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shape-benefits-faqs

FAQs

Yes we can. Shape Benefits has adopted a unique process that will certainly provide you with answers. This audit process of your benefits plan will provide you with insight and highlight practical methods of cost reduction. At the very least, think of it as a detailed second opinion from a qualified expert.

Most insurers prefer that a business be in operation for at least 12 months to show stability. There are however, some insurers that will set-up an employee benefits plan for a new company and exceptions may be possible on a case by case basis.

Yes, benefits are highly valued by employees. Many employers approach us because their staff have expressed a need for the protection and security that an employee benefits plan can provide. Remember, that most benefits provided by the employer are also not considered taxable income to the employee by CRA.

Employees tend to be most interested in extended health benefits, dental benefits and prescription drug coverage.

We are seeing many employers offering Health and Wellness Spending Accounts – Mix & Match Technology allows employees to choose where they want to put their benefit dollars. Gym memberships, Eye Glasses, Contributing to their RRSP, providing for childcare are just a few examples.

Yes, there are several ‘Flex Benefits’ styled plans and options in the Canadian Group Insurance Market today.

Typically, health and dental coverage offered through an employee benefits plan will cover the plan member’s unmarried; natural, adopted or stepchild under age 21, or age 25 (age 26 in Quebec) if in full time attendance at an accredited school or university and wholly dependent on the employee.

An employee assistance program (“EAP”) is an employment based program designed to assist in the identification and resolution of a broad range of employee personal concerns that may affect job performance. An EAP can deal with situations such as substance abuse, marital problems, stress, financial difficulties, health education and many more topics. An outsourced and confidential EAP can be added to an employee benefits plan for a very low cost.

A drug formulary is a list of prescription drugs that will be covered by a health insurance plan. Criteria for placing a drug on a formulary are often based on what is deemed to be the most effective and economical. Drugs not listed on a formulary may not be covered or covered at lower percentage.

Cost Plus is a proven, tax-effective means of covering health, dental or vision care expenses not eligible under your regular employee benefits plan. Used correctly it can be considered a Private Health Services Plan (“PHSP”), recognized by Canada Revenue Agency (“CRA”) as a vehicle which allows businesses to deduct health-related expenses eligible under the Income Tax Act.