Are you looking for Group Benefits for your family and employees? Would you like a knowledgeable broker to shop around to the insurance companies to find the best fit? Are you sure you are paying the right premium for the coverage you have? Call Aaron at 250-483-3633 or leave a comment below.
What is Group Insurance and why is it important?
Essentially, group insurance or a group benefit plan shares the financial risk of health expenses among the group of employees and typically their family where a payment is made for each of the employees into a pool. Â With group benefits, sometimes the employer pays the cost, sometimes the employee and many times the cost is shared. Â Typically any cost paid by the employer is tax deductible and the benefit received is tax free to the employee. Â More importantly, there are a number of benefits to the employer and their employees to use the group purchasing power of their workforce.
Here is a top ten group benefits advantages that I hear from employers..
10 – Life and Disability Insurance provides corporate policy in the event of an employee’s death or disability.
9 – Health and Dental coverage.
8 – Out of country emergency care for business or pleasure.
7 – Guaranteed levels of coverage without having to submit medical evidence (no needles)
6 – Tax-deductible alternative to a raise in pay & no add’l increases in CPP, EI or WCB.
5 – Help attract and retain key employees.
4 – Healthier employees reduce turnover and absenteeism.
3 – Increases productivity and the quality of the employee’s work.
2 – Group insurance is an investment in a company’s well-being, rather than an expense.
1 – Employees and their families are protected against devastating and catastrophic events.
There are many other benefits as well, but I know that when someone is making a career decision and either considering to join or leave your company, one important consideration is how does the group benefits compare… Â or (where you don’t want to be) where your employee or prospective hire is thinking… “What no group medical benefits?!?”
If you want a quote on Group Benefits or would like to have your existing benefits taken to the market for a competitive quote, give Aaron a call. 250-483-3633.