Group Benefits for Small Businesses
Why have an Employee Benefit Plan?
Employees who understand and appreciate that their employer is providing them with a good benefits program are commonly longer-term and better motivated employees. As well as retaining personnel, a good benefits plan will aid in attracting high-calibre employees. The overall benefits to you are reduced training costs and improved productivity, which ultimately lead to more profitability.
What is the advantage of Regency Advisory Corporation?
At Regency, we specialize in custom-designed benefit packages that are very affordable and built around the needs of our clients. We offer cost containment options that can be fine-tuned to any cost pressure faced by an organization.
Our services are driven by dedicated people and proprietary systems who work for you.
How much does it cost?
The demographics of a group determine the rates of a benefit plan. The age, sex, salaries, etc. of the plan members make up the demographics. As the group ages, the risk of claims increase and, therefore, the rates may follow suit.
Rates also depend on which options you choose for life, disability, health, and dental.
What are the enrolment requirements?
All eligible employees must enrol for each benefit, including people such as owners and managers, except those employees who are already covered through their spouse’s plan. Eligible employees must be working a minimum of 20 hours per week on a full-time permanent basis. The minimum enrolment for each line of benefit is five lives.
How much does the employer contribute?
The employer has the flexibility to share the cost on benefit premiums in whatever manner is most suitable to the needs and goals of the company.
What are the tax advantages?
The premiums you pay on behalf of your employees are considered an operating cost and are tax deductible expenses for your business. And, for your employees, the health and dental premiums are not a taxable benefit, nor are the benefits they receive.
What happens if a new employee joins the company?
Your company’s group administrator will receive personal service as well as a comprehensive guide to help coordinate the program within your business. The guide provides easy to follow instructions including how to start a new employee on the plan, what forms are required and how to order them, how to read the information on your identification card and exactly what your responsibilities are as an administrator.
What happens if an employee leaves or retires?
If an employee leaves or retires, they may often keep their valuable group benefits. By converting their group to a personal plan.
How will I know what is covered?
You and your employees will each receive a benefit booklet detailing your program. It will outline what your benefits are, including details about maximum limits and eligibility for benefits.
What else do I need to know?
All coverage ceases at the earlier of retirement or when the employee reaches the age of 70, except for Life benefits, Accidental Death and Dismemberment benefits, and Critical Conditions benefits which generally cease at the earlier of retirement or age 65. The travel coverage is not valid for employees who reside outside of Canada.

Regency offers a wide selection of products that allows you to build a comprehensive benefits plan for your business, no matter what size it is. Group plan benefits can include Health Care, Dental Coverage, Prescription Drug Coverage, Vision Care, Travel, Life Insurance, Dependent Life Insurance, Accidental Death and Dismemberment, Short and Long Term Disability Management, Critical Conditions and an Employee and Family Assistance Plan.

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