Group Benefits Plan
Group Benefits Insurance Plans
Give your employees the insurance coverage they need with a group benefits plan
Looking for information about this group plan? HealthRates.ca has you covered. Compare plans and rates today to give your staff the coverage they need.
Group benefits plans not only provide employees save on out-of-pocket health and dental costs, they also give them an incentive to remain with the company. The more that this plan offers, the more likely your staff will use it and take advantage of the benefits included.
We live in a time where everyone wants to be rewarded for the work they do. This is especially evident in the workplace, where employees strive to solve problems and be as versatile as they can.
When employees are hired, their tenure begins with a probationary period of three or six months, depending on company policy. After that period ends, the employees’ efforts are assessed by their immediate manager(s), and if they are deemed to have upheld their commitment to the company’s values, they are rewarded with a group benefits package.
We have prepared answers to some frequently asked questions to help you understand more about this insurance product. Read on to learn more.
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What is a group benefits plan or group insurance plan?
A group insurance plan also called group benefits plan allows employers to administer benefits to their workforce. This is either done as part of a single group or as part of a larger compensation package. The coverage provided by these plans often exceeds that of government insurance plans.
Group insurance is one of the top major employee benefits that employers can offer. Group insurance for employees has many additional benefits for both the workers and the employer.
Why should I provide my staff with group benefits?
One of many ways to show your appreciation for your employees’ workplace contributions is with a group benefits package. Not only does this validate their hard work, but it also shows that you care about their well-being. In addition, group insurance plans do not require a health exam or questionnaire for approval, and they are generally less expensive than personal health insurance because the coverage is evenly distributed among the whole group.
Employers also benefit from this plan. They can use the benefits to attract and retain the workforce and offer it in exchange for some form of monetary reimbursement. Companies that offer benefits also have a financial incentive for doing so, as the money paid into this plan is tax-deductible. Most importantly, healthy employees are happy employees, as the cost savings obtained from group insurance make healthcare services more accessible.
What are the benefits included in this plan?
The type and number of benefits included in this plan range by the provider and the employer’s budget. Some companies offer greater or fewer benefits to their staff as a result.
Common examples of benefits that could be featured in a group benefit package include, but are not limited to:
Where can I get group benefits for my employees?
Group insurance plans are available from most major insurance providers in Canada, who often allow you to customize the benefits to suit the needs of your employees while adhering to your company’s budget.
To provide you with multiple group benefits quotes for you to compare plans before deciding, HealthRates.ca is here to help you.
How much does group health insurance cost?
The cost for group insurance benefits differ from one provider to the next and are usually based on how many features the plan includes and the level(s) of coverage provided. As each employee who opts into the plan receives the same plan, the cost per employee will usually be the same. Other factors affecting the cost include the industry the company is in and the employees’ salaries and demographics.
Get Informed, Get Insured
There are many group benefits policies and insurers to choose from in today’s market, and our goal is to help make your decision easier. We have partnerships with several major group insurance providers and would be glad to discuss your group benefits policy options with you. For more information, please contact us today.