What Are The Benefits of Group Insurance?

Benefits, Insurance & Taxes

First of all, there are a lot of insurance packages out there, for individuals and for groups. So, which should you choose? We are going to talk about what the benefits of group insurance are for you as employees and employers.

Although the government sponsors many major insurance programs such as healthcare, disability, workplace injuries, etc., they don’t cover EVERYTHING. Group insurance provides supplemental coverage to better ensure your physical, mental, and financial health. Therefore, knowing you can benefit from such coverage is reassuring for both employees and employers.

Benefits for employees

1. The opportunity to get basic coverage without evidence of insurability.

What does this mean? It means that you will receive this coverage without verifying that you are eligible for this coverage.

2. Significantly lower costs

A group premium is lower than an individual premium because the rates decrease the more people are covered.

3. Cost-sharing with the employer

Like the term suggests, cost-sharing means that the employer and the employee share the cost. The most common sharing arrangement is 50/50. However, the employer has the ability to increase or decrease these amounts according to their needs.

Benefits for employers

1. It protects your investment in your employees.

Employees and their health are the most important asset to you. Group disability insurance and group health insurance protects your investment when an employee gets ill or injured. While under the Canadian healthcare program, we are offered some protection. However, there are a lot of unforeseen costs and financial worries with long-term illness and accident-related emergencies. Making sure your employees and their families are protected, your employees will really appreciate what you have done for them.

2. Maintain productivity

Having a group insurance plan which includes an employee assistance program, helps to ensure that employees remain focused at work and will help facilitate a return to work as early as possible. They won’t have to worry as much about health-related situations, ranging from dental care to mental wellness services. Employee assistance programs make it easier to help they need so they can focus on work.

Want more information on how to stay happy in the workplace? Check out our blog “Scientifically Proven Ways to Stay Happy at Work!”

3. Gain a competitive edge in talent attraction.

What does that mean? Although money is certainly an incentive, in-demand employees are looking for more than just salary offers. Above all, they are looking for employee satisfaction. Employers who offer group insurance plans are ensuring that their employees’ health needs are taken care of, which will attract hard-working employees. This also results in employee satisfaction. When an employee feels like more than just a number, and that their boss has their back, they are more likely to be loyal to the company.

Offering group benefits often leads to a healthier, happier employee population. And healthier, happier employees are more productive employees.

Is employee group insurance really that important? The companies that don’t offer group insurance often find themselves struggling to hire quality talent, retain their workers, and maintain productivity. Hence, it is more difficult to find workers who will commit to your company when you don’t offer insurance.

We have talked about just some of the benefits that group insurance has over individual insurance. Group insurance benefits everyone! The employer and the employee are satisfied.

We would be happy to assist you in finding the best package that suits you and your employees. Contact us for more details.

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