Executive Benefits

Traditional benefits plans can be constrained when it comes to providing health benefits to the owners, executives, and key workers of any organization. Conventional benefits plans frequently don't allow for distinct options for the many groups within your company, and businesses are forced to offer all employees the same core benefits structure, regardless of their compensation philosophies.

Why do owners, executives, and senior employees receive the same perks as everyone else yet businesses don't pay everyone equally?

With flexible, custom-designed benefits plans, through a Third-Party Administrator, they can help employers gain complete control over their employee benefit costs; maximize plan design flexibility, and enhance tax-advantaged benefit opportunities.

Layering Executive Benefits to an Existing Plan

Your current core plan does not conflict or change when an executive benefits plan is added separately to it, giving your ownership group and top executives access to additional benefits. This feature enables owners and executives to deduct a wider range of CRA-approved medical expenses, like laser eye surgery and extensive dental work, which are normally not covered by a traditional core plan.

By including these extra benefits in your plan, you can turn many medical expenses into pre-tax expenses, which saves owners money and makes it possible for CEOs and other key employees to get financial incentives without having to pay higher compensation costs. (For example, spending $10,000 on health care under your benefits plan is similar to making $20,000 and paying 50% in taxes.) Simply changing the way benefits are paid can unleash value, making it a more effective instrument for pay and employee retention.

Integrating Executive Benefits into a complete plan design

It's not necessary to restrict an executive benefits plan to executives working for your company. Any number of people inside your firm, from entry-level workers to leaders, can be covered by supplemental coverage that is seamlessly integrated into your primary benefits plan. It can be used to reward success or as a retention technique. Many organizations prefer the simplicity of an integrated strategy, in which can be the one that works best for your company.

For more information about Executive Benefits Plans, please message me and we can discuss your options and help you build a custom Executive Benefits Plan.