Find The Right British Columbia Employee Benefits Program

Advantages of Providing a British Columbia Group Benefit Plan for your employees

1. The British Columbia employee benefits program can offer tax-free health benefits to your employees.
2. The employer can provide the benefit to the employees at a fixed cost and the plan will be automatically administered by an insurance company.
3. You can protect your employees and their family members against financial issues that could arise from unexpected health or dental expenses.
4. Rather than increasing your employees’ taxable salary, you can provide extra compensation to them with British Columbia group benefit plan.
5. The employer will enjoy a tax deduction in every cost that is associated with the provincial group benefit plan.

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Employers can provide a lot of benefits to their employees through the British Columbia group benefit plan. Some of these benefits include the following:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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Setting up your Employee Benefits Package

It is necessary for employers to seek the help of experienced professionals to help them to navigate through the process of creating or setting up a British Columbia employee benefits program. This will help you to avoid running into steep costs and growing liabilities.

The service of brokers or benefits consultants is highly desirable. Brokers are paid by the insurance company and could offer you their services at no extra cost. The services may come handy in helping you to get the best result in your benefits investment.

For the best result, you should get up to three different proposals from several brokers in order to evaluate the value and cost from several perspectives.

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Saving costs on your British Columbia Employee Benefits Program

Employers need to save cost when designing a British Columbia employee benefits program. Furthermore, they can minimize long-term cost through the following means:

1. Capping the amount of coverage they offer.
2. Reducing carry-over of unused sick days.
3. Adding deductibles to the insurance coverage offered.
4. Sharing the premium cost between the employer and the employee.
5. Considering the co-insurance or the level of coverage.

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British Columbia Group Benefit Plan News

The new British Columbia’s employer health tax now include payroll components such as employer-paid registered retirement savings plan contributions.

The provincial government began levying the new health tax in January 2019 as a measure to eliminate the medical services plan premiums in British Columbia.

The government said in a news release that the transition to the new tax would result in savings of over $50 million every year as a result of the cost of administering the current medical services premiums.

Furthermore, the province noted in a notice in July 2018 that the new employer health levy will cover employment income and taxable benefits under the Income Tax Act since it is a payroll tax. It is expected to include salary and wages, advances of salary and wages, payment for casual labor, vacation payments, gratuities or tips paid through the employer, contributions to an employee’s RRSP paid by the employer, group life insurance premiums paid by the employer and so forth.

Employers whose payroll is below $500,000 will not pay the tax, those with payroll between $500,000 and $1.5 million will pay at a rate of 2.95 percent and those with a payroll above $1.5 million will pay at the rate of 1.95 percent.

Finance Minister Carole James said that the government is working hard to make life affordable for residents. He added that they are proud to eliminate the regressive premiums and returning up to $1,800 every year to families across the province.

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