Benefits Ontario (Canada) 1.866.856.6799

MetLife Study Compares Women’s Views on Financial Responsibilities to Their Family
February 20, 2012

WESTPORT, Conn.–(BUSINESS WIRE)–While women across generations are willing and eager to provide financial support to their family members, they are also placing a strong emphasis on self-reliance, according to the MetLife Mature Market Institute study, Women’s Views on Family Financial Obligations: A MetLife Survey of Intergenerational Findings of Baby Boomers and Generations X and Y.

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GMS Immigrants & Visitors to Canada Plan gets a makeover as Super Visas are introduced.

GMS is pleased to announce it has made some updates to its Immigrants & Visitors to Canada (IVC) emergency medical insurance plan.

Following the recent announcement by Citizenship and Immigration Canada (CIC) of its newly introduced Parent and Grandparent Super Visa, GMS is expanding its IVC coverage to meet the medical insurance needs of Super Visa applicants.

The Super Visa —a multiple entry visa valid for up to 10 years—has been created by CIC to allow family members to remain in Canada for up to two years at a time. The visa is conditional on a number of requirements, one of which is a proof of private Canadian medical insurance coverage. The medical insurance purchased must be valid for a minimum period of one year (365 days) and must provide a minimum of $100,000 in coverage.

On December 19, 2011, to accommodate the requirements of the Super Visa program, GMS will offer visitors to Canada more flexibility on their medical insurance coverage during their stay in Canada. With the revised Immigrants & Visitors to Canada plan, applicants age 55 to 79 will now have the option to obtain coverage for 365 days. Coverage for this age group was previously limited to 180 days. Moreover, the medical insurance coverage will be continuous throughout the 365 days—regardless of the number of times a parent or grandparent returns to their home country. Best of all, GMS will continue to provide competitive rates on the IVC plan.

Craig Ferguson

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Do you have a large family requiring dental coverage?

Would you like to save big dollars on dental bills, because you are paying only for the first three family members, and you can have up to six people insured?

Why haven’t you heard this before?

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Here is a handy search site for looking for health professionals in Ontario, Canada.

For medical and dental insurance, please fill out some information, and we’d be happy to assist you.

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Loblaws employees are being offered a choice – - take away the benefits, take a lump sum payment, and go get your own.

The long-term disability plan will be reduced to a maximum benefit of $1500 per month, which should be topped up, or replaced, depending on the choice of keeping or removing the benefit plan.

If you are a Loblaws employee, allow us to help you sort this out.

Give us a call today 1.866.856.6799, ext 201. You can also fill out our contact page and we’d be happy to discuss ways to top up and perhaps more!

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Wondering if benefit plans are really worth it?

Make the call and speak with us and get the “straight goods” on individual benefit and insurance plans! 

As a broker, I have done the math, and we need to have a discussion about benefit priorities.

We are experienced benefit brokers that want to ensure that your money is not thrown away on unnecessary benefit plans that may not pay you anywhere near what you put into them. The truth is, individual benefit plans can be no where near as cost-effective as large company group plans, and this is often what people expect.

Are you really thinking of outlaying $100, 200, or $300 per month without consideration of the facts?  A two minute phone call may save you thousands of dollars. We urge you to get  the advice that may help you save a good portion of that hard-earned money? And, to set your priorities straight, it would be good to know where it really would hurt, wouldn’t it?

Hamilton: 905-667-4410

Toronto: 416-238-4410

Kitchener: 519-772-4810

Ottawa: 613-288-8194

Other regions: 1-866-856-6799

Thank you, and looking forward to speaking with you!

Craig Ferguson

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Houston, we have a problem!

And in this case it is the Government botching up a system of disability that should be left to the private disability industry. Huge losses mean innevitable rate increases according to the National Post:

While there is no shortage of agencies that are deserving of increased public scrutiny, a most fitting and early test of the government’s resolve is the Workplace Safety and Insurance Board (WSIB). Funded by employers, the WSIB is responsible for managing scarce tax dollars to provide compensation to injured workers. However, recent losses at the agency — $3.34-billion — threaten to drag the workers compensation system into financial ruin. (more…)

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Why does insurance advice have to be technical and complicated?

Confused yet over your benefit plan choices? Well if you are not, then chances are you haven’t looked long enough. Keep going, and you will be really confused in a short time.

Why do I call this article Benefit Plans Sesame Street Style?

Because we need to get back to basics the more confusing an issue gets. Cut down a few trees to see what we have in front of us. The basic ABC’s and 123′s please!

Okay, here goes the logic behind my approach…..

You call for a benefit plan to ensure you are okay in the event of an illness. Because, after all, who will cover those expensive medical drugs right?

Question: How did you get to a point that you need expensive drugs?

Did you get cancer or have a heart attack or stroke that led to those drug costs?

Yes?

Okay, so were you working before? Are you working now? What if you cannot work?

If you cannot work, would you produce an income to pay the bills? The bills, including any premium for the drug plan you called for! Any bill for that matter?

So, priority number one is covering off the income problem, because without income, forget the drug problem, it pales in comparison.

And, this explains why if you are working for a large company they offer life and disability, medical, and dental, right?

The bottom line is that if you are looking for a benefit plan, you should first be looking to cover off the income need – that is, you need to ensure income or it’s game over. Then, the gravy is how you will look at the drugs and dental expenses.

And, if you are in Ontario, should drugs become a huge issue, there is also the Trillium Drug plan to help.

The United States is looking to move to a system (jury out) that is similar to Canada. Their problems are far greater than ours, as a simple pregnancy can be costly.

Which would be worse: the doc telling you you need a prescription or that you cannot work and earn your paycheque?

We have the luxury of having basic medical care in Ontario, Alberta, and Canada that is far superior to the issues facing Americans, and I hate to say it, we have income problems more than medical plan problems.

It really becomes a question of ensuring your lifestyle is not affected with illness or injury, or other medical issue. After that, it is a need to cover off inevitable expenses as cost-effectively as possible.

And that’s the ABC and 123 of that!

We are here to help – 1.866.856.6799

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Let’s talk about your issues as a self employed contractor, shall we?

If you are an “employee” your company must by law insure you for workplace related injury. This might explain why so many companies are forcing employees to go on contract, and hiring them back at higher wages in lieu of benefits.

And, this is not necessarily a bad thing for you as the contracted employee. There are tax advantages, and if done right, more protection options in areas of disability coverage that will put you in the driver’s seat. Nortel has proven that group LTD is not the be all and end all, and it should send shock waves through the corporate employees to realize they had better take measure to protect themselves. But we are here to focus now on WSIB.

Perhaps your client is looking to cut back on cost, and by hiring companies and contractors, they can avoid the high premiums of WSIB.

Specifically, what are your issues and shortfalls with the WSIB insurance program?

The best little graph I have seen so far is this one that compares the WSIB situation with that offered by private disability:

Workplace Safety & Insurance Board	Private Insurance
On the Job Coverage Only (Work Related Injury plus Illness)	24 Hour Coverage Injury optional illness coverage at Home, Work or Play. Covers any type of injury or illness
Extended Health (Work Related Only)	Extended Health (Blanket Coverage). Alternative to WSIB contracts may offer $10,000 to $100,000 of Accidental Medical Emergency coverage. Group or Individual Extended Health contracts offer blanklet coverage any type of medical coverage to the terms of the contract purchased.
Rehabilitation discretion of WSIBReturn to work with Modified Duties	*Unlimited Rehabilitation Benefit in good contracts, others limited to the limit within the terms of the contract. *Return to work once client is able to return to work in his own occupation thereafter any occupation
WSIB doctor assessment of injury	Clients own doctor assessment
16 sprain & strain coverage	60 day coverage, options for higher sprain & strain coverage or no limit on sprain or strain Non Cancellable contracts with a 30 day wait offer NO limitation on Sprains & Strains
Coverage capped to reflect average industry wage1st year capped at $22, 567.00. Normal Rate for Owner Operator $5.78 per $100 of replacement Income based on net $32,000 of replacement income. Annual Premium $1,849.60	Overall Maximum Combined of $6,000 monthly for both Loss of Income and Business Overhead Expense Reimbursement.Coverage based on Gross or Net Taxable Income. Average Rate for Injury Only Coverage $3.76 per day. Annual Premium of $1,349.88 or $112.49/mo. Add Extended Health Coverage Optional. Annual Premium $2,098.68.
LTD at discretion of WSIB	Long Term Disability to Age 65 or 70 based on any occupation, education, training and skill.
Integrated with CPP	Integrates with CPP
Accidental Death & Dismemberment $300,000	Accidental Death & Dismemberment up to $500,000
Specific to Employer’s Market	Specific to Small Business Owners needs
Mandatory for Employees, Optional for Business Owners
Inflexible to alternate coverage in place.	Flexible. Purchase coverage by assessing your overall needs.

 I would add that the best policies will not force you to find a job outside of your occupation. And, this is important as your earnings increase with talent and experience. Why should you flip burgers at $7 per hour, when you have been trained at a specialty for $50 per hour? Why should you be penalized? Short answer – you shouldn’t!

It would seem there is a whole industry surrounding WSIB, it’s pitfalls, the complications of getting it, etc.

I just spoke to a client in his 30′s that was told by WSIB, that should he qualify, the premium would be 8.7% of his wage.

So, if he earned $3000 per month, the premium would be $261 per month.

Wow!

What would he be getting for that $261?

Well, what he is getting may better be described by what he is not getting.

• If he was in a car accident outside of work and became disabled – nothing.
• If he got an illness such as cancer or a heart attack that rendered him disabled – nothing.
• any other accident outside of work time and duties – nothing again.

The point is, if you are going to insure yourself adequately, why not be in control and be insured for any reason that might cause a disability?

Are you any less in need of money for disability issues not covered by WSIB? No.

As brokers, we are able to access the best disability plans, at the best cost, and these plans are yours.

In other words, good disability policies will be portable, will not be cancellable, and the rates are locked in at the time you take out the coverage.

Some plans can and do pay back a portion of premiums if you cash in, at 25% or 50%, and some allow you to convert them to other forms of income streams at retirement – specifically long term care coverage.

This literally leaves WSIB and it’s offering in the “dust”.

Like all protection, for the money, what is the best value?

Well, it certainly is not the schedule of benefits offered by WSIB.

The company you are contracted with, and that requires you by law to insure yourself, needs to know you are covered. By getting good coverage, they can be given a copy and their liability is over.

WSIB reminds me of an option in life insurance known as AD & D (accidental death and dismemberment).

AD&D will double the amount of insurance if death is caused by accident. So, I suppose if you get diagnosed with cancer, it would be a good idea to drive off the nearest tall bridge to ensure your family gets enough money.

Crazy or what?

Give us a call, and we can take care of your needs properly. 1.866.856.6799

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Well, all we tend to hear these days is the jeopardy of the pension system.

So, do not be surprised if Ontario Finance Minister Dwight Duncan ignores last year’s proposal from former law dean Harry Arthurs to increase the maximum pension guarantee from $1,000 a month – where it has stood since the early 1980s – to $2,500 a month.

Guarantees are harder to find.....life insurance may be the answer

The government of Canada  and it’s provinces has thrown their hands in the air and pleaded an inability to guarantee Canadians their supposed right to receive their company pensions.

History has shown that when companies fail, or reach a point of restructuring or going out of business, they look to tap into what should be the “untappable”.

Laws tend to not protect the hard workers that have contributed to, and are relying on their company plans.

Now, let’s take this a step further.

The husband and wife living off one pension, and realizing the uncertainty are looking for ways to ensure the survivor and their children are left with a half decent standard of living need to look at what can be guaranteed.

In the old days, countless sales ideas were bantered around to suggest that life insurance can be an estate creation tool, and an estate preservation tool.

It is also a tremendous way of creating a pension, and it is this aspect that should be explored.

When young, and furthest from retirement, the amount of life insurance a couple needs is the greatest.

Often however, the agent looking to sell a policy looks to sell the one with the highest commission, and therefore leans toward the permanent versions at the outset.

This can cause a variety of issues, the greatest being a high premium outlay, and a low insurance amount.

If you are lucky enough to survive to retirement age, and are looking to use your insurance as a pension plan backup for your family, have you got enough coverage to be turned into an income stream?

If you are no longer insurable, you have now created a situation that you cannot change the amount of insurance (money) you will be able to leave your spouse and family. Wouldn’t it have been better to guarantee the higher amount with term insurance?

And, there is another problem you have when working – disability.

If you bought expensive life insurance and did not look at disability issues, then you will be taking additional chances.

You work to provide income, but also only by working do you contribute to your pension.

If the disability plan at work does not include a contribution to the pension when disabled, your pension will be smaller than it should be.

And, what if your income level is literally cut in half? Would your mortgage payment be covered?

Would you become a bank mortgage statistic? Another foreclosure because of poor planning or an insurance agent that did not include disability as part of your insurance planning?

It happens, and it happens more than you might think.

To prove it, ask yourself when your insurance agent last looked at your situation should you become disabled, and did he/she review your long-term disability coverage in your employee booklet?

You can ask us to help you – 1.866.856.6799.

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