Employers set up group benefits to provide employees with different types of insurance. The plans can be the same for all employees, or can be customized to provide options or for more coverage for different categories of employees.
Standard group insurance packages will include medical insurance, which provides reimbursements for medical care not covered by provincial healthcare (such as prescriptions, vision care, medical equipment, and more).
Employer group insurance also often provides dental insurance, which provides coverage for preventive and diagnostic dental care to a predetermined maximum amount or percentage.
Group insurance can also replace an employee’s income through life insurance and disability insurance.
Benefits for employers and employees
Advantages for you as an employee can include:
- Covering what government healthcare does not — glasses and dental work costs can add up, and they can add up unexpectedly.
- Lower costs — a group package gives you access to wholesale prices unavailable to you as an individual.
- Life insurance, no questions asked — unlike many life insurance policies, group insurance is provided without a screening exam.
- Unexpected perks — many group insurance packages have bonuses you can take advantage of, such as travel insurance, massage therapy, and more.
As the employer, group benefits serve your company as well:
- Increased retention — as part of your employees’ overall compensation, good group benefits attract good talent, and keeps it working for you.
- Support for your employees — it’s a way of thanking your employees for their hard work: it helps them maintain work-life balance and stay more productive in the office.
- Protect your investment in your employees — with good insurance coverage, your employees are protected in case of emergencies, and they can return to work faster.
- Flexible compensation — it can be easier to adjust the insurance of new or existing employees than it would be to provide a raise, and your insurance package can change over time to adjust to your employees’ changing needs
- Tax benefits — your premiums are tax deductible as a business expense.
No matter what side of the desk you’re sitting on, group insurance has advantages for everyone. Contact SafeBridge today to learn how we can help protect you.