Often you will come into contact with the term group health insurance policy. You should know about the true effectiveness of the group health insurance package and how it performs for the benefits of the employees. Basically, there are a number of small sized commercial sectors which offer this type of the insurance coverage to their existing employees as a part of incentive. This health insurance policy will cover the family members of the employees. Now if you serve in a company and you need the health insurance package for taking care of the health of your wife and children, you can opt for the group insurance policy.
This group insurance policy is suitable and well fitted to a company which has minimum two employees or maximum fifty members or more. It is also reliant on the strength of the financial resource of the company in the case of the selection of the health insurance package. As an employee, if you like to bring your family members under the coverage of the group insurance, the employer of your company can provide the financial backup for the payment of the premiums for the insurance coverage.
There is also the availability of the managed care or fee for service plans. You should know that managed care policies cover the certain areas of HMO or Health Maintenance Organization, PPO (Preferred Provider Organization) or Point-of-Service. You and your family will take the advantage of paying the medical bills at the reduced cost so long as you will utilize the providers which are recommended by HMO plan.
On the other hand, PPO plan is little bit different comparing to HMO plan. Under PPO policy, you will have no urgency for a referral or recommendation to visit the specialist for the medical assistance. The PPO is much more advantageous and flexible. In addition, POS or Point of Service is the compact plan of HMO and PPO policies. You will have to take the decision whether you will be agreed to opt for the payment of flat fee or the deductible fees. If you select the fee for service plan, you must have the opportunity to make the selection of the healthcare provider according to your choice. That means you will have the power to go to any doctor or house physician for the medical care.
A company will get more employees if it offers the competent Group Health Insurance package for their employees. However, if you are employees and at the same time you need to apply for group health insurance package for the medical coverage of your family members and yourself too, you must verify every possible source to get the maximum advantage. Finally, it will be more convenient for you to surf different online sites to collect the information about various features and effective functionalities of the group health insurance policies.
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Filed under Health Insurance by on Jun 26th, 2010. Comment. 
income tax question in canada?
Please help me with my questions.
I live in Vancouver, BC, Canada and work as a tutor at a learning center. I don’t know why the employer categorizes all of her employees as self-employed. So, all of us are self-employed tutors for her and get pay by the hour. That means,
there are no deductions from our paycheques ( no contributions to Canadian Pension Plan and to Employment Insurance). We all get the gross earnings.
(1) I am single, have no children, and don’t have any assets,
investments, bonds, cars and so on. I have always been
living in Vancouver, BC, Cananda. I rent an apartment and
go to work by bus. Approximately, I will have earned an
annual gross income of $14 000 CAD at the end of 2008.
How much do you think I will have to pay back the
government when I file an income tax return next year?
(2) Why does my employer employ us on a self-employed
basis? Is she getting any advantages this way?
Thanks a lot.
When you say ‘I rent an apartment’ I’m going to assume that you are the tenant, not the landlord, which seems to have been the assumption for the first answer.
First off, it’s not unusual that tutors would be classed this way. I know someone in the same boat, even though he works through an agency (similar to Sylvain). Keep your receipts for any and all expense you have that relate to your tutoring, such as stationary, and such. If you don’t have a car, and don’t have to go from place to place to tutor different students, I can’t think of what else you would be able to claim.
If you are taking the bus to work, start using monthly passes and keep them. They are now claimable on Schedule 1 as a non-refundable credit. In order for the pass to be a valid deduction, it must show your name, the amount paid, and must have been for unlimited use during the month.
If your gross income is around $14,000, you will be subject to Federal and British Columbia income taxes. The estimated amounts are as follows:
Federal: 15% above $9600 ($660)
BC: 5.35% above $9189 ($257.40)
So the income tax won’t amount to all that much. The big juicy bite will be the Canada Pension Premiums, and this is one of the advantages that your employer has in not “employing” you.
When you are regularly employed, an employer is required to match your contributions to the CPP. The normal rate is 4.95% of the income above $3,500.
When you are self-employed, you are required to pay the normal rate for employees, and also match the contribution because you are your own employer. So you will be paying 9.9% of the income above $3,500.
CPP: (14,000 -3,500) * 4.95% = $1039.50
So on your $14,000 income your approximate liability for income tax and CPP will be about $1,958.
One more thing to be wary of. As a self employed person, you are not allowed to pay EI premiums. So if you lose the job for whatever reason, you will not qualify for EI benefits.
Filed under auto insurance price quote by on Jun 26th, 2010. Comment.
When they talk about averages in car insurance …?
When they talk about averages in car insurance, are they talking about annually, or monthly, or every six months? Fro example, the average for 2003 was, according to an article I found online, $939. (“The national average cost of an auto insurance premium in 2003 was determined by the National Association of Insurance Commissioners (NAIC) to be $939.” -http://www.carinsurance.com/kb/content17532.aspx)
365 days of coverage
Filed under auto insurance price quote by on Jun 25th, 2010. Comment.