at 945 Princess Street Kingston, Kingston, K7L 3N6 Canada
Providing Group Benefits and Insurance needs in Eastern Ontario.
Specializing In: Employee Benefit Plans Employee Retirement Plans Life Insurance Living Benefits (Disability, Critical Illness, Long Term Care etc.)
387 FB users likes Strategic Benefits & Insurance Services Ltd., set it to 30 position in Likes Rating for Kingston, Ontario in Local business category
The Province of Ontario has announced that certain Defined Contributions Pension plans will now qualify as a comparable pension plan, thus allowing businesses to opt out of the ORPP. This is good news in our industry. Contact us to learn more about this and the impact on your business. Secondly, for those businesses that currently have an employer sponsored retirement plan, that is not considered to be a comparable plan (includes Group RRSPs), they will have until 2020 to have a comparable plan in place.
Did you know most Group Benefit Plans will allow you to waive the waiting period and start an employee's benefits on the date they are hired? Insurance companies recognize the challenge employers face when trying to hire a qualified employee who already has group benefits. Most new hires, in this situation, do not want to have a break in their benefits caused by a waiting period; and the new employer may not want to loose the opportunity to hire this "key" employee. Provided you notify your insurance carrier of your intention to waive the waiting period, within 30 days of hiring the employee, most carriers will usually grant you this exception. This decision can quite often be the reason an employee chooses to join your company.
We remind everyone that on this upcoming long weekend to have fun and please be safe.
Travelling abroad has become easier and more affordable and many of us look to southern destinations to avoid cold weather and snow. We all check our passports to ensure they are current and we all check our luggage to make sure we have the right type of clothing; but how many of us check our insurance coverage to make sure we are protected when we are out of country? Whether you have purchased an individual medical travel emergency policy, or you have Out of Country travel insurance through your employer sponsored employee benefits plan, it is always a good thing to check your policy wording first. Most individual travel insurance plans do not cover pre-existing conditions. If you have recently been diagnosed, or you are currently taking medication, or are being treated for a medical condition before you leave for vacation, then you might not have the insurance coverage you think. A medical emergency, while you are out of country may not be covered if it is directly or indirectly related to a pre-existing condition. This could leave you with a large unexpected medical bill. An employer sponsored plan, although most cover pre-existing conditions, usually contain a "stability clause". If you are currently under treatment for a medical condition and that condition changes, or you are prescribed a change in medications within 90 days before you leave the country, then an out of country medical emergency resulting directly or indirectly from that condition may not be covered. Travel medical insurance is intended to cover unexpected illnesses and accidents while you are out of country. So if you currently have an existing medical condition, make sure you check your policy wording. When in doubt always contact your financial advisor, travel advisor, group benefits policy administrator or your insurance provider, to make sure the insurance you purchased provides the necessary protection when you are on vacation. No one likes surprises!