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Chartered Accountants

Trusted advisers of all tax compliance and annual accounting issues facing both individuals and small businesses.

ACC Levies

What is the difference between ACC CoverPlus and ACC CoverPlus Extra?

The key difference is the amount of lost earnings compensation you receive. With ACC CoverPlus Extra you get 100% of the amount you negotiate. Because you have agreed cover, you may begin receiving compensation more quickly.

How do I know if ACC CoverPlus Extra is right for me?

ACC CoverPlus Extra may better meet your needs if:

What happens if my spouse suffers an accidental death?

If you relied on financial support from someone who has died from an injury, and ACC cover has been accepted for their death, you may be entitled to weekly compensation as their dependant.

ACC decides how much you will get by determining the ACC payments the deceased would have received if they were injured and had to stop work. This is generally calculated as 80% of the deceased’s earnings.

Case Study

ABC Earthmoving Ltd has 3 shareholders, A and B work in in earthmoving and C works in the office.  Their ACC premium under ACC Coverplus is $10,000.

The shareholders do not have Income Protection insurance, therefore no compensation is payable if one or more of them became sick and could not work.  A has adult children and B has children under 18.

With the assistance of Triplejump their ACC cover was restructured to a more effective solution for the same money as follows;

  1. As A, B and C are shareholder employees they were able to, and did, elect into ACC Coverplus Extra and for the minimum available cover of $21,000
  2. That resulted in a saving in ACC premium of $7,000
  3. That $7,000 was then spent on income protection insurance for A, B and C, and life insurance for B
  4. The income protection insurance provides for accident related compensation for an agreed value subject to ACC covering the first $21,000, and for compensation for loss of income arising from  sickness
  5. B took out life insurance to cover the shortfall in compensation on accidental death created by (1).  Because he had a child under 10, the shortfall was very significant.

 

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