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BUSINESS OPINION – Bill’s Blog – Benefits My Way & Key Add Ons

Chilliwack (Bill Westmacott/Fivefold Financial) – Let’s say you are a small to medium size business (Incorporated or partnership), and you are just not ready for a complete benefits program for yourself or your team. But, with the high inflation, you want to offer some benefits. So, what is your best affordable option? Have you heard of Health Spending Plans (HSA)? You pay a one-time fee of $295 to set up, and here are some of the incredible benefits for you and your team: A Health Spending Account (HSA) allows you to use your company’s money to pay for personal medical expenses. In addition, almost all medical/dental costs are a 100% tax-free benefit for you and your employees and 100% tax deductible for your company. One of the top reasons business owners like the HSA, they are 100% in control of the benefits they offer their team and no annual increases in premiums. So, whether you are a solo operator or have a team of 50, the HSA may be a great option to retain employees and create tax-free benefits for yourself and your team.

What makes Benefits My Way unique is the many add on’s that you can customize for yourself and your employees. First, let’s take a look at the insured options.

Group & Disability: 

  • 25K or 50K Life
  • AD&A 25k or 50K
  • Dependant coverage 10K & 5K kids or 20K & 10K kids
  • LTD $1500 per month up to 5 years or $2500 per month up to age 65
  • Basic option = Employees with salaries of 45K/year or less
  • Enhanced option = Employees with 45K plus salaries per/year. 
  • Three persons are required for this plan.

Travel & Major Medical:

  • Up to 60 days per trip
  • 125K coverage per year – $2500 deductible per injury or illness.
  • Available to age 70
  • Major medical 125K x 2 = Max 250K per year

Critical Illness:

  • Member 20K each, Spouse 20K and Child 10K each. One premium for family child CI.
  • Cover 24 Conditions

Diagnostic Insurance:

  • On average, Canadians wait 34 weeks to see a specialist.
  • Guaranteed access to the most commonly referred medical specialist within 21 days.
  • Lifetime benefit maximum of USD 1,000,000
  • Covers the cost of MRIs, CT Scans and Specialist consultations
  • Covers pre-existing conditions after the policy has been in effect for 24 consecutive months.
  • Covers approved travel expenses for diagnostics
  • No deductible or co-payments
  • No need to pay upfront and be reimbursed; the plan pays the service provider directly
  • No medical questions
  • No medical underwriting or evidence of insurability is required.

So, if Benefits My Way looks like a great fit for you and your team, please follow the link: The sign-up process is straightforward and only takes 15 minutes or so. 

https://offers.benefitsmyway.ca/fivefold-financial

Also, please call the toll-free number if you have any questions: 1-866-820-2188

The HSA is just one of the many solutions I offer for business owners. Please pass my Blog to a business friend if you feel it may benefit them.

Bill Westmacott, Owner

fivefoldfionancial.ca

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Lorne Oss

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