Trusted Tips and Resources

Trusted Tips & Resources

Aurora Workplace Solutions Explain How To Protect Your Business From Workplace Accidents

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

WILL AN ACCIDENT LEAVE YOUR BUSINESS DISABLED?

What if you had an accident and couldn’t work for a while?

Your disability insurance would provide income instead of your salary until you were on your feet again, but what about those business bills? Unfortunately, none of us can predict a sudden illness or injury. It’s wise to consider how your absence would impact your business and ensure you’re prepared for unforeseen circumstances.

There is an answer!

Protect your business with Business Overhead Benefits from a Chambers of Commerce Group Insurance Plan®. Designed for self-employed business owners who generate all of their firm’s sales and revenues and are involved in the business's day-to-day operations, BOE covers your business’ fixed expenses if you’re away for an extended period due to disability. BOE must be purchased in conjunction with Long Term Disability benefits.

Available in blocks of $100, coverage is available from $500 to $2,000 monthly. The benefit will pay eligible business expenses after a 30-day waiting period for up to 18 months while you are disabled. Eligible business expenses are the actual, usual and customary expenses incurred by you, the owner, in the operation of your business. For partnerships, your assumed portion of such expenses is covered.

Eligible business expenses include:

  • Rent, electricity, telephone
  • Business taxes and licenses
  • Property taxes for the place of business
  • Leasing and amortization costs of equipment, including automobiles
  • Interest, including the interest portion of mortgage payments, unpaid bills or lines of credit
  • Amortization or periodic repayment of capital, including mortgages

In Addition:
  • Salaries of personnel who do not generate income and whose services are essential during your disability
  • Professional services of an outside accountant
  • Professional dues and professional liability insurance
  • Office cleaning
  • Postage and office supplies

You can purchase Business Overhead Expense coverage in conjunction with Chambers Plan Long-Term Disability benefits. Together, they provide the coverage business owners need at an affordable price.

With quick claim payments, rate stability, and guaranteed renewable coverage, the Chambers Plan makes it easy for you to invest in your employees' health and well-being. 3,000 small businesses like yours join the Plan every year. 


Aurora Workplace Solutions designs and creates custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Trusted Saskatoon Group Benefits Advisors at Wiegers Financial & Benefit Discuss Group Benefits Plans For Employees and Their Families

Wiegers Financial & Benefits is one of the largest private financial planning and employee benefits consulting firms in Saskatchewan. Its Saskatoon Financial Planning Division provides business owners, households, retirees, and students with expert investment and insurance planning services to help them reach their long-term financial goals. They also have a Benefits and Personal Insurance planning, division. In this latest Wiegers Group Benefits expert tip, they discuss how the group benefits plan you provide employees help look after their loved ones too. Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits experts.

 

HOW THE GROUP BENEFITS PLAN YOU PROVIDE YOUR EMPLOYEES HELPS LOOK AFTER THEIR LOVED ONES TOO


When most people think about what it takes to help protect their loved ones’ financial security, they tend to think about life insurance – and it makes sense. Owning insurance that pays out a lump sum benefit to your beneficiaries in the event of your untimely death is the most effective way to ensure that even when you’re no longer here to contribute to them financially, they’ll be looked after. When an individual wants or needs to purchase life insurance, he or she typically contacts a financial advisor or insurance representative who then conducts a needs analysis to determine the individual’s life insurance needs, applies to one or more insurance companies for it, and then if the individual’s insurance application is approved (including potentially a medical questionnaire and tests), begins paying insurance premiums to keep it in-force.

What a lot of people don’t realize is that as important as it is to purchase sufficient life insurance to protect their loved ones’ financial security after their gone, the group benefits plan you provide your employees likely includes a number of benefits that are also important in helping. Your company’s benefits plan, for example, likely includes a life insurance benefit that amounts to a flat amount or a multiple of each employee’s gross annual income, and that is partly or entirely guaranteed regardless of the employee’s health. This can amount to a relatively significant benefit, though for most people, it is not enough on its own to adequately look after their loved ones financially. A qualified advisor will want to include a person’s group life insurance benefit in a thorough analysis of how much insurance he or she has, and how much is still needed.

But beyond the life insurance you likely provide in your company’s group benefits plan are other benefits that directly or indirectly help care for your employees’ loved ones. Most plans, for example, include short and long-term disability insurance for employees that pay out a benefit each week (in the case of short term disability) or each month (in the case of long term disability) when an employee becomes disabled and is unable to work for an income. This is as beneficial for your employees as it is for their families, given that most families cannot sustain the loss of an income for even a short period of time. When you consider that group disability insurance – unlike Workers’ Compensation Insurance – covers disabilities sustained both on and off the job, the financial security it affords your employees and their families becomes even more apparent.

Most group benefit plans include more than just insurance, though, that benefits the employees’ families. Plans that include Health, Prescription Drug and/or Dental benefits, for example, almost always include coverage (or the option for coverage) for each employee’s dependent spouse and/or children. And in cases when an employee dies when he or she still has coverage under a group benefits plan, there is usually a survivor benefit that continues to afford the employee’s dependents with coverage for one or two years following the death with no insurance premiums required.

In order to really stand out as an employer who cares, you have options to take your benefits plan beyond what’s become standard and, in the process, help improve your competitive position in the war on talent. As just one example, you can supplement your company’s benefits plan with a Health Spending Account and/or Personal Spending Account as a means to providing your employees and their families with the flexibility to choose how to spend wellness dollars. You can add an Employee and Family Assistance Plan (EAFP) to provide a number of important services, including but not limited to counselling. You can add Critical Illness Insurance coverage to your plan – either as a mandatory or voluntary benefit – that provides a lump sum financial benefit to an insured person diagnosed with a covered critical illness. There are other benefit options too that your group benefits advisor should recommend or at least advise you about so you can make the most informed and impactful decision for your own team.

Really, then, by helping to take care of your employees with a group benefits plan, you’re helping take care of their families too. At a time when employees are in the position to choose who they want to work for, and when working for an employer who actively demonstrates care and concern for his or her employees is non-negotiable, it’s important that you make clear what you do for your team. To learn more, please speak with your benefits advisor.

Amanda Getzlaf
Benefits Account Manager, Wiegers Financial and Insurance Planning Services Ltd.


Wiegers’ Benefits Consulting Division includes many consultants and support staff who custom-design the most employee-valued and cost-effective group benefit, personal insurance, employee assistance programs, and retirement plans available. Contact them today for a no-obligation consultation to determine how they can help you.

Wiegers Financial & Benefits are Trusted Saskatoon Insurance and Group Benefits Advisors 

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain The Benefits of Group Benefits

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Importance Of Group Benefits Explained 

The Benefits of Group Benefits 


Group benefits refer to employee benefits provided by employers to their employees as part of a group insurance plan. These benefits offer several advantages to both employees and employers. Here are some key benefits of group benefits


 1.Comprehensive Health Coverage: Group benefits typically include health insurance coverage, which provides employees with access to essential medical services. This can include coverage for doctor visits, hospital stays, prescription medications, paramedical services (such as physiotherapy, chiropractic care, and massage therapy), and other healthcare needs. Having comprehensive health coverage helps employees manage their healthcare costs and ensures timely access to necessary medical treatment.


2. Extended Health Services: Group benefits often include coverage for additional health services that may not be covered under provincial healthcare plans. This can include vision care (eye exams, glasses, and contact lenses), dental care (preventive, restorative, and orthodontic treatments), and other paramedical services like psychologists or naturopaths. These extended health services provide employees with enhanced wellness and preventive care, promoting overall health and well-being.


3. Income Replacement: Group benefits typically include short-term and long-term disability insurance, which provides income replacement for employees who are unable to work due to illness, injury, or disability. This coverage ensures that employees have a source of income during periods of absence from work, helping them manage their financial obligations and maintain their standard of living.


4. Life and Accidental Death Coverage: Group benefits often include life insurance coverage, providing financial protection for employees' dependents in the event of their death. Additionally, accidental death and dismemberment coverage may be included, which provides benefits in case of accidental death or severe injuries resulting in permanent disability. These coverages offer peace of mind and financial security to employees and their families.


5. Employee Retention and Attraction: Offering comprehensive group benefits is an effective tool for attracting and retaining talented employees. In a competitive job market, quality benefits can differentiate employers and make their job offers more attractive. Employees value the security and peace of mind that comes with having access to health coverage, disability protection, and other benefits. It also demonstrates that employers care about their employees' well-being, fostering a positive work environment and increasing employee loyalty.


6. Cost Savings for Employees: Group benefits often provide more cost-effective insurance coverage compared to individual plans. Employers negotiate group rates with insurance providers, resulting in lower premiums for employees. Additionally, group benefits often cover pre-existing conditions without exclusions or waiting periods, which may be a limitation in individual insurance plans.


7. Tax Advantages: Group benefits can provide tax advantages for both employers and employees. In Canada, group benefit premiums paid by employers are typically tax-deductible as a business expense. For employees, the premiums paid towards group benefits are often made on a pre-tax basis, reducing their taxable income and resulting in potential tax savings.


It's important for both employers and employees to carefully review and understand the specific terms, coverage limits, and exclusions of the group benefits plan to ensure it meets their needs. Consulting with Aurora can help in selecting and customizing the right group benefits plan for the organization and its employees.


Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 


Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Explain Critical Illness Insurance

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Importance of Critical Illness Insurance Explained

Critical Illness Insurance Coverage Helps You Recover

A critical illness can strike at any time, and it can happen to anyone, regardless of their age or gender. Although the incidence of cancer, heart disease, and stroke are rising in Canada, the odds of surviving a critical illness are better than ever. Thanks to medical advances.

But surviving a health crisis can often involve a number of financial challenges for which you were unprepared. Long Term Disability payments can help replace lost wages, but not the additional costs associated with surviving a critical illness. Expenses like time off work, travel to and from treatments, home modifications or assistance at home are now added on top of your normal living expenses. That’s where Critical Illness Insurance comes in.


Ease the financial pressures associated with a life-threatening illness

Critical Illness insurance is designed to ease the financial pressures associated with a life-threatening illness by paying a tax-free lump sum if you become seriously ill. As a result, you can devote 100% of your energy to recovery, without worrying about how your illness has affected you financially.


Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

Trusted Saskatoon Group Benefits Professionals at Aurora Workplace Solutions Discuss Stop Loss Insurance

Aurora Workplace Solutions are about creating brilliant futures by developing wealth security for businesses and individuals. As experts in the industry, they keep on top of recent news including changes to relevant group benefit plans, retirement savings options, and guidelines and policies. They also keep their eyes open for informative articles we think are of interest to our current and potential clients. Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

What is Stop Loss Insurance?

Stop-loss Insurance takes claim off the Employer’s shoulders


When an employee has a health issue requiring expensive treatment, the associated high-cost claims can be significant for their benefits plan sponsor. But it’s impossible to predict when a large claim will arise, so stop-loss insurance, which takes the claim off the employer’s shoulders, is one option to help protect against these unexpected costs.

As a type of insurance policy that sits on top of a benefits plan, stop-loss is available to both fully- and self-insured plan sponsors. When choosing stop-loss insurance, an employer selects a threshold up to which it can reasonably cover claims — ranging from between $10,000 and $100,000 — and any claims beyond that will be covered by the policy.


Stop-loss not a substitute for plan management

The main benefit of stop-loss insurance is its ability to protect the Saskatoon employer from catastrophic claims. For self-insured groups, it primarily acts as a budgeting tool so there aren’t any unexpected hits that could affect accounting.

On the other hand, stop-loss can become costly. While a claim may be mitigated in the first year, premiums can rise in the following years, essentially providing only short-term stabilization. This is especially difficult if the claim is reoccurring, which is the case for most drug claims.

“Stop-loss doesn’t help you avoid cost; it simply helps you prevent an unexpected surge in costs in a given year. It’s not a substitute for plan management.”

Another drawback is that most plans only have a single market for stop-loss insurance, meaning employers can only purchase it from one group, typically their own health insurer, which limits them to that insurer’s quote.

To limit risk, employers can use a pre-existing condition clause for an employee’s first year of employment by setting benefits to a specific limit so they can’t bring in unexpected expenses. Another option is to put a limit on drug reimbursement levels or incorporate provincial drug programs into the benefits plan.

While stop-loss prevents large, unexpected claims from affecting a plan sponsor, it’s important to understand that issues can still arise after a claim is made and employers should be aware of all the available options, so they can make a decision before it’s too late.


Aurora Workplace Solutions design & create custom group benefits plans that meet custom organization goals. Read more about their Group Benefits Plans or contact them today to get started!

'Creating Brilliant Futures'


Aurora Workplace Solutions are Trusted Saskatoon Group Benefits and Insurance Professionals! 

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