So you're interested in getting a group benefit plan, but don't know where to start? Look no further! Here we will provide some need-to-know information as you begin your group benefits journey.
Why offer Group Benefits?
Employers offer benefits to their employees for a number of different reasons, and understanding your own reasoning will help you in determining what kind of plan you want to offer. Here are a few reasons why organizations offer employee benefits:
- Protect their greatest asset - their employees
- Attract and retain top talent
- Boost and maintain productivity
- Act as a tax-effective form of compensation
What are Group Benefits?
Group benefits are employer-sponsored insurance plans that cover employees for services beyond federal and provincial health coverage. These plans are not "one size fits all" and can be designed with your organization in mind.
Group benefit plans can include:
- Life Insurance
- Accidental Death and Dismemberment Insurance
- Extended Healthcare (prescription drugs, paramedical services, etc)
- Dental care
- Disability benefits
These plans typically cover dependents (spouse and children), in addition to the employee.
Group benefit plans also have the power of "buying in bulk", making the premiums for each type of insurance far cheaper than if you were to purchase the insurance on an individual basis.
Great, I want to offer benefits! Now how do I get them?
In order to purchase group benefits for your company, you will need to find a benefits consultant who will help in designing your ideal plan, and go into the market to obtain your quotes (that's us!). Check out our article on how to request a quote!