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Group Dental Insurance in Alberta for Small Business Owners and Entrepreneurs

In 2016 a review of dental costs found that Alberta dentists charged the highest rates in the country. Although fees dentists can charge aren't regulated, in 2017 the government and College of Dentists got together to create a guide. Thus, the cost of visiting a dentist in Alberta in 2018 could be 8.5 per cent lower than it was in 2016.

This is great news, but dentists are still expensive, and they will never be affordable for some Canadians; this is why 32% of people go without dental coverage. For this reason ( Reassured.ca/dental-insurance ), having dental insurance in Alberta is a sound financial decision.

Even if you're diligent about your teeth – brushing twice a day, flossing regularly and watching what you eat, you can still get cavities. In fact, 96 per cent of adults have a history of cavities. It's also reported that 21 per cent of adults (with teeth) have, or have had, a moderate or a severe gum problem.

With that being said, if you own your own business and work for yourself money is probably tight, so an unexpected dental bill could financially drain you. A Health Spending Account (HSA) is an ideal option for self employed Albertans.

What is a Health Spending Account for Self Employed Albertans?

It's a tool that lets you pay for 100 per cent of your dental insurance through your small business; rather than you having to pay personally out-of-pocket for dental services. Thus, you and your business save money.

An HSA is a contract between you and your business. The HSA contract is based on guidelines set out by CRA. These guidelines allow your business to reimburse you personally for your dental expenses. These reimbursements are 100 per cent tax deductible for your business and 100 per cent tax free for you. Thus, you get to withdraw money from your business and not pay income tax.

Group Dental Insurance in Alberta for Small Businesses

If you have a small business with employees and want to offer them group dental insurance you can find an affordable plan. Group dental policies are available through a number of insurance companies offering varying types of coverage; so you have many options. You can also add additional medical benefits such as vision and prescriptions.

With the cost of going to the dentist being so high, your employees would appreciate a benefit plan that includes dental insurance in Alberta. If you're a small business you need to keep your good staff. Saving them money and showing them how important they are to you is a great way to do this, without breaking the bank.

There are different ways you can pay the premiums as well. Your business can pay the premiums or you can get your employees to pay a portion.

If you're looking for dental insurance in Alberta we will help. At Reassured For Life, we're very knowledgeable about HSA's and group medical insurance ( Reassured.ca/blog ), including dental. We have access to plans for businesses of any size, including ones with fewer than three employees. For more information about how to get this type of medical insurance or to discuss your other life insurance needs please visit our website

Five Tips for Buying the Best Life Insurance in Alberta

Choosing the best life insurance in Alberta requires some deep thinking and is stressful for some; especially if they don't like to consider leaving their loved ones behind. However, it's crucial to protect them in the event the worse happens. This is particularly important if you have a spouse and/or children.

When it comes to the best life insurance in Alberta there are various types of life insurance ( https://www.reassured.ca/best-life-insurance ) products to pick from such as term life, whole life, universal life, and universal variable life. Thus, choosing the appropriate amount of coverage that will be sufficient protection isn't the same for everyone. Below we'll look at tips to help you choose the best life insurance in Alberta.

5 Tips to Choose the Best Life Insurance in Alberta

Tip #1 The Best Life Insurance in Alberta: Analyze why you need life insurance – who in your life needs protection, and for how long. This includes your spouse, children, elderly parents or handicapped sibling. Take note of anyone who relies on you now, or will rely on you in the future. Also consider how long they’ll need your financial support and what their needs are, such as college for four years.

You could also think about whether you'd like to leave a legacy. For example, you could leave money to your favorite charity, or set up a college sponsorship in your name. How close you are to retirement is also important. Take into consideration how much your spouse would need to live when they retire if you passed away prematurely.

Tip #2 The Best Life Insurance in Alberta: Assess your needs to see how much life insurance you need to buy. There are different ways to calculate the face amount of your insurance policy. One way is to calculate your annual income and multiply it by six. Of course this isn't universal because it depends on numerous other factors.

Tip #3 The Best Life Insurance in Alberta: When you calculate how much life insurance you need don't forget to include other income. Such as RRSPs and other investments. Do you have life insurance through your employer? Most employee life insurance policies covers up to three times your annual salary.

Tip #4: The Best Life Insurance in Alberta: Research policies from various insurance companies. Although the premise of life insurance is the same, each life insurance carrier has different types of plans, thus there can be a big difference in price.

Tip #5: The Best Life Insurance in Alberta: Decide which type of insurance you need. Term life insurance pays out a certain amount for a set time. If you only need life insurance to cover your mortgage, this might be all you need. A variable life plan accumulates money, so if you bought a universal life policy you could borrow cash once it's accumulated. This type of insurance is permanent and you have to pay for it longer than a set term.

For more information about where to find the best life insurance in Alberta ( https://www.reassured.ca/blog ), or to find out more about term life insurance versus permanent insurance, speak with an insurance broker.

Three Things to Consider for the Best Life Insurance in Alberta

The best life insurance in Alberta is the type of policy that is flexible and covers three basic requirements - present needs, future needs and budget. Life is always changing so when it comes to important aspects such as insuring your life, a one-size-fits all product will not work.

Some individuals don't see the value of purchasing life insurance. However, it is valuable because it ensures that loved ones can live comfortably after the loss of someone they rely on. Not only financially, but emotionally as well. Think of the stress they will go through. This is why the best life insurance in Alberta ( Reassured.ca/life-insurance ) considers the key aspects of one's life.

The purpose of the best life insurance in Alberta is to provide financial protection or reimbursement against losses. This can be to replace income, provide a lump sum payment to a beneficiary, offset capital gains taxes, or build up accessible cash savings (permanent insurance discussed later).

As well, the best life insurance in Alberta can provide other types of coverage, such as future potential earning protection, terminal illness and guaranteed insurability. These can be added to a policy via riders.

3 Things to Consider With the Best Life Insurance in Alberta

1. The Best Life Insurance in Alberta - Present Needs

Whether your single, married, or are a senior, life insurance is a product you might need. For example, if you're single, you may want coverage to pay for your funeral and final expenses so your parents don't have to while they're grieving. If you're married with children, you'll need a larger policy which varies depending on the age of your children.

2. The Best Life Insurance in Alberta - Future Needs

If you're single, you might get married in the future. If you rent, you'll probably buy a home in the future. When purchasing life insurance ( Reassured.ca/blog ), it's a good idea to consider different scenarios as they pertain to your future plans. This way you can make sure you get a policy that will allow you to make changes as you need them.

3. The Best Life Insurance in Alberta - Budget

There are two types of insurance: term life insurance and permanent life insurance. Term insurance provides coverage for a set number of years and the coverage amount ranges depending on the needs of the policy holder, as discussed above. Thus it costs less. Alternatively permanent insurance provides coverage for life, and it has an accumulated cash component. The cash component can be borrowed against and money can be withdrawn free of penalty, thus it is more expensive.

How much an individual can afford is important to consider when looking for the best life insurance in Alberta. One doesn't want to purchase a policy they can't afford, and then lose it in the end because they can't keep up with the payments.

For more information about where to find the best life insurance in Alberta, or to find out more about term life insurance versus permanent insurance, please speak with an insurance broker.

Seven Things to Know About Medicare Part D Plans

Healthcare is indeed a costly affair in the US and having insurance companies cover for majority of your expenses is the best thing you can do. The Medicare program is a social insurance program that works in this regard along with 30-50 private insurance companies across the US. While Medicare Part A and B plans cover hospital insurance and medical insurance respectively, you need a separate plan i.e. Medicare Part D plans ( https://www.Harringroup.com/Medicare-part-d-plans ) for prescription drugs. The original Medicare parts A and B do not cover prescription drugs and paying for all your prescription drugs by yourself is not a joke. In this article we will discuss the most basic things you need to know about Part D plans, the benefits it offers and the restrictions it comes with.

7 Things to Know About Medicare Part D Plans

1. You are eligible for a Part D plan if you have either of Part A or Part B plan with you. You must enroll in a stand-alone Prescription Drug Plan (PDP) or Medicare Advantage plan with prescription drug coverage (MA-PD) to avail the benefits of Part D plans.

2. Unlike Part A or Part B plans, you are not offered a standardized insurance ( https://www.Harringroup.com ) plan for prescription drugs under Medicare Part D plans. You have to choose the plans which cover the drugs you require by going through the tier of medicines the plans cover and drugs not covered by the plan.

3. Generally, Part D plans don’t cover the drugs covered under Part A or Part B which are given by a hospital or doctor after the visit. The plan also doesn’t cover non-prescription drugs like Viagra, weight loss/gain drugs or drugs for cosmetic purposes, hair growth and fertility promotion.

4. All Medicare Part D plans have a monthly premium which varies depending on the insurance company offering the coverage. Currently, the average nationwide premium is $34.00. Apart from the monthly premium, there is also an annual deductible on certain plans which offer higher tiered drugs.

5. There is a temporary limit on how much Medicare Part D plans cover for you. Once your drug expenses reach a certain amount ($3750 for 2018), you enter the coverage gap meaning you pay 44% of co-insurance on generic drugs and 35% in brand name drugs.

6. Each Medicare Part D plan has a designated network of contracted pharmacies. While choosing a plan you have to be careful and ensure that the plan you choose has the pharmacies you visit under the plan. If you visit a pharmacy that is not included in the plan, it will be considered out-of-network and your co-insurance will be more on this one.

7. You can enroll for a Medicare Part D plan under an Initial Enrollment Period (IEP). This period will include will your birthday month, in addition to 3 months before and 3 months after your birthday month. You can also enroll yourself during a 2-month Special Enrollment Period (SEP) or the Annual Enrollment Period (AEP), which starts October 15th through December 7th.

Alberta Disability Insurance What’s the Difference Between Short-Term and Long Term?

Alberta disability insurance is a way to replace lost income when you can’t earn a living due to inability to work. There are two types of disability insurance, short-term and long-term. There are number of reasons why you would need this type of insurance.

Why you Need Alberta Disability Insurance

Life insurance protects loved ones by replacing lost income due to death. Disability insurance protects the income lost from accidents and illness. For most of us, if we don’t work we don’t get paid. When you have disability insurance ( https://www.reassured.ca/Blog ) you get a regular paycheck the same as you do when you work.

Accidents can happen anywhere at any time. In fact, most accidents happen in the home, and most car accidents happen close to home. If you’re badly injured in an accident and must sue the other driver, it will probably be years before you receive any money.

Below we’ll take a closer look at the two types of Alberta disability insurance.

Short-Term vs Long Term Alberta Disability Insurance

As the name implies, short-term disability insurance kicks in quickly once you’re disabled – a few weeks to a few months. The payments extend for a short time period.

Long-term disability begins after you’re used other disability benefits, and waited longer. Generally, three to six months. This insurance covers you for serious conditions and health issues. Along with the longer wait time, long-term disability will pay you for a longer period.

A common thing most people wonder about is which type of disability insurance to get – short-term or long-term. However, this isn’t really the issue. What’s important is whether your short-term or long-term policies can work together. If you’re being smart and planning for the worst, you shouldn’t gamble on how long you’ll be unable to work.

Should You Only Get Alberta Short-term or Long-Term Disability Insurance Not Both?

This depends on your situation. Pretend you didn’t get paid for a month, or possibly two. Can you survive on your savings to get you through? If you can it may be possible for you to get away with only a long-term Alberta disability insurance ( https://www.reassured.ca/Alberta-disability-insurance ) policy.

However, you need to consider what would happen if it turned out you couldn’t work for 24 to 48 months? Remember long-term Alberta disability insurance doesn’t kick in for months. Will you be able to pay your mortgage, car payments and buy food?

If there’s a gap in your Alberta disability insurance coverage, you’ll need to use your savings or go into debt to live on in between. Obviously, this is not an ideal situation. Even if you’re in the minority of Albertans who have two years income saved, wouldn’t you prefer to use it for something else than food, clothing and shelter?

To find out more about Alberta disability insurance including rules you should know, or to get a quote you can visit our website.