"I’m New To This. How Does It All Work?"

Some Frequently Asked Questions are:

How much does it cost?


A Start-Up Benefits Plan will run in the range of $500 to $3,000 per year per employee…

Ultimately, it will depend on your Employee demographics; and the Plan Design you choose.

What Does It Cover?


Benefit Plans are typically set up to reimburse Health & Dental expenses.

There is also the option to include “Peace of Mind” coverage such as Life Insurance, Accidental Death & Dismemberment, Disability Coverage, Critical Illness, and Employee Assistance Programs.

Will the Cost Ever Increase?


If you go the Health Care Spending Account route, then you decide if you want to increase the contributions.

Implementing a Traditional Benefits Plan? Your Carrier will calculate an annual Renewal.

Administrative Services Only plans are “pay as you play”… you will pay what is claimed plus an expense charge.

Flex Benefits? Somewhat like Traditional but the Renewal is calculated every 2 years.

Do I Have to Fill Out a Medical Questionnaire?



Do I have to give it to every Employee?


Short answer is “No.”.

Longer answer is you can make it available to different Categories of Employees (Salaried, Hourly, Management, etc…) with different Plan Designs…and one of the Plan Designs could be “No Benefits.”

Pay Increase or have a Benefits Plan?


Let’s say you want to increase someone’s pay by $1,000/year. First, they won’t see the full $1,000 because of taxes…Second, you will have to pay CPP and EI on top of that $1,000.

If you invest $1,000 in benefits, it’s tax free to the Employee, and CPP and EI free to you.

What’s involved in setting up a Benefits Plan?


At the beginning, you need to establish:

  1. Why do you want a Benefits Plan?
  2. What will be the program’s main goals?
  3. Who is going to be eligible?
  4. When will New Hires be eligible?
  5. What’s the annual budget?



If there is a downside, it may be that your employees will love working for you EVEN MORE than they do now!

What would your Employees say if they had a Benefits Plan?

“I no longer worry about my children’s medical and dental expenses.”
“If I get sick and can’t work, I’m financially protected.”
“With this benefits plan, I get paid more than I would have at that other place…. tax free!”

Sharkey Group Insurance took its first step in 2013 quickly establishing itself as one of the go-to SmallBiz Benefits Specialists in Ontario.