Group Benefits

We work with you to build a group plan that will cover all of your needs.

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Group Benefits2018-11-20T02:31:25+00:00

Group Benefits for your business

Offering benefits to your employees at this stage of your growth can be a significant cost to your business. If you’re absolutely certain of the reasons you need a group plan – the fact that it gives your business a  competitive edge in attracting and retaining the best employees, it adds value to your compensation package, and you will spend less time dealing with absenteeism –  then you will need to create a budget for it.

It is always a good idea to start with a basic benefits package (health, dental, life insurance, accidental death and dismemberment benefits)  and a premium that your business can afford. I will even go further by recommending a “traditional benefits plan” initially if your employee group is less than forty-nine lives and lack claims experience. What a traditional benefits plan lacks in flexibility it makes up in stable monthly premiums.  You can always add a health spending account later to enhance your benefits offering.

In this post, I will discuss how to implement your group plan as well as a few cost containment strategies.

  • Get a broker to help you develop a plan design suitable to your employee  demographics and health care needs.  Your broker will do a “Request to Quote” from various insurance carriers.  Ask them to also quote individual health plans for single and family coverage. This allows you to do a benefit-cost analysis to ensure that you are getting the most competitive rates in the market.

  • Adjust your plan design  – once you receive the quotes, adjust benefit caps and maximums to suit the unique needs of your employees as well as your startup’s budget.

  •  Your broker will then complete a  master application and submit it as well as the employee enrolment forms to the insurance carrier for underwriting.  Expect a 2-3 weeks turn around time.

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Managing Your Cost

Amidst rising  benefits cost, the sustainability and effectiveness of your group plan will depend on how you manage costs.   Here are a few cost containment strategies.

  1. Don’t be afraid to share the cost of the monthly premium with your employees.  This can be done through payroll deduction.
  2. Include annual deductibles, co-insurance or prescription dispensing fee features in your plan design.  These are incentives  to keep your employees financially involved in managing their benefits expenditures.
  3. Protect your group plan from exorbitant drug claims. Take advantage of any government programs or subsidies that offer assistance to small businesses and their employees to offset  high drug costs. The Ontario Trillium Drug Program   is an example of such initiative.
  4. Include a 3 months waiting period before new employees are  added to your group plan.
  5. Employee engagement –  Garner feedback from your employees about their group plan. Also, let your broker do regular employee meetings to educate your employees about the roles they should play in helping to prevent fraud and abuse.  An empowered employee group will have a positive impact on your startup’s claims experience.
  6. Be that employer that fosters wellness and a healthy lifestyle.

Group Benefits for your business

Group Benefits for your business Offering benefits to your employees at this stage of your growth can be a significant cost to your business. If you’re absolutely certain of the reasons you need a group plan – the fact that it gives your business a competitive edge in attracting and retaining the best employees, it adds value to your compensation package,

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Benefits that suit your business, perfectly

Group Insurance

Whether it is life, critical illness and disability insurance,  prescription coverage, dental fillings, or massage treatment, a customized design plan will add value, boost your employee’s compensation package and offer peace of mind to your employees because they know that their family is covered.

Group Retirement Saving Plan

Retirement planning is more behavioural than it is science.  Without a structured retirement savings vehicle, most employee would not consistently save for the future.  Companies have the flexibility to set up a formal or an informal group retirement saving agreement that is flexible, low cost and add value in their benefits offerings.

Health Spending Account

Whether you are an incorporated small business of one or a company of 50+ employees, Health Spending Accounts allow companies to control their cost while giving their employee the flexibility to be reimbursed for CRA approved medical expenses. Some of   would not normally be covered under a traditional group health plan.

Our lowest-cost plan helps you budget for basic medical and dental needs.

  • 60% reimbursement for prescription drugs with a $750 annual maximum

  • 60% reimbursement for supplemental healthcare expenses. 60% reimbursement with a $25 per-visit maximum on paramedical practitioner services up to $250 per year per practitioner

  • 60% reimbursement for preventive dental care with a $500 annual maximum

  • Semi-private hospital room coverage is optional. No coverage for emergency travel medical or vision care

Our most popular plan includes catastrophic drug, emergency travel medical and optional preventive dental coverage.

  • For prescription drugs, 70% reimbursement for first $7,000 and 100% reimbursement for next $93,000 of annual eligible expenses
  • 100% reimbursement for supplemental healthcare. 100% reimbursement for paramedical practitioner services up to $300 per year, per practitioner. 100% reimbursement for vision care up to a $150 maximum every 2 years
  • Emergency travel medical for the first 60 days of a trip and $1 million lifetime maximum on emergency travel medical claims
  • Optional preventive dental and semi-private hospital room coverage

Our most comprehensive coverage, with a higher prescription drug maximum than the standard plan and optional dental coverage that includes restorative and orthodontic services.

  • For prescription drugs, 80% reimbursement for first $5,000 of annual eligible expenses and 100% reimbursement for next $245,000 of annual eligible expenses
  • 100% reimbursement for supplemental healthcare. 100% reimbursement for paramedical practitioner services up to $400 per year, per practitioner. 100% reimbursement for vision care up to $200 maximum every 2 years
  • Emergency travel medical for the first 60 days of a trip and $1 million lifetime maximum on emergency travel medical claims
  • Optional dental coverage for preventive, restorative and orthodontics and optional semi-private hospital room coverage

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