Adding deductibles to the coverage.
2. Placing a cap or limit on the coverage.
3. Sharing the cost of premium between the company and the employee.
4. Considering the level of coverage or co-insurance, and
5. Reducing carry-over of unused sick days.

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Surrey Group Benefit Plan News

As the B.C. provincial government introduced a new employer health tax in 2018, B.C. plan sponsors had a lot of questions to consider.

Avinash Maniram, a partner and senior consultant at PBI Actuarial Consultants Ltd in Vancouver, said that it is going to be interesting because the employers are going to be looking at that employer health tax as a cost of doing business.

The provincial government announced in mid-February 2018, that it would be eliminating medical service plan premiums starting from January 1, 2020, and replacing them with the new employer health tax. Furthermore, starting from January 1, 2019, businesses with a payroll above $1.5 million will pay tax at the rate of 1.95 percent of their total payroll.

Businesses with payroll between $500,000 and $1.5 million will pay tax at a lower rate while those with payroll below $500,000 will be tax exempted according to the new tax.

Maniram said that it going to be a cost of the total compensation that the employer needs to figure out. Although the new tax is going to be an added cost, employers will no longer have to pay the medical premiums.

To learn more about Surrey group benefit plan, click here.