Benefits offered to employees are a great way to compensate and retain employees in a company. A group plan can offer many advantages to employers as well, including coverage for them as well as maintaining a satisfactory work environment.
Minimum 1 Employee
A group plan can be initiated with as few as one employee, provided they are full-time and currently active employees of a company.
Deductibles and maximums can be set to the employer’s discretion. Health & Dental plan coverages can range. The coverage’s are essentially customizable to some extent, to the needs of employees and owners in a company.
Life Insurance and AD & D
Some life insurance is typically mandatory on group plans. However, there are several other coverage’s available while designing a plan. Coverage’s can include long-term disability, short-term disability, critical illness and accidental death and dismemberment.
Making a claim of any sort can be tedious for administrators or employees. There are many benefit plans offered today that allow claims to be made and plan status updates to be viewed through an online tool. These online sites are specific to your company and can be used to view statements, claims, renewals, employee enrollment statuses, and allow the administrator to make changes when necessary.
Enrollment and Application
When done properly, the enrollment and application process is not a lengthy or time-consuming exercise, it can be done fairly quickly provided all the correct information is provided. Each year, we will review and suggest changes (if necessary) to the plan, and negotiate rates on your companies behalf, with the plan carrier.
Good Incentive & Retention
Employees are often the greatest asset of a company, especially small businesses. As mentioned, the group plan is a great way of compensating employees for effort and a strategy for retention of important assets of the company.
Premiums may be paid by employers fully, or may be split between employer and employee. Employers are obligated to pay at least an approximate amount of 50% of the premium incurred for any given employee.
Salary Continuation Plans
Also called wage loss replacement plans, for owners and employees are considered for short-term and long-term needs. Ultimately, these plans are designed to allow salary continuation in the event of a disability or illness, for the owners and shareholders of the company.
Health Care Spending Accounts
Provide flexibility for individual employee`s through the implementation of the HSCA, providing reimbursement to the employee for health and non-health related expenses that are not covered under provincial health plans or other benefit plans. These accounts are flexible and useful for employees often to compliment an end of the year bonus, or in place of it.