Types of Compensation
Anyone can pay a salary. But, for every dollar of salary, income taxes take away almost 40 cents. Some more tax-efficient and useful compensation plan components are:
- 100% company paid Health & Dental plan
- 100% company paid life and disability plan (benefit is a taxable benefit)
- Health Spending Account for medical expenses not covered by a traditional group Health and Dental plan.
- Disability Top-Up plan to cover the gap between a group plan maximum and typical entitlement.
- Critical Illness insurance plan.
- Executive Retirement Account or Retirement Compensation Agreement to supplement a normal pension plan.
- Split-Dollar life insurance which can double as key person insurance.
- Financial and Estate Planning service. The company can pay for 'fee-for-service' financial planning.