Health Spending Account for Business Owners: Maximize Your Benefits

1. BUSINESS OWNERS & CORPORATIONS nbBenefits Health & Wellness Benefits Maximize & Grow Your Business

2. Health Spending Account What Is It? • A method to provide health benefits for business owners and their staff

3. Topic of Discussion • Who is eligible? • Benefits • Costs to Employer • Compensation for You

4. Eligibility • Self-employed, Incorporated, Limited Companies or Charitable Organizations • Employee Size (1 or more) • For employees and their dependents.

5. 1) Small Incorporated Business (1-5 Employees) • Provide tax free health benefits to owners and their employees • Costs are 100% tax deductible to the business • The company designs the plan.

6. Health and Dental Plan • No physicals, No age limits and No pre-existing condition exemptions • Pay as you go – no monthly premiums required • Plan can be modified specifically to an employee and their dependents’ health care needs.

7. Employee Benefits Covers 100% CRA Approved Medical and Dental Expenses including: • Laser eye surgery • Glasses • Orthodontics • Prescription drugs • Naturopathic • Alternative treatments and more

8. Employee Health & Dental Benefits • Adds Health spending $$ to employees’ current health plan. • Recover premiums from existing health plan coverage • Claims are processed online or through iphone or Android APP’s & paid quickly • A Great Tax Planning Tool!

9. Employee Wellness Benefits • Adds Wellness & preventative care $$ to employees’ current health plan • Employer designs the plan but Employee can allocate per year the % & Type of Benefits for their personal use • Eg. – Daycare, Gym membership, Alternative Health Care, Personal Development Courses, Fitness Training, Equipment • Benefits are taxable to the employee, however, provide an excellent value to employee retention while they stretch the employees’ $$

10. Costs • Set-up Fee $350 + $40 per employee + GST • Catastrophic & Travel $105/year • Expense Cost + 10% + GST

11. BUSINESS OWNER VS EMPLOYEE

12. Ex. Business Expense Tax Write offs - Motor Vehicle Expenses - Business Use of Home, - Cell phone, Internet, - Vacations (conventions) - 50% Meals for Business

13. Employee has a $3000 Dental Expense (1-5 employees)

14. 2) SELF – EMPLOYED (no corporation) • Limited to $1,500 benefit per adult and $750 per child (under age 18) • Catastrophic + Emergency Travel Insurance $105/year mandatory

15. 3) Benefits for a Large Business (> 6 EMPLOYEES) • Employer sets benefit level • Benefit levels may vary by job classification, reducing overall costs • Can provide employees with a tax-free top up to their existing health plan • Can be offered as an incentive to different levels of employees

16. PRACTICE FINANCIAL MANAGEMENT VACATION FUND DAILY SAVINGS PROTECTION FUND CASHFLOW EQUALIZER GROWTH FUND

17. YOU HAVE OPTIONS… Key Person Insurance Buy Sell Agreements Provides $$ To Keep Company Running in case of Death or Disability You Die I Buy, I Die You Buy Universal Life Insurance Split Dollar Critical Illness Insurance Coverage Today, Use Your $$ Tomorrow Disability Insurance Survive and have $$ Company Still Thrives Monthly $$ If Hurt Or Sick

18. AND SOLUTIONS… Debt Management Contingency Fund Succession Planning Health Plans Office Overhead Group Benefits

19. TYPICAL BUSINESS OWNERS

20. Do You Have a TEAM? TOGETHER EVERYONE ACHIEVES MUCH

21. SUCCESSFUL BUSINESS OWNERS

22. BUSINESS OWNER RELATIONSHIP MARKETING Home & Auto Insurance Mortgage Brokers Accountants Banker Tax Planning Specialist Investment Broker Insurance Broker Succession Plan Specialist Estate Planning Specialist

23. Additional Benefits • nbWorkshops – • Traditional Health & Dental Insurance Individual & Group plans are available • Eg. Group Home & Auto Insurance • Additional Benefits to follow - keep watching

24. Together, We are the Best