Group insurance has become an integral part of benefits for employees. It is crucial since it ensures employee financial protection and their families and gives them access to various healthcare options.
Being an entrepreneur is not sure about providing this program to your staff? Do you think they already have insurance from the government? This article will explain why a group plan can benefit your company and your employees.
Coverage Is Available
The group insurance policies are more extensive and generally offer the following protections:
- Insurance for life insurance of employees as well as their families
- Dismemberment and accidental death (ADD) as well as critical illness insurance
- Disability of long-term and short-term duration
- Health care insurance (prescription drugs, paramedical care, vision care, etc.)
- Insurance for travel
- Dental care insurance
- Employee and Family Assistance Program (EFAP)
- Telemedicine
The story of refunds for the majority of group plans is more remarkable. However, it has to be similar to the public health plan. Employers decide on the level of reimbursement for medicines.
Benefits of Group Plans
Group insurance offers more excellent coverage than most government plans, meaning that the mental, physical and financial wellbeing of members and their family members are protected. Here are some advantages of these plans.
For Employees
- Protection without proof of insurance in case of death or disability
- The coverage of specialists as well as a broad range of medical costs
- Cost-sharing arrangements with employers
- Potentially, more generous drug protection
For The Employer
- Secure your investment in your employees
- Keep productivity up
- Encourage the retention and attraction of employees.
- Maximize after-tax compensation
How Much Will It Cost?
It would be best if you didn’t offer group insurance to your employees or become covered by your spouse’s coverage. The premium is due at the close of the year when employees file their tax returns.
The annual cost of an insurance plan for group members typically ranges from $1500 to $4,000 for each employee. As the employer and employee split the price, the employee will pay between $750 and $2,000.
Several factors specific to the employer, the employees, and the plan may affect the group health insurance costs (demographics such as salary, coverage, and utilization).
The Final Decision
The coverage is what matters in the end. If you’re looking to offer your employees a range, an insurance group plan is the best option.
It is essential to speak with experts to design an insurance plan for your employees that is attractive and competitive. Ottawa Life Insurance is the place to go. Our consultants can assist you in making the most appropriate decision for your company. Get in touch with Ottawa Life Insurance at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for more information.
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