Group Benefits
Employee Benefits Scenario
Let’s say John own’s an established manufacturing company and Katherine is his new employee. She has been hired as a Vice President of sales and is highly educated and has 10 years experience. It was a challenge finding an employee with her skills. John is looking forward to her building his sales team and increasing sales over the next 5 years. Two months after she started, John’s HR manager calls letting John know Katherine has resigned. He finds out very quickly, the main reason she left was that she required expensive medication for a lingering illness – she had requested HR to provide assistance through Group Benefits but John’s company does not offer that… can you imagine if his other key employees start leaving.. John calls me and we start preparing a Group Benefits Program. If you are a owner of any corporation (including sole owner corporation), I have some great solutions for you. There are new products now available for any Business size. By the way this scenario is common among many companies, don’t be a victim of losing your best employees.
Group Benefits
Group Benefits Insurance is a supplementary medical plan that covers dental and extended health services including death benefit, prescription medications, dental & extended health (such as massage, physio therapy, orthotics, acupuncture and counselling). The plan is designed in consultation with the employer, some of the factors taken into consideration are: number of employees, workforce diversity, deductible, coverage amount, administration costs. We offer a free consultation incorporating some of our insurance carriers to find a solution that is most cost effective and meets your employee benefits requirements.
Solo
In 2018, 2.9 million Canadians were self-employed, up from 1.2 million in 1976.* Self-employed workers accounted for 15% of total employment, up from 12% four decades earlier. Whilst Group Benefits are available for employees, self employed people are at a disadvantage. The good news is that Insurance companies are now offering “Group Like Benefits” for solopreneurs. One such company will offer : Coverage for Vision Care, Drug coverage, Dental coverage – including major services, Higher maximum for extended healthcare benefits, Enhanced coverage for hospital care (private room), Travel Insurance.
* Statistics Canada – https://www150.statcan.gc.ca/n1/pub/71-222-x/71-222-x2019002-eng.htm
F.A.Q.
Our Clients Most Frequently Asked Questions
How Customized Can The Plan Be ?
Group Benefits have changed over the last few years. There are many more options to customize the plan based on the Employer budget and emphasis on which coverages are important to the workforce well being.
Why Should I Offer A Group Plan
Your Employees may be the difference between you and your competition. In a an ever increasing competitive world, your product and services may be differentiated by your service, * motivated employees are known to help excel company productivity.
Source : Maslow’s Hierarchy And Mental Well-Being (https://www.goodtherapy.org/blog/psychpedia/maslow-hierarchy-needs)
The Plans can be customized, let us review your affordability, there may be Taxable Benefits which can offset the cost. This can be reviewed in conjunction with your accountant and financial advisors.
My Company Is Too Small For Group Benefits
As mentioned that is a myth. In the past this may have been true, at present times the flexibility in the design of the plan makes it a worthwhile endeavor to explore.
If My Company Offers The Group Benfits, Can These Be Changed?
Absolutely, a review can be done periodically which also includes claims history to determine what would be the most appropriate plan for the Employer.
What Happens If An Employee Leaves
Some Insurance Companies offer a conversion program providing they opt for this within a limited time period after leaving their employer. This may be subject to them having being insured under the Group Plan for a minimum period and also opting for the conversion within * 60 days of them leaving the employer.
* Disclaimer : Subject To Insurance Company, May Vary Or Not Be Available For Some Insurance Companies