January/February 2009, Contractor Advantage Magazine
The Bronze Benefits Plan
It can help you help an employee in the event of death, disability or a health or dental issue.
By Mark Beckham
Given the current economic climate, you might be wondering if you can afford to provide employee benefits. I continue to believe the answer is 'yes.'
The same reasons I have talked about in previous issues of this magazine still hold true: employee benefits allow your business to attract and keep excellent employees. In addition, a benefits package is more cost efficient for you as a business owner.
That said, I have to accept reality. The economy is certainly not in good shape, but eventually it will recover. In the meantime, everyone is being careful with their dollars.
So how do we reconcile these two apparently conflicting sentiments: (i) the importance and value of employee benefits (ii) being careful with your money?Fortunately, Castle's own Castlecare has a solution. Your company can ease into employee benefits at the Bronze level, which is the lowest priced product.
The package includes:
Life Insurance: A beneficiary would receive $25,000 on the employee's death. No medical evidence is required of the employee. At age 65 the amount reduces to $12,500.
Accidental Death and Dismemberment: Should an employee die accidentally the amount paid to the beneficiary is doubled to $50,000. If there is a loss or loss of use of a limb, eyesight, hearing, speech a portion of the $25,000 is paid.
Dependent Life Insurance: In the event of the death of a spouse or child, $5,000 or $2,500 respectively is paid to the employee.
Critical Illness: There are 18 illnesses covered including heart attack, stroke and cancer. Should an employee become ill from one of these 18 illnesses he would receive $10,000 to help with income replacement.
Extended Health Care Deductible: There is no deductible that needs to be paid first.
Extended Health Care Co-insurance at 70%: This means that the employee pays $3 of every $10 of a claim paid. The insurance company pays the remaining $7.
Prescription Drug Plan Direct Pay: The Direct Pay plan is like a credit card for a pharmacy. It makes buying prescription drugs a lot easier and faster. You simply show the card at the pharmacy and the claim is electronically adjudicated. If approved the employee pays the $3 per $10 of claim and leaves with the prescription. There is an annual maximum of $1,000 per person. So, if you are married with three children, each person receives $1,000 worth of coverage.
Hospital Accommodation: There is no enhancement to provincial ward coverage. If an employee wants a semi private room they would have to pay the difference between the cost of a ward bed and a semi private bed.
Travel Benefits: Included at 100% reimbursement, employees are covered for travel outside of their province of residence. If an emergency medical condition occurs while traveling anywhere in the world they are covered. They no longer have to buy a standalone product.
Paramedical Services: Maximum of $300 per person per practitioner per calendar year and includes the services of a chiropractor, massage therapist, osteopath, homeopath, acupuncturist, to name a few.
Private Duty Nursing Services: $10,000 per calendar year should you require the services of a Registered Nurse while recuperating from an illness.
Hearing Aids. $500 every five years.
Dental Care: The insurance company will pay $9 of every $10 of approved claim for an employee. Services covered are for checkups, x-rays, fillings, root canals, gum disease treatment and denture repairs and relining.
Maximum Benefit: $1,000/person/year. Like the Prescription Drug Plan, if you have four people in your family all four have $1,000 of coverage.
Recall Exams: You can go as often as you want for treatment, such as fillings, but you can only go once every 9 months for a check up.
Fee Guide: Current. Every January 1 each provincial Dental Association adjusts its pricing. This program will keep up to those changes.
As you can see, Castlecare Bronze is a basic plan that helps you help an employee in the event of death, disability or a health or dental issue.
To receive a no obligation quote spend 15 minutes to review your options, pick a plan and send us your information. It is simple, quick and one of the best investments you can make, regardless of the economy.
ARCHIVES: Castlecare articles in Contractor Advantage magazine
March/April 2009 How to succeed in tough times
January/February 2009 The Bronze Benefits Plan
November/December 2008 Can you spare 15 minutes?
September/October 2008 It may not be sexy but insurance really matters
July/August 2008 What to look for in a broker
May/June 2008 Benefits can make a difference
March/April 2008 Major expansion plans
January/February 2008 Health Care now available
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