GROUP BENEFITS AND EXPERT TIPS

A sample group benefits quote:

* Please note that group insurance quoting is very complex and a quote above was calculated for a particular company profile; each quote depends on numerous variables such as type of business, coverage required, etc. and can widely vary.

Why provide group benefits to your employees?

1. A competitive edge in the job market: You attract and retain employees, which helps minimize costs associated with high turnover.
2. Access to insurance at a reduced cost compared to most health and dental individual insurance plans. Group plans do not discriminate and are not anti-selective, offering all participants the same benefit plan.
3. A cost effective method to protect employees: Increase productivity and higher morale by providing financial security and support to employees.
4. A tax effective form of compensation: Most premiums an employer pays are tax deductible as a business expense.

A company group insurance plan shares the financial risk of health related expenses among the group of employees, under one contract, who pay into a fund or pool.

Tips to maximize your group benefits

Here are several ideas that will help you to maximize the value of your benefit plan:

Know what protection your company needs: Several things matter when you are choosing a group benefit plan for your staff, such as the composition of your workforce, their needs, and any previous claims history.

Understand pieces of coverage you want to combine: A group benefit plan can combine products, such as health and dental coverage, disability insurance, critical illness, life insurance, and even travel insurance.

Coverage limits matter: Having coverage does not mean having enough coverage – pay attention to how much of your employees’ health care costs will be covered under the group plan. Coverage of 70% of dental costs is different from 100% coverage. Higher coverage makes your plan much more superior in eyes of your employees.

Travel a lot for work? Protect your staff: If your staff has to travel a lot, both across Canada and abroad, make sure you have enough travel insurance incorporated into your group benefits.

Getting a solid group benefit plan is complicated: It requires a lot of knowledge and negotiation – make sure that you work with a trusted, independent insurance broker that will compare the market and advise you on all details.

What are top providers for group benefits in Canada

As per Benefits Canada numbers for 2016, here are the largest providers of group insurance in Canada.

All other providers add up to approximately 15% of the market.

We work with all the group benefits providers, including Sun Life Financial, Manulife, and Great-West Life Assurance.