01 May Group Benefits for Owners and Executives
Group Benefit Programs are generally based on the demographics of the employees in a company – which means their ages, genders and occupations – along with the average employee salary and basic benefit coverage. It is standard to have one classification under the plan that is called ‘all employees.’
With this in mind, business owners and key company executives would not have adequate coverage relative to their earnings nor will they have sufficient, tax-effective protection comparable to the impact and influence they provide the company. This is actually considered reverse discrimination and exists in the majority of Group Benefit Programs in Canada.
Traditionally, Group Benefit Plans are set-up with a ‘one size fits all’ mentality and the truth is that this approach means that only some members are adequately covered by the Group Benefits Program.
It is also true that many busy owners and executives do not focus on their health as much as they should, as the majority of their time and attention is devoted to the demands of the business.
The areas that need to be considered in detail for business owners and key company executives include providing enhanced compensation and protection in a tax-effective way, combined with proactive management of their health; more specifically:
- Additional Life Insurance
- Improved Disability Insurance
- Health Spending Accounts
- Wellness Spending Accounts
- Annual Executive Medicals
- Expedited Access to Medical Services
- Retirement Planning
Some areas of a Group Benefit Program can be enhanced to provide the additional coverage required by business owners and key company executives, while other areas of enhancements can be obtained through an individualized approach. In all cases though, working with JRP will ensure that the needs of business owners and key company executives are personalized based on your unique needs, which will eliminate reverse discrimination in your Group Benefits Program.
At JRP, we know for a fact that there is no ‘one size fits all approach’ to Group Benefits and that the needs of all members within a Group Benefits Program are equally important to achieve success and sustainability.
YOU DESERVE MORE THAN YOU THINK®
Contact JRP today to take the first step towards a Better Benefits Plan.