If you have just left a large company benefit plan, and are looking for replacement dental coverage, what should you consider?

Well, it depends of course on a number of factors:

One thing is for sure, keep going to the dentist to ensure health!

• Are you still working?If you have changed jobs, and are an employee again at another company, will you be eligible for another group plan once you meet the minimum employment time (waiting period)? If this is the case, you might want to see in advance what the terms of coverage are, and what your contribution will be. Under this scenario, you are  not likely allowed  to opt out unless you have a spouse that has coverage elsewhere. If that is the case, a “spousal opt out” is usually allowed to avoid double payments, and double coverage. Having said that, you can claim at one company where the other leaves off, so all these considerations need to be weighed carefully.
• Have you become contracted or self-employed? If this is the case, there are traditional options, and also another option – a health spending (savings) account. The argument for this method is for those that have mainly routine appointments, and paying extra per month to an insurer if you are not likely to reclaim the money does not make sense. The full deposit into these accounts is 100% tax deductible, which has more favourable tax treatment than the medical tax credit.

So, what else can you expect from a personal, or family dental plan, otherwise known as individual dental coverage?

The premium range per person in the current market is approximately $50 to $70 per month. Family discounts can apply, and depending on the company and your situation, you may find better rates.

The biggest question related to your quest to find dental insurance is the question of “why”?

Why are you looking for coverage? Is it because you had a plan and lost it? Or is it because you need dental work right now?

If you have been an employee in the past, and are now on your own as a self-employed worker, the bigger question you must ask yourself is what are the big risk issues?

• Did you have a full benefit plan,that included life, disability, medical and dental?
• Based on that, are you now losing your disability coverage?
• How would an illness truly affect your income and family security?
• Relatively speaking, would an illness affecting income have a bigger financial impact than the odd bit of dental work?
• The question then is, what should be the “benefit dollar priority”?

We fail to see what is not an issue.

We can see dental bills. We cannot, unless ill, see the impact of a disability.

You may know of others that have  been disabled and lost everything. And this would drive the point home.

Now, going to the dentist should be a priority. Did you know that your teeth and gums can affect your heart? Well, periodontal disease leads to heart disease if you get an infection in your gums, that travels in your bloodstream. It can cause major heart issues, even heart attacks.

So, if you are without dental coverage, that is not the end of the world. Not going to the dentist may be.

Some dental offices give special rates to patients that do not have dental coverage. If you are self employed, this may mean a health savings account, coupled with a good discount will ensure you pay the least amount for a given amount of dental work. And isn’t that the goal? Make the cost of going to the dentist as cheap as possible?

We offer dental coverage from many major carriers including Blue Cross, Manulife, and Group Medical Services. The health savings account option for the self-employed is provided by Benecaid.

We can help ensure you are provided with an overview and specific information enough to make an educated decision.

But as a strong proponent of ensuring there is money first, for the next dollar you spend on you new benefit plan, should it be used to ensure your income, or cover a bill?

Without income, we cannot pay the bills, including the insurance bills.

And that’s food for thought.

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Tangible is a tremendously flexible product line.

Personally used most for disability insurance purposes, there are life insurance, and critical illness components as well, in alternative forms. For the purposes of this discussion, we willl concentrate on the disability hybrid product.

The disability hybrid effectively turns the disablility insurance into a long term care plan at retirement. The coverage then can be with you for life, but only payable for 20 years, or age 65, whichever comes later.

One of the big issues today, are seniors looking into long term care coverage to avoid the potential devastation it can create for a couple’s pension plan. If say the husband needs to be put in a nursing home at some point, the government will tap into the pension to cover the costs, leaving the spouse in questionable financial shape.

The ‘anti -erosion’ factor is attractive. What often is not attractive, is trying to buy this coverage at an older age, and when health issues have become an issue. Then, it may be a question of either being unaffordable, or unattainable due to poor health.

With the Blue Cross Tangible disability plan, certain occupations otherwise not looked at favorably by some other insurers, are in fact in great shape with this plan.

The scenario of the 40 something professional or business owner not requiring a guaranteed increase with age fits nicely. And, being able to see old age a little easier, the long term care feature is a nice bonus, seemlessly not adding to the monthly cost.

Here is the Tangible Brochure, and for the technically minded looking to dig deep, here is the Tangible contract.

Note that the option is there in the critical area – to extend coverage to age 65 for an “own occupation” definition.

Unlike many group insurance plans that restrict “own occupation” to 24 months, the Tangible plan will ensure your current income is protected should you not be able to perform your job!

Call us or use the contact form on the sidebar to fill out a request… 1.866.856.6799

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Depending on your personal situation, and that of your family, the right medical and dental insurance choices can be a daunting dilemma.

We do not serve one master. In other words, we are not tied to any one insurance company, and therefore are free to offer you the solutions (plans) that fit your particular needs.

How do we determine your needs?

Good question.

The size of your family, any pre existing medical conditions, and any current medication use is of obvious importance.

From there, what features are most important to you? Different companies and plans may have variances in this area.

If you are a diabetic with expensive testing strips, which company might actually cover a portion of this pre-existing condition?

All good issues. All good questions.

So, the next time you consider going online to try to invent this insurance wheel on your own, ask yourself an all important question. “Am I getting the best plan that fits my family best, at the best possible rate?”

Without a qualified broker that has already “invented that wheel”, you may be throwing away a lot of hard earned money, without proper consideration. Not a good place to be.

Our searching for you is on us! We do not charge to listen and suggest what would be best.

Of course, if you take out a plan through us, we do get paid by the insurance company.

Call us today, and let’s see what’s up! In Ontario and Alberta, 1.866.856.6799.

Oh, and if you want to send an email, look for the envelope on the left or right side, and it will link to a contact request form.

Thank you.

Craig

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There are a few great insurers for disability insurance.

Canada Life is definitely at the top of the pile.

But, depending on the occupation group, Canada Life may or may not be the choice.

So, let’s have a look at which occupation types that Canada Life looks favorably upon, shall we?

A rank of class 5, means that this is the best rate that can be had. Which occupations get the most favorable rating?

Let’s list them in alphabetical order:

• Accountants , CA, CGA, CPA
• Actuary
• Acupuncturist, MD
• Air Conditioning, Engineer, Office & Consulting
• Anaesthesiologist
• Architects, less that 20 hours per week at construction site
• Auditor, with professional accounting degree
• Bacteriologist
• Biochemist or biologist, consulting
• Botanist, with Ph.D
• Chemist, with Ph.D, consulting only, no lab duties
• Chiropodist – Podiatrist
• Chiropractor
• Computer Industry, systems analyst, consultants, programmers, website designers, earning $50,000 plus, or university degree in computer science
• Coroner
• Dentist
• Dermatologist
• Doctor of Medicine (Medical Doctor)
• Drug Store & Pharmacy, Druggist, or Pharmacist
• Engineer, professional
• Executive, Business Owners, under certain restrictions
• Geologist, office and consulting
• Gynecologist
• Homeopath
• Doctor in Hospital
• Judge or Justice of the Peace, office and court duties only
• Lawyer
• Naturopath or Homeopath, M.D.
• Ophthalmologist
• Optician, income of $75,000 or more per year
• Optometrist
• Orthodontist
• Osteopath
• Pharmacist
• Physician & Surgeon
• Physicist
• Podiatrist
• Psychiatrist
• Psychologist, with Ph.D
• Radiologist or Roentgenologist
• Teacher, University Professor, including cegep
• Topographer, office duties
• Vetrinarian, small animal

Now, it should be duly noted that there are certain occupations that are very close to the top rate, and in fact, Canada Life has a process called a quality risk upgrade,that may help occupations from 3 and 4 to get to a class 5 rate. This depends on income, job stability, and other factors.

Generally speaking, the riskier the occupation the lower the rating and the higher the rate for a given age group.

Speaking with a qualified broker is the only sure bet to ensure you pay for a disability plan that may actually be structured to ensure it fits your needs properly.

Call us today at 1.866.856.6799

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Group Medical Services has proven itself to be a contender in the benefit field for Canadians. Please look closely at these plan features, and give us a call to see if they would fit your needs:

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Self-Employed Needs

You are part of the fastest growing business segment in our economy. You are on your own, your own boss. Isn’t that great?

If you have come from a background of working as an employee, you are likely used to having medical and dental coverage, long-term disability, and other job perks.

Many self-employed go into business for themselves with the goal of “having a better life”, so why do they often forgo the benefits that will ensure they stay in good health, or protect themselves if they do not?

If you have been self-employed for a long time, or have just recently started out on your own, please ask yourself these important questions:

• What will happen to me and my family if I should become sick or injured? How will it affect our lifestyle?

• What would happen if I contracted a major Critical Illness such as Cancer or if I had a heart attack or stroke?

• If I should die, would my family be O.K. financially? Would they have to move, downsize, or otherwise reduce their standard of living? Would I really want that? Is mortgage insurance really enough?

• Can I afford NOT to protect our lifestyle in the event of disability, Critical Illness, or death?

• Can I afford to not provide for medical and dental needs of my family? Am I avoiding the dentist because I feel it is an expense I can live without? (please see “your teeth are attached to your heart“)

The answers to these questions are important because it helps you assess what insurance would mean to you. Sadly, many self-employed individuals answer these questions too late (i.e. they have already become disabled), or tragically, they don’t answer them in their lifetime, but leave their families wondering why not.

Don’t let this happen to you. Contact me for a no obligation review of your insurance needs, and put peace of mind back into your self-employed mindset. After all, you’ve got enough to consider in growing your business!!

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Shopping for Benefits? Have you done the math on Individual, Family, and other money hungry plans?

Benecaid plans fit nicely…

(click here to see the original article)

One of the biggest obstacles to self-employed people is the dilemma of buying expensive medical and dental insurance.

Until recently, I advised most of my self-employed clients to put their money in the bank, and only buy catastrophic medical coverage, as you never win with conventional insurance.

What do I mean by that?

Have you ever taken a good look at individual coverage policies, with their inherent co-payments (you pay a percentage of each bill) and their limits (the insurance company pays up to a set maximum amount per year per person, with lifetime maximums)?

If you have had experience with this, you no doubt tried doing the math….“if I pay this a month, and claim this a year, with these maximums am I ahead or losing money?”

The likely answer is you are losing money just to be able to say you have coverage. Not a good situation, and it makes little sense.

Until Now….

There is a rule in the Income Tax Act that allows self-employed individuals and their employees to either have the company pay the medical and dental expenses as a non-taxable benefit, or the owner of a non-incorporated business can reduce his/her income by the amount he/she puts into the health account (similar to an RRSP deduction). These are called Health Spending Accounts (or H.S.A.’s). You can also elect the Cadillac version of the plan which includes Catastrophic Coverage, eye glasses, prescription drugs, and professional services, called the Premiere Plan.

So, without losing a cent, the company and/or self-employed can cost-effectively pay for the costs of medical and dental with “pre-tax dollars”, effectively lowering their cost by up to 40%.

Now that makes good economic sense!

I now have clients telling me they have enough in their accounts to cover their kids’ orthodontics! You too can save $1000′s and have $1000′s to show for it. Why give up all that money to the profit thirsty insurance companies?

Send me a note and I can arrange to show you how this plan can benefit you and your employees. No employees? No problem, you are eligible to get your own plan even if it is just you!

And, you cannot be refused or declined for coverage as long as you are self-employed, or an employee of a company that has this plan in place!

• Click here to download the pdf brochure for businesses

• Click here to download the pdf brochure for individuals

Benefit Survey & Request form: If you complete our survey, it can also be used as a ‘quote request’, that will give us a good idea what your needs are…we check them regularly.

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How to decide which Benefit Plan may be right for you    

Note regarding Blue Cross Ontario:

We are an experienced and authorized BLUE CROSS Brokers, located in Ontario and Alberta, able to offer the full line of benefit plans and other unique products and quality solutions through our specialists in Ontario and Alberta. Blue Cross in Ontario utilizes the broker force to bring you good benefit advice, and the quoted cost is the same through a qualified Blue Cross Broker.

Blue Cross Service Issues on existing plans outside our office:

If you have been trying to reach Blue Cross directly for service issues on existing plans you have purchased elsewhere, please call our local or long distance numbers, or email us and we will be happy to direct you to the appropriate department. If however, you have lost your agent or would like us to service your plan, you have come to the right place!. We are driven to present to you all the appropriate solutions to your benefit needs.

‘Why should I speak with a Broker and not directly with each insurer?’

Let’s try to avoid the bungled ‘bundle’!

How are benefit plans like TV services? Have you ever frowned at your cable TV or satellite TV provider because the only way you can get the channels you want is in a bundle with other channels you don’t want? This adds to your cost, and the likelihood you will not cost-effectively cover your needs. Your money is best kept in your pocket, and you should buy the best combination of coverage that makes the most sense, with the least amount of wasted money.

We know the market, the company plans, and we know how to help you sort it out!

Why should you pay more for the coverage you need than you have to? 

Insurers market only the plans they offer, and they bundle their products. They also don’t take a very important aspect into consideration – YOUR HEALTH!

You should be shown plans that give you higher drug limits when you are in exceptional health. Don’t accept low limit plans that the insurer is at low risk for.

We are not tied or biased by one company, and can suggest solutions based on what you need. This saves you time, and does not waste money!

And, why shouldn’t you be exposed to all the options in the benefit market that make sense. Benefits you need may not be exactly the same as your neighbor, and trying to find the right plan is difficult to say the least.  We continually monitor the benefit market and can make your experience a positive one.

Here are some things we consider when discussing your benefit needs:

       To save money, if you are in exceptional health, you deserve to be shown plans that fit you best – some plans have unlimited annual and lifetime maximums on drugs. Your good health will qualify you for these programs, and you need to look at this as the most important aspect of the program.

        If you develop a medical condition that could financially devastate, will your benefit plan come through and pay all the expensive bills?

       If you are already in a position that drug costs are a huge financial burden and are living in Ontario, please see the Ontario Trillium Drug Program page. We want to help you with this process, and discuss if you would likely qualify. Please speak with us.

       If you are self-employed, there are cost effective, tax saving options

Call us today! We are here to answer your questions, and we do not charge for advice!

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BY: NANETTE GOZUTOK (PARTNER, INTEGRITY INSURANCE PLANNING)

There is so much to say that people really need to know.  I have just spoken to a person who has $800 in drugs costs each month.  Trillium does not work for her and she has nowhere to turn to help with the costs.  Her pharmacist is actually trying to get the drugs company to provide her with the drugs free of charge. 

 There are several issues here:
 
The majority of Canadians do not understand that Group Benefits are temporary.  They can be taken away at any time and if you have medical costs you are then left to cover them yourself.
 
Not all drugs are covered by the government, I am getting more and more calls from retirees whose drugs are not on the provincial formulary list and therefore not covered by the government.
 
Health and Dental insurance, and more importantly, disability insurance needs to be purchased when you are healthy.  This lady I have just been speaking to cannot work due to her illness, she did not have disability and therefore has no income to assist with her drugs costs.
 
The average cost for cancer drugs which usually need to be taken for up to 5 years is $500 per month.  Some Canadians are under the impression that they are covered by the government and they are not.
 
Disability is so important, we need to make people understand that.
 
Let’s see if we can help some of these people.  Put into perspective, the cost of your disability insurance could be the price of a couple of meal out each month and no one seems to think twice about that!

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If you are self-employed, and looking for benefits, what should be your priorities and why?

Insurance Priorities for the Self-Employed family

For the self-employed family without a traditional benefit plan, what should be the priority sequence of coverage choices, as the income of the business and the family increases?

If you were an employee of a corporation, you would likely be provided a benefit plan that includes some levels of

• Life Insurance
• Disability Insurance
• Medical coverage (Health Spending Accounts & catastrophic medical coverage)
• Dental Coverage

With our Integrity planning process, there are ways to help us address all these areas, while maintaining your budget.

Many self-employed families are extremely budget conscious, and we tend to look at solutions for “what is hurting now”, seeking pieces of the benefit puzzle only as the need arises. This is a very dangerous way to go about the process.

What if we were to take out a dental plan only, and in six months, we become disabled?

Without income, will the dental plan replace the money the family needs to live on?

We don't know what can happen, and the devastating effect on our savings

Will there in fact, even be money available to continue to pay the premium even for the dental coverage?

Without income, all the hard work we did to grow our business can be lost in a short time. Therefore, it is very important to look at the big picture at the outset! Discussing these areas with a qualified Insurance Planner is vital to protecting you and your family.

Insurance Planning must be done with integrity – that is completeness, honesty, and with your budget in mind! All issues must be addressed from the start, with several plans and insurers considered, and the most appropriate solutions examined.

Please contact us at 1-866-856-6799 (extension 201 for Craig, and 204 for Nanette) to discuss your needs further.

Craig Ferguson

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