The SC Hub: Your Benefits Administration Portal

By | Business Services, Employee Benefit Plans, Group Services | No Comments

Rapid change has become a theme in Group Benefits in recent years, and as an employer, it can be difficult to keep up with all the advances in new policies and products, as well as changing legislation and regulations. Despite all the change and innovation, one of the key themes that our clients have expressed is the hassle of dealing with enrolments, changes, and the endless paperwork that is still required by insurance companies.

Our role as advisors is to help you navigate through the confusion related to selecting and managing your benefit plan. In addition to maximizing the value for your benefits spend, we are always looking for ways to make the experience as simple and efficient as possible for employees and administrators. That is why SC Insurance has invested in a powerful new resource that will empower our clients to manage their plans more efficiently and cost-effectively than ever — all while keeping employee health and wellness top of mind.

Our SC Hub and Benefits Administration Portal will streamline your plan administration and new enrolments, providing a streamlined paperless process. At the same time leveraging technology to bring you and your employees access to the newest advances that allow them to engage and maximize the value of your benefits program.

The SC Hub will make your benefits program a positive part of your employee experience, a differentiator in attracting and retaining talent.

Old School meets New School

Insurance is an old industry still hampered with endless stacks of paper.

Paper and manual record keeping means accuracy decreases and errors add up, which can be quite a challenge for plan administrators — and the last thing you need is added complexities to further add stress to your days.

We’re marrying benefits in the industry with the current generation of technology, where the new school model can have the entire process initiated with one email, linking to all carriers and plans, and even the ability to integrate with HR software and payroll systems.

As a client, you want to know that your needs are being taken care of, and that your advisors are up-to-date on the latest — but you don’t want progress to be a burden on you when it comes to managing your benefits program.

That’s why it’s not about completely changing the way we do business, it’s about readjusting to the times and finding innovative ways to translate this value onto you.

Introducing the SC Hub – Paperless. Seamless. No cost.

Our customer-centric approach means we focus on your overall experience by making your life easier. The Benefits Admin Portal is available to all SC clients at no cost and integrates your existing benefits plan.

In addition, we have negotiated special pricing for a selection of additional resources in the SC Toolkit. This is a collection of resources and solutions that is constantly being cultivated, and can be bundled into your program, integrating seamlessly with your companies’ own Portal.

By unlocking your SC Hub, you can provide your new employees with an innovative and impressive introduction to your company — all bundled into a convenient, paperless, all-in-one platform.

How Digital Enrollment works:
  1. Plan Administrator enters basic info about new employee(s), initiating an email inviting them to enroll in your benefits program
  2. New employee(s) receives a link via email to complete their enrollment online. Automated follow-ups are sent as needed to guarantee accuracy and timeliness
  3. The SC Hub will sync their data with all of your plans, ensuring seamless enrollment and 100% accuracy

The SC Hub provides information and access to all elements of your Benefit program with live assistance only a click away!

Leveraging technology to make your life easier

What the benefit to your business looks like:

Convenience: The portal becomes your own admin team, regardless of your plan or carrier. Whether you have one insurer, or several plans, or if your needs evolve and we need to switch carriers, everything is done behind the scenes – with NO new forms or paperwork!
Accuracy: The process of filling out forms, and scanning and faxing documents is still fraught with errors. Leveraging this new technology will reduce errors, redundancies, timing issues, and other hassles. Automating plan updates, coverage increases and notifications will reduce your workload and the risk to your organization.
Paperless enrollment and administration: Eliminate the headaches of messy paper forms, issues when people work remotely or in different offices. Say goodbye to all the excess forms and paperwork for good!
Simplifying the clutter: Enhance the profile of your company and your benefit program by creating a smoother on-boarding process for new hires. Engage your employees with a clear and simple online experience that maximizes the investment you have made in your benefits program.

SC Toolkit: A full suite of Optional Resources

We are continually identifying and cultivating a list of services and solutions that you can implement as part of your program. We have negotiated preferred pricing for our clients on the services listed below:

HR Software

Your SC Hub already contains an employee profile. Take the next step, and let this populate your own HR Software, complete with the following benefits:

> New hire management and digital on-boarding
> Time off tracking
> Employee records
> Recruiting platform
> Performance management
> Complete digital records

Payroll Integration

Whether you need full payroll management, or simply want the SC Hub to integrate with your existing payroll system provider, maximize efficiency while minimizing errors, double entries and stay compliant!

Choose from the following payroll services:

> Sync benefits and HR data with your payroll provider
> Payroll processing by a CPA certified expert
> Taxable benefits and pension reports
> CRA/WSIB remittances and calculations
> Year-End T4s,T4As & R-L1s and Record of Employment (ROEs)

Virtual Care providers

One of the hottest new trends in Canada and around the world, Virtual care provides affordable, on-demand access to medical professionals via smartphone or computer for your employees and their families. Get more out of your health and wellness spend and reduce time away from the office with this very convenient solution.

> On-demand chat with Doctors, nurses or care co-ordinators
> Consultations via text, video or phone at your convenience
> Care navigation and seamless specialist referrals
> Prescriptions, renewals, and medication delivery

HR and Employment Support 

One of the fastest growing new sectors in Human Resources is unlimited access to HR professionals and even legal support, for HR and Employment matters. For a reasonable fixed fee, you receive unlimited access to a team of professionals.

We have established strong relationships with leaders in this field, negotiating preferred rates for our clients, and VIP treatment and support for SC Clients. Protect your business and effectively manage your employee relations, HR and legal costs with this valuable new resource.

Services include:

> Unlimited 24-hour professional HR Consulting & Representation
> On-Site Consultation
> Employee Contracts & Employer Documents
> Health & Safety Training, Documentation, and Protection
> Unique Insurance Protection in case of disputes or claims

Making your life easier with the next level of support and advocacy

Change is inevitable in all facets of life.

As advisors, it’s our job to be able to adapt and anticipate these changes that play out in the market to better predict your needs, personalize the entire experience, and simplify life for you so that you can focus on your business.

Welcome to the new world of benefits and HR management.

To receive more information and talk to an advisor please click here and someone will reach out to you within one business day.

PPP – Personal Pension Plan

By | Business Services, Retirement Income Solutions | No Comments

Personal Pension Plan (PPP) – The best-kept secret in retirement planning?

Historically, owners, senior executives & many government employees were provided generous pensions that guaranteed lifetime retirement income. Their companies would make significant deductible contributions every year in order to fund a pension plan to guarantee a certain amount of income in retirement.

Did you know that your small business or professional corporation could do the same thing for you?

A PPP offers a solution for small business owners to create their own defined benefit pension so that while you are focused on your income today, you know you will be set for your future retirement.

Below is a summary of this powerful tool, including how it works, who it is right for, and the various tax and other benefits.

  • PPP is a personal pension plan that allows you to save more than a traditional RRSP
  • PPP allows a business owner to fund their own pension plan through their business
  • All contributions are deductible business expenses as are any costs associated with the pension plan (ie. Actuarial fees, management fees etc)
  • PPP is similar to an IPP (Individual Pension Plan) but allows greater contribution flexibility
  • Do you own a professional corporation or other business?
  • Are you currently maximizing your annual RRSP contributions?
  • Are you looking for ways to save additional monies on a tax-deferred basis for your retirement?
  • Does your annual T4 income exceed $120,000?

If you answered yes to the above questions, then you are a candidate for a PPP

  • Increase in contributions that can be made into a retirement fund to grow on a tax-deferred basis
  • Ability to make a catch-up payment for an increased room in the first year of setting up of PPP, generating a large corporate deduction and a bump in asset base for tax-deferred growth
  • Deductibility of fees and expenses related to PPP at a business level
  • Terminal funding amount that can generate additional corporate deduction while providing significant funds for retirement
  • PPP can be terminated and pension income initiated, prior to actual retirement
  • Transferability of PPP if the company is sold without a hassle
  • The flexibility of annual contributions in the event cash flow is limited in certain years
  • Assets inside a PPP can pass from generation to generation without triggering a deemed disposition
  • Assets inside a PPP are trade-creditor protected

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.

Critical Illness Insurance For Business Owners

By | Business Services, Individual Services, Living Benefits | No Comments

Running a business is a labour of love, and a tremendous amount of work. Without proper protection, all the time and money spent building your company could be at risk. A corporately owned critical illness policy ensures that if you are diagnosed with a serious illness, your business will continue to operate, allowing you to focus on your recovery.

Use corporate dollars to provide a lump sum benefit, whether you continue working or not, to inject cash into your business which can be used to replace lost revenue, pay for alternative or private medical care, hire additional staff to help with some of your duties, or any other use.

If you are fortunate to never get sick and never have a claim paid, these policies can be structured to provide a retirement benefit in the later years, when 100% of ALL premiums paid are refunded on a tax-free basis.

Why Critical Illness Is Relevant to Me:

Current statistics from Heart & Stroke Foundation and Canadian Cancer Society site the following:

  • 1 in 2 Canadians will be diagnosed with Cancer in their lifetime
  • 63% of Canadians diagnosed with cancer are expected to survive at least 5 years
  • Every 7 minutes, someone has a heart attack in Canada
  • 9 in 10 Canadians have at least one risk factor for heart disease or stroke
  • Critical illness insurance pays out a lump sum payment of the entire CI benefit 30 days after diagnosis
  • The lump sum payment can be used in any way you chose, there are no limitations or stipulations
  • Basic plans cover cancer, heart attack and stroke and more comprehensive plans cover many other
  • Serious illnesses including but not limited to – paralysis, multiple sclerosis, bypass surgery, dementia etc
Benefits of Critical Illness Policy owned in My Corporation
KEEP THE LIGHTS ON – critical illness policy pays a tax-free lump sum to help ensure that overhead is covered, and financial obligations are met, allowing you to focus on treatment and recovery.
USE CHEAPER DOLLARS – You can use corporate dollars to fund a critical illness policy. While the premiums may not be tax deductible, paying with corporate dollars is typically more tax efficient.
FLEXIBLE PAYOUT – The lump sum payment can be used in any way you choose. Income replacement, overhead expense coverage, demand debt repayment, hiring additional temporary staff/replacement for key executive during recovery, fund a buy-sell arrangement etc.
GET YOUR MONEY BACK – You can add a return of premium option to the coverage and the return of premium is not considered passive income when it is paid back to the corp.
ESTABLISH A RETIREMENT FUND – The return of premium can be used for retirement funding etc. (see article on PPP, Personal Pension Plans, for terminal funding concept that is deductible to your corp)

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.