Options for Retirees and for Group ERSP’s
Offering your employees and prospective employees an employment retirement savings plan and a retirement benefit plan will help your company stand out in the competitive labour market because offering a retirement plan shows that you care about the well-being of your people. Not only will you be able to save on taxes in particular retirement vehicles, but you will also increase productivity. Show your employees that you’re in it for the long haul and keep them loyal for the long haul by offering a retirement plan to your team.
BCCA Retiree Plan
The BCCA Retiree Benefit Plan is a partnership with Pacific Blue Cross, which provides your employees with the option to convert to a customized health plan specifically for retirees. This plan ensures a continuous coverage for health, prescription drugs and dental expenses with no medical questionnaire.
In order to transition to the BCCA Retiree Benefit Plan for your retirement, the retiree must be 50 years or older, have been covered under their group plan for at least 6 consecutive months, be actively enrolled in a government health plan of BC and must apply within 60 days of the date on which their group benefits coverage was cancelled.
Employee Retirement Savings Plan (ERSP)
The medical and surgical charges for the services of a physician, surgeon or anesthetist, up to the amount payable under the government fee schedule in the area where services are rendered.