Group Benefits
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Group health insurance is a type of insurance coverage purchased by a company as part of their overall employee benefits package. It provides healthcare cover for employees and their dependents, providing peace of mind and support when they need it most.
It is cheaper than personal insurance because the risk to the insurance provider is distributed across multiple policyholders. The employer usually pays part of the insurance premiums, negotiates the terms of the plan, and determines its scope. In Canada, group insurance helps supplement provincial health insurance and pays for medical expenses not covered by it.
Offering group insurance is the best way to promote a healthy workforce, reduce absenteeism, and show employees how much you care about their well-being.
As a business owner, it is good to know the advantages of offering group insurance as a benefit to your employees.
Tax
benefits
Tax benefits
Improved recruiting
Company
culture
Company culture
Improved productivity
Employer chooses a plan and insurer: The employer selects an insurance carrier and either chooses a pre-designed health plan or customizes one for employees.
Employee Enrollment: Once the plan is finalized, employees are encouraged to enroll themselves; insurers typically require at least 70% participation, and dependents can often be added at no extra cost.
Pay Premiums: Premiums are typically shared between employers and employees, with the employer paying the insurer directly and deducting the employee’s contribution through payroll.
Employee Usage: Once the policy begins, covered individuals can file claims for eligible medical expenses.
Annual Renewal: Every year, employers have to renew their group health insurance plans, and premium rates may change based on insurer’s assessments.
There are many reasons why a well-designed employee benefits package is a sound investment.
Employer Benefits:
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Lower tax liability and burden through tax deductions for the paid premium
Attraction and retention of top talent
Cashback when premiums exceed claims
Boosted loyalty and reduced absenteeism within company culture
Employee Benefits:
Lower monthly payments when compared to individual coverage
Coverage for family members at no additional cost
Streamlined claim process, resulting in less paperwork and faster approvals
No waiting period
We’ll help you implement a plan that works for you.
Book a CallWhile every group benefits plan is unique, the average plan typically covers:
Hospitalization, medical equipment, medical expenses, care home costs
Healthcare
Orthodontics, teeth cleaning, cavity fillings, X-rays
Dental coverage
Eye exams, contacts, glasses
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Vision care
Proprietary, brand name prescription drugs
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Prescription drugs
Physiotherapists, naturopaths, massage therapists, and more
Paramedical services
Counseling, debt management, stress management, legal guidance, and more
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Employee wellness
Prices for group health insurance plans vary greatly depending on many factors, including package type, business type, and number of employees.
Monthly Cost
Covered Benefits
70% coverage on prescription drugs
$250 coverage at health practitioners
$250 coverage at counselling services
$60 coverage for eye exams per covered person
Up to $5 million travel medical insurance per person per covered trip
Sample quotes based on an average small business. Actual cost and coverage will vary depending on the circumstance.
Got Questions?
We have answers.
Group Life Insurance
Group life insurance provides a lump sum to an employee’s family if they pass away, offering financial security. Employers often cover part or all of the cost, and policies typically require no medical exams, making coverage accessible even for those with pre-existing conditions.
Group Disability Insurance
If an employee is unable to work due to injury or illness, group disability insurance provides temporary financial help in the form of regular salary payments. A disabled employee is paid a percentage of their pre-disability salary until the payout term expires or they return to work.
Group Critical Illness Insurance
Some insurers let you package critical illness with another insurance product, like life insurance. If an employee is diagnosed with a serious disease, critical illness provides a one-time monetary reward. You can offer group critical illness insurance as a separate benefit or as part of a group life insurance policy.
Group Health Insurance
Group health insurance helps employees cover medical costs that their provincial health plans may not pay for, including, but not limited to, hospital, dental, vision, certain prescription drugs, ambulance and paramedical services.
Group Accidental Death & Dismemberment
Accidental death and dismemberment coverage offers financial assistance if tragedy strikes. It pays a lump-sum amount if an employee dies or suffers a loss of limbs or senses due to an accidental injury.
Health Care Spending Accounts (HSAs)
An HSA provides tax-free health and dental benefits with a set dollar limit, covering medical expenses for employees and their dependents. Employers can deduct contributions, and employees receive reimbursements tax-free.
Employee and Family Assistance Program
If an employee or his or her dependents face issues related to mental health, this program gives them access to short-term counseling.
- Work with an experienced independent broker who can tailor coverage options, ensuring you receive the most relevant benefits without unnecessary expenses
- Get a price quote from multiple providers to keep costs to a minimum
- Administer the plan yourself to avoid paying a sizable annual fee to a third-party administrator
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