Business Planning
YourStyle Financial Inc. provides benefits consulting services, with over 20 years experience in the group benefits arena.
We provide consulting services to organizations of all sizes in both the public and private sectors. Since we are an independent group benefits consulting firm, we offer a range of services geared to help our clients maximize the strength of the dollars they spend on benefits.
YourStyle Financial Inc. is not merely a brokerage firm, we are accountable to our clients. Our years of experience help create individual benefits strategies as unique as you are. To help achieve this, we work with everything from the traditional to the latest leading edge industry tools.
Undoubtedly, the biggest difference our clients notice is style; a style borne from experience. Our whole approach to consulting is based on being great listeners and as such, we pride ourselves in not having off-the-shelf solutions to our client's problems. Instead, we examine what the client wants to do and we then help get it done. We take the time to analyze each situation and determine what will work best. We examine every level of your benefits needs and develop a strategy to formulate a plan that will give you greater value for your benefits dollars.
Today's employers are finding that they must invest in their employees. An employee benefit plan is an investment that can help them attract and retain employees and saves them the costs associated with hiring and training new employees.
Employee benefit plans are a means of improving morale in the workplace. Employees with benefit plans tend to use less sick days, and therefore, the production level of the workplace as a whole is greater than if there is no benefit plan.
Why YourStyle Financial Inc.?
We will take the time to understand the unique needs of your company and your employees. We will then provide quotations from the marketplace. Our detailed comparative analysis will allow you to compare coverage and cost and choose the plan that best meets the needs of your entire employee group.
Implementation meetings will be conducted to assist in completion of forms and once the policy is in place to educate the employees on what benefits are covered and how to make a claim.
We Provide the Following Employee Benefit Coverage:
Coverage in Addition to Government Plans
Life Insurance
Dependent Life Insurance
Income Replacement - Short Term and Long Term Disability
Extended Health and Dental
Travel Emergency and Referral
Critical Illness Insurance
Private Health Services Plan
Health and Dental Conversion Plan
Retirement Options for Companies
***Request a Lunch & Learn here to fully understand your options.
Coverage in Addition to Government Plans
Provincial Medical plans and Government disability plans such as Employment Insurance (EI), Canada Pension Plan (CPP) and Workers' Compensation Board (WCB) are designed to provide basic coverage in the event of an illness or an injury. A properly designed benefit plan will enhance government plans and provide additional funds to add to your security should a need arise.
Life Insurance
Life Insurance provides protection against financial loss resulting from death. Life Insurance in a group policy is term insurance and coverage ends when employment is terminated. Conversion to permanent insurance coverage is available under certain circumstances.
Dependent Life Insurance
Dependent Life Insurance provides a lump sum payment to the group member in the event that his or her spouse or child dies. This coverage is usually in small amounts that are required to cover final expenses of the dependent.
Income Replacement - Short Term and Long Term Disability
Income Replacement coverage provides protection for individuals or groups in case of disability
due to illness or injury. You can get coverage from the day the accident happens or add a
waiting period to the plan, which will lower the cost. Employment Insurance (EI) can cover an
employee for the first 120 days.
A Long Term Disability plan starts on the 120th day of disability with durations of 2 years, 5
years, or to age 65. This benefit is coordinated with the government program through CPP.
Extended Health and Dental
Extended Health and Dental insurance reimburses the insured for out-of-pocket medical and dental expenses.
This coverage protects individuals and families by covering the cost of expenses like:
- prescription drugs
- medical supplies
- ambulance
- dental expenses
- out-of-country emergency
- treatment not available in Canada on referral by your physician
There are various levels of coverage available.
Travel Emergency and Referral
Travel emergency coverage is available on a stand alone basis or as part of an Extended Health plan. While you are traveling outside of Canada the coverage provided may include:
- medical expenses incurred outside your province of residence.
- physician charges
- hospital accommodations
- diagnostic services
- ambulance services
- paramedical, prescription drugs, medical appliances
Individuals and their families must be covered by the Provincial Health plan to be eligible for travel Coverage. A referral benefit may be included in the travel plan that will cover you for services that are not readily available in your province of residence on recommendation of your physician.
Critical Illness Insurance
Critical Illness Insurance pays a lump sum benefit if you are diagnosed with a dreaded disease such as Multiple Sclerosis, Alzheimer's, Cancer or Parkinson's disease. Other conditions covered may include coma, stroke, heart attack and kidney failure. Benefits are paid for the first occurrence and may be used to pay medical expenses, modify your home or even take a vacation.
Private Health Services Plan
A Private Health Services Plan (PHSP) is an excellent alternative or enhancement to traditional health care coverage. Based on federal legislation, our program is an inexpensive and uncomplicated means of handling health related expenses without paying insurance premiums.
The purpose of the plan is to enable employers to provide a non-taxable benefit to employees while deducting these expenses. As a business owner, health care expenses can be paid with pre-tax dollars through your company, creating a legitimate deduction. On a personal level, 100% of out-of-pocket health/dental costs are reimbursed on a tax-free basis.
Health and Dental Conversion Plan
If you are covered for Health and Dental benefits through your current employer you can convert that coverage to an individual plan within 60 days. Conversion plans are available without medical questions so if you have a medical condition you can still have coverage.
Retirement Options for Companies
We offer a range of products, including:
Group Registered Retirement Savings Plan - With a group RRSP, eligible employees can have RRSP contributions deducted from each pay period. The employer can set a minimum requirement if desired. The employer can match contributions into the RRSP on either a monthly or yearly basis.
Deferred Profit Sharing Plan - A deferred profit sharing plan is an employer-sponsored profit sharing plan registered with the Canada Revenue Agency. On a periodic basis, the employer shares the profits made from the business with employees who participate in the plan. Employees receiving a share of the profits paid out by the employer do not have to pay federal taxes on the money received from the DPSP until it is withdrawn. Control of the employer funds is provided by the vesting and eligibility provisions.
Registered Pension Plan - Pension plans allow the employer to lock in contributions from employees during his or her tenure with the firm. Plans may be employer-paid or have formulas requiring some level of employee matching contributions. Some plans may not require an employee contribution.
Individual Pension Plan - These plans are designed primarily for business shareholders and owners. They are funded so business owners can accumulate greater tax-sheltered funds than traditional pension or group RRSPs.