Houston, we have a problem!

And the problem for the self-employed and contracted workers in Ontario are the hefty fees that WSIB is charging.

The problem with WSIB is not only  the high rates, but the fact that it covers workplace related incidents – nothing off the job!

What happens when you become disabled at home, or in your car, or anywhere else for that matter?

 The short answer – WSIB will not cover you.

I recently discussed this coverage with a gentleman that was quoted the rate by WSIB at 8.7% of his gross wage. His premium was going to be well over $800 per month just to be able to work! But what if the company you work for has “contracted” you and you cannot seem to convince WSIB to insure you? Are you then effectively unable to produce an income?

No matter what your health, there are companies that we can insure you with that are far superior to WSIB, and the odds of being declined for the accident coverage portion is almost non-existent.

This means no expensive “consultation” with experts and lawyers to appeal your WSIB ruling is required!

We looked at an alternative, well-rounded personal disability plan that covers disability on or off the job, and includes sickness, and the premium was $111 per month – a savings of almost $700.

If WSIB is able to mandate all self-employed workers to have this high-priced cash grab by 2012 there are going to be many angry self-employed families.

It is bad enough the government taxes us in several ways already, but the WSIB premiums may make the other taxes pale in comparison.

I will be working with several others to lobby against this, and I urge you to do the same. Let me know you are unhappy about the WSIB’s plans, and let’s form an alliance to combat this cash-grab.

The bottom line is that the insurance industry has plenty to offer, that makes the offering from WSIB non-competitive indeed.

Please contact me for a review of your disability needs at 1 866 856 6799, extension 201. Located in the GTA, we can personally look after you with old fashioned, face to face service!

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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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Let me ask you a question or two.

What if you called our office looking for medical and dental benefits for you and your family because you didn’t have any?

And, our office found you a package for say, $150 per month covering medical drugs, semi private hospital, and dental care. Okay.

And you paid your premium for months, but then all of a sudden you got sick.

Still with me? Okay, good….

So now you are sick, and it looks like it is pretty serious, so you get your spouse to talk with the company you work for and they work out how much you will receive income wise when you are off on long term disability.

You have a mortgage and a family, and basically you needed every bit of your income to make it every month.

They give you the news…..your net pay will be about half of what you made net before. Is that okay?

You panic, and then you wonder why you were spending the $150 per month for a “benefit” plan if you could no longer afford to keep it.

You call me up and explain the situation, and I advise you that the plan you were so adamant to buy does not have an income replacement feature, and it therefore cannot make up the 50% loss of wages.

You become even more distraught and you realize that you can no  longer even afford to pay for the insurance you bought in case you got sick (which you now are) because you won’t be receiving enough money. What a nightmare.

What went wrong?

What went wrong is that if I didn’t ask you pertinent questions to first ensure your income would be enough if sick or disabled I would have failed you from the start.

When you called in originally for a benefit plan, “my job” would have been to screen out your current circumstances to see where you would be in the event you ended up where you did – disabled and sick, or injured. The bottom line is that you could no longer work to produce an income to live on.

I wouldn’t have done my job because I know that the likelihood of a disability is far greater than dying before age 65, and without income the bills (including health insurance) will not get paid.

I would not have done my job because the chances are you will earn millions of dollars in your lifetime, and it takes money to live. I would have failed you as your benefit advisor if we didn’t take the time to look at what would happen if you got into the situation you got into – not out of fault – but out of circumstance.

So when you come to me looking to spend $150 per month on a benefit program, please excuse me for caring, and ensuring that we know what will happen if you get to a point where you need some serious drug coverage.

It is not my job for you to appreciate my concern, but it is my duty to try to go over these important areas with you.

And I share that responsibility with my business partner, Nanette Gozutok. She is at extension 204, and I am at extension 201.

Pull up a chair, pour yourself a coffee, and give us a call. We want to hear about your situation, and discuss your needs.

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Well, did you know that periodontal disease is linked to heart disease?

It is. And yes, I am here to scare the daylights out of you!

Put mildly, poor oral health links your teeth to your heart. And you thought you could avoid going to the dentist.

Bacteria is in tremendous number in one’s mouth, so imagine if it should get from an infected gum, into your bloodstream, and bingo, to your heart. Not good, right?

Please see  this article for more information on periodontal disease, which affects at least 10 to 15% of the world’s population. Will you allow this to become a health issue for you and your family?

Is it really something to be "cut" from the budget?

If fact, if you do not have a dental plan, and say are self employed looking to cut expenses, then Houston, we have a problem if you think that not going to the dentist is the route for you and your family.

Here’s an interesting article for further reading.

Here’s the deal….

If you are self employed it really is an issue of priorities, tax savings, and many other issues to streamline your business, to make it the most “bottom line” conscious it can be. We have all “wasted money”, and what’s the sense of working for everybody but yourself?

Call us, and we can set you up with good advice and other professionals that specialize in their respective fields, to ensure you are taking advantage of all you can, so you can get to that dentist appointment.

There is help, and it’s a phone call away – 1.866.856.6799.

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What’s my what? Your PDQ!

What’s a PDQ?

Probability Disability Quotient, that’s what!

It takes factors into consideration, and determines a percentage likelihood that you may become disabled.

This calculator is US based, but we are all North Americans, with a similar lifestyle.

So, click here and see what your PDQ is….then give us a call….1 866 856 6799.

Or, use the disability contact form to fill out your information.

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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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Blue Cross in Ontario offers comprehensive medical and dental coverage, “Blue Choice” is a great choice for several reasons, if it fits your needs. Here are the details:

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