When it comes to providing health care benefits to your company’s owners, executives, and key employees, traditional benefits plans can be limiting. Often, conventional benefits plans do not allow for separate options for the groups within your group and companies are stuck with a single core benefits plan structure for all employees, regardless of compensation philosophy.
Companies don’t compensate everyone equally, so why are owners, executives and key employees receiving the same benefits as everybody else?
At The Benefits Trust, offering flexible, custom-designed benefits plans is the core of our business. As a Third Party Administrator, our unique method helps employers gain complete control over employee benefit costs; maximizes plan design flexibility; and enhances tax advantaged benefit opportunities.
Our Executive Benefits allow for the same degree of flexibility and can be layered as a separate benefit for a key group of employees without disrupting your current plan (no matter who it’s with) or integrated into a complete benefits plan design for your company.
Layering Executive Benefits to an Existing Plan
When an Executive Benefits Plan is added separately to your current core plan it provides extra benefits opportunities to your ownership group and key executives without any conflict or disruption to your current plan. This addition allows owners and executives to claim a broader range of CRA approved medical expenses not typically included in a conventional core plan, such as laser-eye surgery and comprehensive dental work.
Adding these additional benefits to your plan transforms many medical costs to a pre-tax expense, saving owners money and unlocking monetary incentives for executives and key employees without incurring additional compensation costs. (i.e. a $10,000 health care expense through your benefits plan is equivalent to earning $20,000 and paying 50% in taxes). Value can be unlocked by simply shifting how the benefits are paid, making it a more potent compensation and retention tool.
Integrating Executive Benefits into a complete plan design
An Executive Benefits Plan does not need to be limited to executives within your organization. Supplementary coverage can be built right in to your core benefits plan to cover any number of people within your organization – from junior-level employees to executives. It can be used as a retention tool or for recognition of achievement. Many employers prefer the simplicity of an integrated approach, with both core benefits and Executive Benefits managed together by The Benefits Trust. Your organization may be best suited by a plan designed specifically to meet your needs, whatever they may be.
For more information about Executive Benefits Plans, please fill out the contact us form on the right. We would be glad to discuss your options and help you build a custom Executive Benefits Plan.