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What is Group Insurance?
Group Insurance provides various benefits to the employer and the employees who choose to participate in the program. Coverage can include prescription medication, dental and vison care, Short-Term and Long-Term Disability Insurance, Critical Illness Insurance, as well as other benefits. Group Benefits policies are often more cost-effective compared to individual insurance plans.
To purchase Group Insurance, you must be the business owner or the primary employer. These policies are quite flexible, you need as little as two employees (including yourself) to purchase one. Part-time and contract workers can also participate in the Groups Benefits plan. You are billed monthly and can adjust your coverage or cancel your policy at any time as long you provide a 30-day notice.
Employees are a vital component of every business and their workplace satisfaction greatly influences job performance. Group Benefits not only help you maintain workplace morale but also reduce turn-over rates and attract top-tier talent to your organization. Your employees will benefit from coverage, that is not provided by the government, at a lower cost and with less strict eligibility requirements compared to individual plans because benefits are evenly distributed among the group. When you show that you care about your employees’ wellbeing, they repay you in kind by increasing workplace productivity.
Group Insurance coverage is very flexible and can even be changed at any moment if needed. Furthermore, you can choose different levels of coverage for different employee groups. If you would like to provide Critical Illness benefits to the management but not to the office workers, you may choose to do so. If you decide to include Critical Illness coverage for office workers, you can adjust your policy for the next month.
Common benefits include Health & Dental Insurance, Basic Life Insurance, Critical Illness Insurance, Short-Term and Long-Term Disability Insurance. You can mix and match the desired benefits as you please and select appropriate levels of coverage for each one of them.
Employers can elect to pay between 50% to 100% of Group Insurance costs. All company contributions towards Group Benefits are tax-deductible for the business.
Usually, contributions per employee are equally divided, and even with 50% cost-sharing, employees end up paying less for benefits through company plans than if they were to purchase personal plans.
The major factors that influence the cost of Group Insurance include elected benefits and the level of coverage, the industry in which your business operates, business location, and employee demographics.
How to Save Money on Group Benefits?
The best way to save money on insurance is to shop around and compare rates from different providers. This can be an exhaustive and time-consuming process. Thankfully, Policy Rates takes care of it for you! When you request a quote through our website, we check what rates you can get from every major Canadian insurer.
Policy Rates provides you with the lowest rates for the level of coverage that you desire from top insurance companies.
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