Group Benefits Plan

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

When a employer has a Group Benefits Plan in place for their employees, any member of the group who becomes ill or requires services is financially compensated by the plan according to the terms laid out in the contract between the employer and the insurance company.

Family members of employees are also covered under the plan as specified by the contract.

Advantages to Providing a Group Benefits Plan
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.
    Increased 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.

We have some more Group Benefit Plan tips for you.

  1. Which plan is best for you, individual or group?
    Have a look at advantages and disadvantages of both individual benefits coverage and group benefits plans!

  2. Group Insurance - Five Tips to Maximize Employee Benefits
    The cost of employee benefit plans has risen dramatically. It is crucial you work with an independent broker who specializes in employee benefit plans.

  3. Unique Characteristics of Group Insurance Providers
    The group benefit marketplace in Canada is sophisticated and competitive. The following summarizes some of the differences between group carriers in Canada.

  4. Questions to Ask Your Existing Group Benefits Broker
    We've compiled a list of questions you should ask to make sure your Group Representative is really looking after your best interests.

  5. Why choose LSM Insurance for your employee benefit needs?
    Deciding on the right benefit plan starts with choosing the right broker. This is why LSM Insurance is the right choice for your employee benefit needs.

  6. Group Insurance: Getting the best value
    Qualified independent group benefit specialists use this knowledge to make recommendations that produce the best group benefit value.

  7. Group Insurance and Health Care Spending Accounts
    Health Care Spending Accounts are an affordable way for employees to get health care without incurring any additional out-of-pocket expenses.

  8. Group Insurance in Canada: Are You Paying Too Much?
    You can utilize the following five strategies to help keep your Group Insurance premiums affordable.

  9. Health, Dental and Life Insurance in One Package from the Canadian Freelancer Union
    The three insurance plans offered to the members of the Canadian Freelance Union.

  10. The Four Major Reasons for Getting a Group Benefit Policy
    Are you an employer? Now you can attract and retain your employees by signing up for a Group Benefit Plan, which is a cost effective method of protecting them.

Also check out what policies Canadian life insurance companies have to offer:

Signup form for Group Benefits report

 

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

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16 Comments

  1. Lloyd G. Knight 04/28/2008 at 10:56 am

    I am doing some research for a client. Do you have any short-term disability plans, i.e. paid sick leave or weekly indemnity benefits, if an employee is unable to work because of illness or injury. The plan should qualify for the EI Premium Reduction Program, which reduces the Employers portion if such a plan is implemented. How would the rates be calculated on such a plan?

    Anything you can do to help would be appreciated. Contact me at (905) 642-6420 or reply by e-mail. Thank you.

    Lloyd G. Knight

  2. LSM Insurance 04/28/2008 at 11:56 am

    Thanks for the note. I will call you now and see if I can help. Regards … Lorne

  3. John Hewitt 07/26/2008 at 10:59 am

    Have recently signed on for Health Benefits though my employer Guy J.Bailey LTD but have not received any policy number or any kind of information. Payments have been taken from my pay and was wondering if iam covered. Please send me a email as for i am busy through out the day

  4. LSM Insurance 07/26/2008 at 11:07 am

    Hi John,

    Unfortunately we are not the broker of record on your account. If payments have been taken from your account you should be covered for most components of your plan but certain elements may have a waiting periiod before your covered.

    I would check with the group benefit consultant for your company. Thanks and have a great day! Lorne

  5. Ian 07/30/2008 at 7:16 pm

    How many employees are needed to set up a group plan and do you get a better rate per person on larger companies

  6. LSM Insurance 07/30/2008 at 7:21 pm

    Hi Ian,

    Thanks for the question. You can set up a group plan for a two person company. The larger the company the better able they are to share the risk.

    An example a three person with one employee with high usage will experience a higher percentage increase in it’s renewal than a fifty person company.

    More insurance companies will also likely quote on a mid size company than a smaller starter company which may translate into more competitive quotes.

    All the best! Lorne

  7. Sheri 07/31/2008 at 5:17 pm

    Can you explain the concept of co-insurance and how it works with my existing group plan? Thanks …

  8. LSM Insurance 07/31/2008 at 5:19 pm

    Hi Sheri,

    Thanks for the comment. She should check your group benefit booklet or speaking to your broker for more details. In general the concept of Coinsurance indicates how an insurer and an insured will share the costs of a bill that exceeds the insurance policy’s deductible up to the policy’s stop loss. It is expressed as a percentage or pair of percentages generally with the insurer’s portion stated first. The maximum percentage the insured will be responsible for is generally no more than 50%.

    I hope this helps! Lorne

  9. Charles Genereaux 08/06/2008 at 5:39 pm

    Hi I received a memo from Empire Life about signing up for Direct Deposit but I am having trouble registering for it online. Thank You Charlie

  10. LSM Insurance 08/06/2008 at 8:18 pm

    Hi Charles,

    Thanks for the note. You would have to contact Empire Life directly or your broker of record.

    Attached is a link with Empire Life’s contact information. link to lsminsurance.ca

    Regards … Lorne

  11. Debbie 04/27/2010 at 8:33 pm

    I took out optional life insurance on my former husband through my group life insurance plan at work many years ago. I now have a new spouse (I do not wish to take out optional life insurance on him), and have him covered on my Dental Plan through Manulife as a spouse, can my employer terminate the Optional Life Insurance I took out on my former husband (with my children as the beneficiaries) due to the fact he is no longer my spouse?

  12. LSM Insurance 04/28/2010 at 8:24 am

    Hi Debbie,

    Thanks for the note. You would have to contact Manulife to verify this but my thoughts are if your ex-spouse is covered as a spouse under your group plan. He would no longer be covered since he is no longer your spouse.

  13. pat 12/01/2011 at 2:32 am

    I wanted to know if their is any disadvantages of group insurances?

  14. LSM Insurance 12/01/2011 at 9:34 am

    Hi Pat,

    Thanks fopr the note. As with any insurance plan there is a cost component. This may be a issue for cash strapped firms.

    Another challenge is policies are priced on a yearly basis – so if they company has a very poor claims experience this will likely be reflected in their renewal. Regards,

  15. Michael 07/30/2013 at 12:40 am

    Hello,

    Is it possible for me, as a member of my company’s group health insurance plan, to obtain additional health benefits from a different supplier. The Group insurer has low limits on some extended health items for which I would like to have better access.

  16. LSM Insurance 07/30/2013 at 12:58 pm

    Thanks for the note Michael. Yes you can take out individual health and dental coverage to up low coverage levels on a group plan. Regards,

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