Group Benefits
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Show your employees you care about them while attracting top-tier talent, reducing your turnover rate, and boosting business productivity by purchasing Group Benefits.
What are Group Benefits?
Group Benefits provide coverage on prescription medication, dental and vision care, Short-Term and Long-Term Disability Insurance, Critical Illness Insurance, as well as other benefits. Group Benefits policies are often more cost-effective compared to individual insurance plans.
To purchase, you must be the business owner or the primary employer. These policies can be quite flexible. If you would like to provide Critical Illness benefits to the management but not the office workers, you are able to. If later you decide to include Critical Illness coverage for office workers, you can adjust your policy for the next month. You need as little as two employees (including yourself) to purchase a plan. Part-time and contract workers can also participate in the Group Benefits plan. You are billed monthly and can adjust your coverage or cancel your plan at any time as long as you provide 30 days notice.
Common benefits Group Insurance covers include Health and Dental Insurance, Critical Illness Insurance, Basic Life Insurance, and Short-Term and Long-Term Disability Insurance. You can customize your plan to include your desired benefits and select the appropriate levels of coverage for each of them.
How do Group Benefits policies work?
A group benefits policy is typically obtained by the organization’s owner or the primary employer at a company. The policy then offers coverage to the group members or employees that choose to participate in the program. A group policy can help all members cut costs on their monthly insurance premium.
Why should I purchase Group Benefits for my employees?
Employee satisfaction greatly influences their job performance. Group Benefits help you maintain workplace morale while reducing turnover rates. Group Benefits attract top-tier talent to your organization. When your employees feel that they are being taken care of, it incentives them to work hard and be loyal to the company.
How much do Group Benefits cost?
Employers can choose to pay between 50% to 100% of Group Insurance costs. All company contributions towards Group Benefits are tax-deductible for the business.
Usually contributions per employee are equally divided. Even with 50% cost-sharing, employees end up paying less for benefits through company plans than if they were to purchase personal plans.
The biggest factors that influence the cost of Group Insurance include the chosen benefits, the level of coverage, the industry in which your business operates, the location of your business, and employee demographics.
What are the advantages of Group Benefits plan?
Considering whether your business needs group insurance? Obtaining a group insurance plan for your organization pays off in more ways than one.
- Comprehensive coverage for you and your members
- Split insurance costs with your employees
- Obtain basic coverage without strict eligibility requirements
- Maintain productivity in your business
- Reduce employee churn rate by offering benefits
- Maximize tax compensation
Group Benefits policy for your company or organization is a smart investment in your employees. Needless to say, securing your employees is a vital step to your business’s success.
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How to Save Money on Group Benefits?
We want to help you save your money. The best way to save money on Group Benefits is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.
Hire More Employees
The more employees you hire at your company, the lower your premiums will be due to risk being divided across a larger pool.
Reduce Average Employee Age
Group Benefits will cost less the younger your workforce is.
Adjust Benefits
Workplace morale and business productivity are improved when you show your employees that you care about them. However, it’s best to make sure the benefits you provide are needed and subtract redundant coverage.
Adjust Cost Sharing
Employees are already likely to pay less for employer coverage than for individual plans with 50% cost sharing. Adjust your cost sharing to a percentage that makes the most sense for your business.
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