All Articles

SmallBiz Employee Benefits – You can help your employees even if you don’t offer a plan…

By August 24, 2020 No Comments

Those small business owners who have chosen not to implement a 100% reimbursement, unlimited max drug coverage, group insurance plan are well-advised to pass along to their employees some valuable information that may provide financial assistance to those affected by the high cost of prescription drugs.

Financial relief is available from the Ontario Government through the Trillium Drug Program (TDP) for some eligible Ontario citizens that are having to pay high prescription drug costs.

In a nutshell, the TDP kicks in for those households whose out-of-pocket Prescription Drug costs exceed 4% of the household net income.

For example, you may have set up an employee benefits drug plan that has an 80% reimbursement level or a drug maximum in place, in which case your employees would be paying for some of the drug cost with after-tax dollars. If that’s the case, then the TDP may be able to help…if their out-of-pocket exceeds 4% of their household income.

Of course, if you haven’t implemented a plan, then your employees are still eligible to apply to the TDP for financial relief.

Located in Cambridge, ON Sharkey Group Insurance  provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.