Employer-sponsored benefits programs can assist employers in providing more than just dental and drug insurance to their employees. Find out more about the importance of group benefit plans and how your insurance broker can assist you in designing a program specifically for your requirements.
What Are the Group Benefits Plans?
Offering a robust benefits package is crucial to retaining employees and keeping them happy and healthy. The business of an employer is as good as the employees they employ. When the company sponsors a group benefits plan, employers choose an insurance provider for their group. This company assures plan participants, pays for claims, and manages the various elements of the project.
While benefits get typically customized to the needs of an employer, companies can provide benefits that include:
- Extended Health Care – The benefit is a way to cover certain medical expenses not covered by the employee’s provincial insurance plan. It could include insurance for prescription drugs, vision services, medical care in hospitals, including equipment, medical assistance as well as assistance for emergency out-of-province travel.
- Group Life Insurance – Suppose the plan participant dies while in the plan; this benefit gets distributed to the deceased’s family members. The use amount usually depends on a multiplier of the participant’s earnings or a set amount.
- Accidental Death and Dismemberment Insurance – This benefit is paid to employees if they are paralyzed or lose their sight, hearing, or speaking ability after an accident. In addition, should the employee pass away, the benefits will get distributed to their family members?
- Dental Care Coverage – This plan covers your staff members’ preventive and diagnostic dental services.
- Disability Benefit Plans – This benefit gets intended to help replace a part of the plan participant’s income if they fall ill or injured and cannot work longer.
Provincial plans offer a limited amount that covers employees. These make group benefit plans much more appealing and help you make an impression and keep top employees.
Be Prepared
Making a benefits plan beneficial to your employees and yourself isn’t easy. The Employee Benefits Advisors can assist you in launching your group benefits plan. We’re here to help you in the process by introducing you to the necessary resources to create your group benefits plan.
Ottawa Life Insurance; We would be delighted to work with you to tailor your benefits program while keeping the cost of your benefits reasonably for you as an employer. Call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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