In some industries it is common to see the employer pay all of group health benefits but for smaller businesses this is hardly the case. Typically small to medium sized businesses will share the cost with their employees. This accomplishes two things:

1. Reduces costs to the business and significantly reduces the cost for the employee relative to them obtaining individual health benefits outside of the group
2. Controls renewal premiums by sharing cost across employee and employer

Any employee with dependent(s) is classified as a family. Families also include couples that are considered common-law.

Dependent is defined as:

1. younger than 22 years-old and living at home
2. younger than 25 years-old and attending school full-time

Plans can be upgraded on renewal dates if approved by the underwriter. Eligibility is determined on a case-by-case basis.

If an employee has coverage through their spouse they are eligible to waive Health and Dental. The employee still must take Life insurance and AD&D.

As long as the employees hire date is AFTER the start date of the plan and the employee is enrolled within 30 days of being eligible, there are NO MEDICALS for new hires.

Scaling units are 15min intervals. Ie 6 units = 1.5hrs or 90min.

Is the portion the insurance company pays – therefore 100% coinsurance would be completely covered by the insurance company.

Yes, health care options are per certificate (single or family). Dental care is per person, so everyone under a family receives maximums under dental care options.

Fees depend on where you go to buy your drugs. A report outlining in detail the average dispensing fees in Ontario was compiled for 2016 and is located here: https://goo.gl/FzwPLB

The Olympic Benefit Plan is designed to keep renewals low. It accomplishes this by pooling claims and restricting common areas of benefit abuse. Dental cleaning is an area of typical abuse and therefore visits for cleaning are restricted to 9-Month intervals.

You cannot take add-ons for one (1) or two (2) people. Everyone would need to be included in the overall plan design. What we have seen companies do is offer different coverage to different groups in the organization. For example, directors may receive one plan while managers receive another. The caveat here is each organizational group must have at least three (3) people in it to be eligible.

Any current full-time employees must be included in the plan if they hold their position at plan initiation. New employees onboarded after plan initiation can be put on a probation period, length of your choice.

Termination of benefits occurs immediately when they quit/removed

Coverage doesn’t extend to his mother. Only spouse and/or dependents are extended benefit coverage.

Health and Dental coverage does not have to be in the same category (Silver/Bronze is acceptable) .
Please keep in mind that GOLD is only available for companies with current coverage but you can upgrade to GOLD at your second renewal.

The main things to consider are:

1. Cost
2. Coverage
3. Alternative Options
4. Expected usage
5. Future Premiums

It’s important to remember that you should judge Plans relative to other options. This means comparing apples to apples and understanding how Plans determine premiums. You want to position the business to receive affordable coverage relative to other options and keep it that way!

This is subjective – your Plan is designed to suit your needs. There are a few items you should have an idea about:

• Insurance – are you going to offer Long-term disability and/or critical illness?
• Health Coverage – what level of drug, chiropractic/therapist, eye care etc. do you want to provide?
• Dental Coverage – what level of dental coverage to you want to provide?

Still not sure? Please see our Olympic Benefit Plan for more details on coverage options and pricing.

In some industries it is common to see the employer pay all of group health benefits but for smaller businesses this is hardly the case. Typically small to medium sized businesses will share the cost with their employees. This accomplishes two things:

1. Reduces costs to the business and significantly reduces the cost for the employee relative to them obtaining individual health benefits outside of the group
2. Controls renewal premiums by sharing cost across employee and employer

Every case is unique and being in business for over 30 year, we’ve seen it all.

That being said, in most cases:

• Current plan may not be pooled
• Not providing employee benefits meeting the needs of your employees
• Reluctant to revisit plans annually or at all! This can lead to increasing premiums going unnoticed or plan design becoming dated
• Missing key information/reports from your insurance company to make informed decisions

Northern Financial group can help design your new benefits plan or find you identical coverage at lower premiums.

There are several reasons your Plan premiums are increasing. Common reasons are:

• Your usage is high (high loss ratio)
• Your Plan isn’t pooled (no sharing of risk)

Group Benefit Plans, like auto insurance does increase if your usage increases.

The most common reason is that Group Benefits is an affordable option to help retain high-performing employees. It is also a cost-effective alternative to each employee individually insuring themselves.

Other common reasons:

• Tax benefits associated with Group Benefits Plan
• Competitors offer Plans
• Financial peace-of-mind and security for you and your employees

Loss ratio is the difference between your paid claims and paid premiums (month rates). If your loss ratio is high your premiums will increase, similar to submitting many auto-insurance claims.

“Going to market” is an industry term where your coverage and information is shared with underwriters and they competitively bid on your case.

Under our Olympic Benefits Plan, the pricing brochure is very transparent but to issue a firm quote we require:

1. How many employees
   • How many employees are classified as single or family
2. What type of coverage
   • Gold/Silver/Bronze
3. If you currently have a Plan
   • More information is required if you currently have a Plan

Northern Financial Group requires similar information to “go to market” if the Olympic Plan doesn’t suit your needs.

An AOR is common if you’ve been shopping for rates. It’s a document that allows a specific Broker to request a bid from an underwriter. Requiring this document prevents the underwriter from bidding several times on the same case through different Brokers.

Cost varies depending on coverage but we typically see $250-$350 for Plans that provide comprehensive coverage

Most individuals should be looking under ZONE. 

If you’ve left a group benefits plan in the past 90 days, you qualify for Link.

Green Shield plans are PER PERSON in the family.

Northern Financial Group is a full-service broker, if you cannot find something that suits your needs with Green Shield we can request quotes from other underwriters.

If you’re lucky enough to be employed by an employer that offers contribution matching you should evaluate how the plan works. Typically, the employer will allow individuals to invest a percentage of their annual gross income. The company will then match a portion or the full percentage of your contribution.

Effectively employer contribution matching is added compensation for your employment with that company.

Depends. Most groups get preferential rates relative to an individual client. This depends on the amount assets you have to invest. Think of it as buying in bulk, the more assets you have the lower fees (cheaper) it is to invest. You should also find out if your employer offers contribution matching.

A registered pension plan (RPP) is an arrangement by an employer or a union to provide pensions to retired employees in the form of periodic payments. The Income Tax Act provides deductions in respect of both employee and employer contributions.

Every situation is different. If you’ve received this notice and you’re seeking advice please contact us.

Group Registered Retirement Savings Plan (Group RRSP) is a collection of individual RRSPs offered to employees by their sponsoring employer. Contributions are taken from the employee’s pre-tax pay through payroll deductions, reducing their tax burden immediately. Contributions are then deposited into their RRSP as specified.

A Deferred Profit Sharing Plan (DPSP) is an employer-sponsored profit sharing plan registered as a trust with the Canada Revenue Agency (CRA).

When deciding on how to invest your money you should consider

• Saving/retirement/investment goals
• Current financial situation
• Risk tolerance
• Dependent’s financial needs
• Time horizon

Recent industry regulation has changed the way advisors and portfolio managers disclose their fees. However, there are still ways for fees to be hidden. You should see your fees on your quarterly/semi annual statement. If you have any questions regarding the fees you pay on your investments please contact us.

A Registered Retirement Savings Plan (RRSP), or equivalently simply Retirement Savings Plan (RSP), is a type of Canadian account for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.

A TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Interest, dividends, and capital gains earned in a TFSA are tax-free for life. Your TFSA savings can be withdrawn from your account at any time, for any reason, and all withdrawals are tax-free.

Robo–advisors are a class of financial advisor that provide financial advice or portfolio management online with minimal human intervention. They provide digital financial advice based on mathematical rules or algorithms.

An ETF, or exchange-traded fund, is a marketable security that tracks an index, a commodity, bonds, or a basket of assets like an index fund. Unlike mutual funds, an ETF trades like a common stock on a stock exchange.

Critical Illness insurance pays out a lump sum of tax-free money as soon as a person is diagnosed and survives the waiting period, usually 30 days.

Life insurance is essentially “death” insurance; the beneficiary receives the proceeds of the life insurance policy after a policyholder dies.  Disability insurance pays out an amount of money on a monthly bases to a disabled person while they are disabled from their job for a specific period time, i.e. $2,000 a month to age 65 etc.  Critical Illness insurance does not replace your medical insurance, but instead, it helps survivors manage the costs associated with recovery.  It can provide you with options that would otherwise not be available to you.