What I do as a Lethbridge Employee Benefits Advisor…
The Employee Benefits Implementation Process:
When I meet with a business owner to discuss a potential group benefits plan I always start first by gathering information. I need to know if the company has existing benefits in place or are we looking at implementing a plan for the very first time. Important details such as the number of employees in the company, the employee demographics, the budget of the company, what the company wants to offer in regards to benefits… These are just a few of the details I need to gather in the initial meeting.
After the Meeting:
This is where I get to work saving my clients time & money! I shop all of the major insurance providers to see what they can offer and at what price. Once I have all of the quotes back from each insurer, I am then able to compare each product to see which company came back with the best rates.
Once all of the quotes are in I meet with the business owner to review what options they have and the rates at which they were quoted. I will answer any questions that the business owner might have, and I leave them with all of the information they need in order to make the best decision for their company and their employees.
After a decision is made:
Once a business owner has made a decision I quickly get to work on preparing the paperwork in order to apply for benefits. I also offer my services to the employees to explain the new benefits plan if they so choose. Then we wait until the insurance company issues the company new employee cards & booklets. The group benefits decision is not hard or stressful. I try to do a majority of the work for my clients so that they can focus on what they do best, which is running their business!
A Group RRSP & Group TFSA is designed to encourage your employees to prepare & save for retirement. Both the employer & employee may contribute to a Group RRSP/TFSA depending on the plan we set up.
The Group RRSP offers the benefit of pre-tax payroll deduction contributions, so employees get an immediate tax break every time they contribute. And with investment earnings and contributions fully tax sheltered until withdrawn, there’s no better way to save for retirement.
The Group TFSA provides your employees with a multi-purpose savings vehicle in which all investment earnings are tax free. Since TFSA withdrawals are tax free, it can be a great way to save for both short- and long-term goals.
A Health Spending Account (HSA) is a product that allows incorporated business owners to claim out-of-pocket, personal medical expenses as a deductible business expense. And an HSA isn’t just for owners of businesses. Owners can also offer HSA’s to their employees as well.