Cornmarket Presentation
Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. Friends First Life Assurance Company Ltd. is regulated by the Central Bank of Ireland. Telephone calls may be
recorded for quality control and training purposes.
About Cornmarket
•
•
•
With over 40 years' experience,
we are the largest Public Sector
financial services company in
Ireland.
We currently administer over 50
Union, Association and Employer
endorsed Schemes.
We are now a member of the
GreatWest LifeCo group of
companies.
In a recent survey, 95%
of our customers said
we were
extremely/quite helpful
& knowledgeable*
*Source: feedback collated from 1,347 online surveys completed by Cornmarket customers in 2014.
Some our clients
Agenda
1.
2.
3.
4.
5.
Group Life Plan
Tax
Savings
Health Insurance
Car / Home Insurance
1. Group Life Plan
• Death Benefit of 2.5 times your annual salary up to
age 65 or the date that you retire, if earlier
(separate to any Life Cover under the UL Pension
Scheme).
• Reduction in cost: from 0.558% to 0.53% of gross
salary (0.32% of net salary based on a member
paying tax at the 40% rate).
• 5 year rate guarantee: The new reduced rate is
guaranteed for the next 5 years (until 1st May
2020).
• Enhancements announced: the Plan is now more
beneficial than ever before with new
enhancements.
Who can join the Plan?
All pensionable employees of the University
of Limerick, who are under age 65, are
entitled to join the Plan.
IMPORTANT: You must remain an employee of UL to remain an eligible
member of the UL Group Life Plan. If you leave employment with UL you
must inform Cornmarket in writing, as you can no longer stay in the Plan
and you will not be able to claim from it.
Cost of Membership
• Salary of €40,000 – cost €2.40 per week
• Salary of €50,000 – cost €3.00 per week
• Salary of €60,000 – cost €3.58 per week.
0.53% of gross salary (0.32% of net salary based on a member paying tax at the 40% rate).
How Can I Join?
To apply to join the Plan or for more
information on the benefits available,
Call Cornmarket: (01) 470 8054
Email: [email protected]
Phone UL on: (061) 202930.
2. Tax
How many people here do tax returns?
82% of PAYE
workers overpaid
in tax last year
In 2014, the
average tax
rebate was
€1,200!
Source: Midas PAYE customer statistics, 2014. Midas is a tax based service and not a regulated financial product. Cornmarket Retail Trading Ltd. is a whollyowned subsidiary of Cornmarket Group Financial Services Ltd. Telephone calls may be recorded for quality control and training purposes.
Why Public Sector Employees Overpay Tax
Factors
Repercussions
x
Not sharing credits and cut-off
points in a tax efficient manner
 Change Job
x
Not claiming the appropriate tax
credits, reliefs, rate bands, etc
 Agency Work
x
Not availing of all allowances &
entitlements
x
Tax Credit Certificate details
incorrect
x
Incorrect allocations accumulate
year on year.
 Married
 Income changes
 Birth of child
 Human error when calculating and
deducting tax.
Tax Credit Cert
It instructs your employer on the amount of
Tax to deduct.
If it’s wrong……
YOU PAY too much or too little!
Check your Tax Credits
& Rate Bands
Standard Rate Bands - 2016
Personal Circumstances
2016
Single
€33,800 @ 20%
Balance @ 40%
Lone Parent
€37,800 @ 20%
Balance @ 40%
Married with one income
€42,800 @ 20%
Balance @ 40%
Married with two
incomes*
€65,600 @ 20%
Balance @ 40%
*transferrable between spouses, maximum of €42,800 with one spouse.
Maximise your Allowances
&
Reliefs
Flat Rate Expenses
Agreed between Revenue and your Union for expenses
incurred directly related to the nature of your
employment.
Relief at your marginal tax rate
 Professor, Heads of Schools/Departments:
€608
 Lecturer on full hours:
€518
 Part-time lecturer (not on full hours):
€279
Claim relief on your Medical Expenses
1.
Make your medical insurance claim (www.hia.ie)
Tax relief at source, unless paid by employer.
2. Avail of the Drug Payments Scheme - max €144 pm (www.hse.ie)
3. Apply for your tax relief through Form Med 1.
Qualifying Health Expenses
Doctor, GP, consultant or hospital fees
Items or treatments prescribed by a Doctor
Approved nursing home fees (40%)
Non-routine Dental Treatments
Prescribed medicines
Certain dietary products, e.g. Coeliac/Diabetic.
Keep the receipts for 6 years.
Earning more than €3,175
outside of PAYE Income
If you earn more than €3,175 of income from any
source outside the PAYE system you are
obligated to file a return annually.
If you don’t file a return, penalties and late fees
apply.
Rental Income
Income - Expenses = Taxable Profits
Example of allowable expenses
• Mortgage interest (75%)
• Insurance
• Mortgage protection
• Management Fees
• Letting Fees
• Repairs & Maintenance
• Advertising
• Accountancy fees
• Painting & Decorating
• PRTB
• Utility bills
• Wear & Tear on Fixtures & Fittings.
Rental Income
Taxpayer’s
View
Revenue’s
View
Monthly Rental Income
€1,000
€1,000
Mortgage repayment /
interest
(€1,200)
(€720)*
Profit / (Loss)
(€200)
€280
* Assuming 80% of repayment is interest, restricted to 75% allowable.
3. Savings
Spiralling cost of college education
Parents face enormous costs once children start in college
education:
Can all add up to approximately €800+ per
month
College fees (rising) +
Rent/accommodation +OR up to €10,000+ per child per annum!
Living expenses… Etc.
Tailor-made plans to help ensure you have enough money
to fund your children’s college education.
Where to save?
• Bank
• Credit Union
• Government Bonds
• Property
• Managed Funds
4. Health Insurance
Private Health Insurance
‘Best deals to save you money’
Cornmarket Group Financial Services Ltd. is regulated by the Central Bank of Ireland. A
member of the
Irish Life Group Ltd. Telephone calls may be recorded for quality control and training
purposes.
Market Overview
• Costs increasing again
• C. 365 plans to choose from
• Difficulty making ‘Life-for-Like’ comparisons
• Special Offers
• Other plans for Dental and Health Cash
Benefit of Health Insurance
 Choice & Control
 Choice
- Consultant
- Hospital
- Accommodation Type
- Time of Admission
 Control
- You decide to use your cover whenever it suits you
- Enables you to bypass public hospital waiting lists by going private
 Always check everything in advance with either Cornmarket or
Insurer – DON’T GET CAUGHT OUT!!
Outpatient National by Group/Hospital as at 31/08/2016
Total
0-3 months
3-6 months
6-9 months
9-12
Months
12-18
Months
18+ Months
435,116
154,975
95,335
61,894
48,828
30,702
21,073
Inpatient/Day Case National by Group/Hospital as at 31/08/2016
Total
0-3 months
3-6 months
6-9 months
9-12
Months
12-18
Months
18+ Months
78,499
25,937
16,970
11,552
9,666
6,132
4,143
Our Health Insurance Comparison Service
• Largest Health Insurance broker in Ireland
• Unique comparison tool covering all insurers
• Expert staff who deal in health insurance only
• No obligation to accept our advice
• Now includes Dental Cover
Is Switching Easy??
• Credit for time served
• No new waiting periods
• No age loadings
Cannot be penalised for switching @
renewal
• Protection if an insurer goes bust
• Upgrade rule may apply
Things to watch out for!
• Plans covering public hospitals only
• High Excess plans
• Plans with restricted hospital lists
• I don’t need kids covered
• Sign here…
Did you know….
• Public treatment is not free
• You can join any plan on the market
• No insurer can refuse to insure you
• Do you have to pay these age loadings
• Why do I have to have the following on my plan;
- maternity - convalescence - psychiatric
Play the game….
• The premium dance
• Watch out for renewal changes!! – benefits aswell as
price
• They looked after me?
• Use the call to your advantage
Making things easy….
• The premium dance
• Watch out for renewal changes!! – benefits aswell as
price
• They looked after me?
• Use the call to your advantage
Other General Benefits available
Overseas Cover
Scan & claim or
online claims
Day to Day
cover
Elective
Treatments
A&E
Return Home
Overseas Cover
Online GP
Employee
Elective
Assistance Treatments
Programme
A&E
Return Home
Are you on a dated plan?
• Health Plus Choice (Plan C)
• Health Plus Access (Plan B)
• Forward Plan
• Parent & Kids
• Family or First Plan Plus Level 1
Are you on a dated plan?
• Essential Plus Schemes
• Health Manager Schemes
• Simply Health Excess
• Company Care Schemes
• Complete Care
Are you on a dated plan?
• Level 2 Hospital
• Level 2 Family Health or Complete Health
• Level 3 Schemes
• Level 1 Everyday
• Business Plans (Extra, Select, Choice)
Are you on a dated plan?
• Better Plan
• Better Saver Plan
• Better Smart Plan
• Good Plan
• Ultra Plan
Sample Best Buys….
HP Access – Plan B (€1,945)
PMI 36 13 (€1,248)
Essential Plus Excess (€2,119)
Simply Connect Plus (€1,169)
Level 2 Hospital (€2,335)
Health Plan 16.1 (€1,218)
Best Plan (€1,903)
Best Smart Plan (€1,162)
Rates correct at 1st September 2016 - Source HIA
For More Cost Savings…
• Split your cover or provider
• Ensure you’re receiving Young Adult Rates
• Take on a small Excess
• Seek the Corporate plan equivalent
• Do you really want Private Room cover
• Watch for ‘Special Offers’
• Annual review is essential
Why Dental Insurance?
56% of people in Ireland avoid or delay
dental treatment because of cost.*
However research shows that
preventive dentistry, delivered on a
regular basis, greatly reduces the risk
of dental disease
• Dental insurance can bridge this gap
• Greater uptake of required dental
treatment
• Provides tangible financial benefits.
*Based on DeCare Dental research conducted in 2014
Care & Prevention (No Wait Period)




Level 3
100%
100%
100%
40%
50%
70%
€0
€750
€1,000
Fillings, Extractions, Gum Disease Treat
Crowns*, Root Canal, Bridges
Implant Supported Crowns, Dentures
Orthodontics (18 month Wait Period)

Level 2
2 dental exams per year
Your Dental x-rays
2 dental cleanings per year
1 emergency dental treatment worldwide
per year
Minor/Major Treatment (No Wait Period)



Level 1
Once off lifetime contribution. 8 to 18 years
* Annual maximum of €500 per year for crowns, inlays &
onlays
Dental Insurance through Cornmarket
• Provides a platform for a lifetime of improved oral health
• DeCare Dental Insurance plans encourage regular dental
care through a healthy smiles approach
Annual Premium Insured only
Insured &
Partner
Insured &
Chilldren
Insured &
Family
Level 3
€286.68
€504.96
€487.44
€791.64
Monthly DD
Insured only
Insured &
Partner
Insured &
Children
Insured &
Family
Level 3
€23.89
€42.08
€40.62
€65.97
Rates correct at 1st April 2016
Our Comparison Service
Contact Details
Our Approach
• 01 4708091
• Expert & Confidential
• On-line enquiry
• Covers all providers
• Enquiry card
• No cost to you
www.cornmarket.ie
5. Car and House Insurance
Cornmarket General Insurance Client Numbers
Over 79,000 Clients
Over 57,000 Clients
Over 19,000 Clients
Over 2,000 Clients
Car Insurance Proposal
Build your Own
The Service
80% of calls
answered
within 20
secs.
Over 40,000
car & home
calls handled
monthly
90% of
quotes issued
on the spot
via email
What
Challenges
do unions
face?
98% of certs
issued within
2 days
25% of
customers
renew on-line
€40 Discount available to all UL members who
purchase a new motor insurance policy.
Special Offer: UL
3 months free* offer on Allianz home insurance
policies.
*Offer valid to 31st December 2016
20% off Annual Multi-trip* using code 20%OFFCM
*Offer valid to 31st December 2016
Thank you for your attention
Questions?
Please be advised that while Cornmarket has referenced websites in this presentations, we cannot be held responsible for the content of these websites. Cornmarket Group
Financial Services Ltd. is regulated by the Central Bank of Ireland. A member of the Irish Life Group Ltd. Friends First Life Assurance Company Ltd. is regulated by the Central
Bank of Ireland. Allianz plc is regulated by the Central Bank of Ireland. RSA Insurance Ireland Ltd is regulated by the Central Bank of Ireland.
Telephone calls may be recorded for quality control and training purposes.