What is Disability Insurance?

January 7, 2010 by · Leave a Comment 

step by stepDisability Insurance is an income replacement, wage loss plan. The definition of disability, the length of time you seek coverage for, your occupation risk class, annual earned income, and health history are all pricing factors. Simply put- there are many different ways to obtain coverage. And there are even more ways one can be assessed by a carrier.

Companies can have different options for you to pick from. You can have a choice for your waiting period (the amount of time that has to pass before you can submit a claim) and how long they will pay your benefit.
For example: 1st day injury or a waiting period of 30 days. It depends on you. What do you want and how much are you willing to pay for the protection. Do you have a financial reserve or not.
Premiums are decided by the type of work you do, your age, smoker or non smoker the type of coverage you would like and not all policies are the same.

It is my job to help guide you through all of this.

There are ways to obtain a disability insurance quote online, or you may contact us for a customized quote.

What Is a Health & Welfare Trust?

January 7, 2010 by · Leave a Comment 

A Health and Welfare Trust (HWT) is a vehicle  that allows self employed business people whether they be sole proprietor or incorporated companies to 100% tax deduct their dental and medical expenses.  Yes there are rules and guide lines that must be followed. Below are just a few:

  1. For non-incorporated companies the limited you can deduct is $1500.00 per adult in the home and $750.00 per child per year.
  2. Incorporated Companies  limits depend on salaries.
  3. If a company has employees CRA states that the trust must be setup so that it is fair and equitable to the employees. For example; It cannot be setup to solely serve the owners of the company. But can have a structure that suites the companies budget for staff benefits.
  4. Cost of a Trust? This varies depending on the company administrating the Trust.

What can be put thought a trust?

All Traditional health care cost- like dental, prescription drugs and vision care are eligible, but the Health& Welfare Trust can cover the rest of an individual  cost as well:

~Insurance premiums paid by the employer/employee for the individual’s spouse for private health and dental plans

~Cosmetic dental and medical treatment

~Over the counter Drugs provided that they are prescribed by a physician

~Drugs for conditions sometimes excluded under conventional plans

~Facilities and services, such as, alcohol/drug addiction, nursing home care, special schools/institutions for mental or physical handicapped, licensed private hospital, semi-private or private charges in a hospital, care of a person that has been certified as mentally incompetent, care of a blind person, full –time attendants in a nursing home.

~ Laser eye surgery

~ Professional services of a dietician, acupuncturist or psychologist, nutritionist

~ Dental care preventative, restorative, orthodontic

~ Medical equipment and devices

If you would like more information on HWT’s Salt Spring Insurance Services would be happy to help you. We can find you the most cost efficient trust available.