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Components of an Employee Benefit Plan
Basic Life Insurance (Mandatory)
Dependent Life Insurance
As the employer you can choose the amount of life insurance.
All premiums paid by the employer MUST be shown as a taxable benefit to
employees. Dependent life insurance is an amount of insurance
placed on your spouse and dependents.
Accidental Death & Dismemberment
This amount of insurance is usually the same face amount as the life
insurance.
Extended Health Benefits
The Extended Health Benefits (EHB) pays eligible medical and related
expenses for yourself and your family where government plans leave off.
Some of the eligible expenses include:
- Prescription drugs and medicine (Pay
direct drug cards are available)
- Fees for paramedical services
(physiotherapist, podiatrist, chiropractor, naturopath, etc.)
- Out of province emergencies, paid 100%
(both physicians service and hospital charges)
- Vision care available (limitations
apply)
- Employee Assistance programs available
( family counseling service)
Weekly Income or Short Term Disability
The Weekly Income (WI) benefit provides a weekly benefit to the insured
for the loss of wages due to bodily injury or illness and is usually
provided for employees not covered by Employment Insurance (EI)
benefits.
Benefits are a percentage of an
employee's weekly salary. The benefit is payable for periods
ranging from 15 weeks to 12 months or until recovery for any one
continuous period.
Long Term Disability
The Long Term Disability (LTD) plans are designed to complete WI
plans and EI benefits.
The benefit would begin after the
elimination period or after EI or other group disability income ceases,
and would continue to age 65 or until recovery. The LTD benefit is
a percentage of the employee's (pre-disability) monthly earnings to a
plan maximum. Under plans for which the employer pays the premium,
benefits are taxable to the claimant. If the employee pays the
premiums, the monthly benefits are tax free.
DENTAL PLAN
There is no business too small to qualify
for FULL DENTAL COVERAGE.
Your dental plan will pay a portion of
the dentist's reasonable and customary charges up to the fees set out in
the College of Dental Surgeon's Schedule of Fee Allowances.
DENTAL PLAN DESIGNS
Basic Dental
- Diagnostic and preventative services
- Fillings
- Prosthetic ( repairs)
- Surgical
- Periodontal
- Endodontic
There is an annual maximum per family
member.
Major Dental
The standard reimbursement for major
dental is 50%
- Crown and bridge
- Procedures and prosthetic appliances
- Inlays
- On lays
There is an annual maximum per family
member sometimes combined with Basic Dental to give an overall plan
level.
Orthodontics
The standard reimbursement for this
dental is 50%
- Orthodontic services for dependent
children, limited to a lifetime maximum.
This information is designed to provide a
general overview of the options available to businesses interested in
employees' benefits. The exact cost per item is determined by the
insurance company and is based upon your plan design and the
demographics of your employees.
Employee booklets and identification
cards are available one month to six weeks from the plan effective date.
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