Group benefits plans can offer:
- Health Insurance, including prescription drug coverage, hospital coverage, eyeglasses or contact lenses, and paramedical coverage (Physiotherapy, Massage Therapy, Psychologist, etc)
- Dental Insurance
- Life Insurance coverage for your employee
Accidental Death and Dismemberment coverage
- Dependent Life Insurance if your employee’s spouse or child dies
- Income replacement (Short Term Disability and/or Long Term Disability coverage)
We can customize a plan that incorporates the coverage you want for the best value.
An employer sponsored group benefits program typically offers a broader range of coverage than with an individual plan, due to the fact that many members are involved, the price is lower per member. Additionally, group benefits plans offer minimal underwriting. This means that an employee, a child of an employee and a spouse of an employee can get coverage without medical underwriting, even if they otherwise could not qualify under an individual plan.
The pricing for your Group Benefits plan is based on a variety of factors; demographics, occupation mix and plan design, employer/employee premium contribution split, and your usage of the plan (called “claims history or “claims experience”). Claims Experience is the main driver of renewal prices.
A good broker has the ability and capacity to take into account your budget, your coverage requirements, and your claims history to make sure that you have a sustainable group benefits plan.
Employers typically pay a minimum of 50% of the premium, with the employee paying the other 50% by payroll deduction. The employer can pay more than 50% with the employees paying the balance. We will illustrate the premiums per pay for you and your employees.
Offering a group benefits plan is an effective way for you to reward your employees with more value, while earning important tax deductions for your business. When you pay more salary, you also must pay more source payroll deductions. Therefore, the value to your employees can be diminished by a potential tax hit. Healthier employees with affordable access to medication and dental care are able to be more productive in your business. In fact, having a group benefits plan can be the reason why your employees won’t leave you in favour of a competitor.