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Group benefits insurance

Group health insurance benefits are the benefits that an employer provides to its employees and their dependents.

You already know that your best business asset is the people who work for you. A group insurance benefits plan allows you, as the employer, to give your greatest asset health benefits they wouldn't otherwise have access to. 

You can give your qualified workers and their dependents coverage for the following:

  • Health insurance
  • Dental insurance
  • Life and disability insurance
  • Virtual care
  • Critical illness insurance
  • Employee assistance plans
  • Counseling services
  • Travel insurance

Other perks and benefits exist that you can offer employees through group medical insurance. However, the above list should give you a good idea of the ways this type of insurance allows you to make a difference for your workers.

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Why you should offer your employees benefits

You always want to attract and keep the best talent available for your company and providing benefits is one way to do that.

Providing group health benefits for your employees offers the following positive effects for your business:

  • Reward your employees in a tax-friendly way
  • Reduce employee burnout
  • Lower employee turnover numbers
  • Be overall a more attractive employer

Let's look at employee turnover for a moment. Losing employees brings negative results to your bottom line. It's expensive to find and train top-notch employees. It also damages your company's culture when other employees see people leave the business. 

Group coverage promotes employee wellbeing which, in turn, helps retain your employees.

You'll also gain business tax incentives by providing group insurance to your employees. Your premiums are typically tax-deductible. You might also find that you can lower your payroll tax bill after adding group health coverage to your employee compensation package. Talk with your accountant for all the details, but you should find plenty of tax benefits in this area. 

Your employees benefit from a tax perspective as well. They can use pre-tax dollars to pay their portion of the premiums every month for the insurance.

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Supporting your employees' mental health

We live in uncertain and stressful times. Many of your employees, whether you know it or not, suffer from anxiety, depression, and other mental health issues that are caused or made worse by excessive stress. 

As their employer, you can step in and offer them mental health coverage on the company's group policy. This provides coverage for psychological visits and social workers. The result is that your employees feel confident that they're getting the help they need because the cost barrier to mental health services has been removed for them. 

The option to set up an employee assistance plan (EAP) also exists. This provides the following to your employees:

  • Virtual sessions with therapists
  • Online support
  • Telephone counseling

Other supportive benefits come with an employee assistance plan. At Knight Archer Insurance Brokers, we're here to discuss these with you to help you gain a complete understanding of the products available to you. Overall, you'll find that you can create a healthier, happier workplace when offering these benefits to your employees. 

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Group benefits coverage in Alberta

Many options exist within your company's group health insurance plan.

Extended health care

Do your employees want a massage once in a while? How about up-to-date glasses? Extended health care coverage can include some of the most sought-after benefits that your employees will thank you for:

  • Prescription coverage
  • Medical services and equipment
  • Hospital expenses
  • Appointments with paramedical practitioners
  • Emergency travel insurance
  • Vision coverage
Dental care

Do you want to see more of your employees brightening your office with their smiles? By offering dental coverage to your employees and their families, you can help protect their teeth and gums with coverage for several dental procedures, including:

  • Preventative and basic procedures
  • Endodontic treatments
  • Major restorative procedures
  • Orthodontic procedures
Life and living benefits

When your employees leave the office, they have loved ones waiting for them at home. With life and accidental death and dismemberment insurance, you can offer employees a tax-free payment for their beneficiaries if they were to pass away. You may also provide dependent life insurance, allowing employees to offer life insurance to their loved ones.

Critical illness insurance

With critical illness insurance, employees will receive a lump-sum cash payment in the event of a critical diagnosis. They can use this to help pay off debts, make necessary home renovations, hire a caretaker, or for any other reason that the employee chooses. 

Disability insurance

Help employees protect their income in the event of an illness or injury with a weekly indemnity benefit for short-term periods of disability and a long-term disability benefit for extended absences. 

Health and wellness programs

Help your employees be at their best with specialty programs to help them prevent, manage, and treat both short-term and chronic health and mental health concerns, live a healthy lifestyle, and develop good habits. 

As an employer, you can help employees return to work from disability leave with a Disability Management program, ensuring they receive the tools and care necessary to get them back on their feet as soon as possible. 

With a Second Opinion Consult program, employees will have easy access to doctors' referrals, assessments, and testing for covered conditions. 

With an Employee Assistance Program, you can give them access to counseling and lifestyle coaching services around the clock, on their phones, computers, or in person. 

Private health services plans

Offer your employees flexible benefits with a Private Health Services Plan (PHSP), allowing your company to use before-tax dollars to pay for eligible healthcare expenses not covered on traditional benefits plans. You can offer your employees a Health Care Spending Account, a Personal Spending Account, and more!

What group insurance does not cover in Alberta

Group health insurance doesn't cover all health needs for an employee. It provides coverage for medical expenses, but it does not cover expenses related to long-term care such as nursing homes, home care, or hospice services.

Other benefits often not covered by group policies are cosmetic procedures like Botox or laser hair removal.

Insurance companies that we work with to find you the best group insurance:

 

Cost of group insurance in Alberta

Factors that affect the costs of your group health insurance benefits include:

  • Industry standards
  • Demographics (Age, gender, marital status)
  • Claims experience
  • How you decide to design the plan

As the cost truly varies, getting a quote from one of our brokers is the most effective way to understand your total group insurance premiums and what all can be included.

Factors that affect the cost of group insurance Alberta

Many factors influence the costs of group health insurance such as your company's size, location, the number of people covered, the type of policy, and demographic information of the workplace, such as the age of the members involved.

These factors can also determine for employees if the cost is lower or higher than other forms of insurance such as single-person policies.

Factors that decrease the cost of group insurance

A lower number of employees in the plan can reduce your costs. However, since it's not typically advantageous to exclude employees, you can also lower your costs by adjusting the types of benefits provided. 

Contact us, and we'll talk through all the options that affect the cost to end up with a group policy that most effectively fits your budget while also maximizing the benefits to each employee in the company.

Have a question? We'll reach out.

If you're looking to learn more about what we offer, we'll email or call you to answer any questions you may have. Our team is flexible, approachable, and ready to make the process as easy as possible.



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Get a group benefits quote

Adding group health insurance to your company's compensation package brings many benefits to you and your employees. 

Our brokers will talk you through the overall benefits and can shed additional light on the tax ramifications and where your company might save in that area. 

We pride ourselves on our ability to position your plan in such a way as to maximize employee benefits so that they'll see it as a significant value add to working for your company, while at the same time making sure it meets your company's budget. 

Let's talk about it. Contact us and let's start developing your employer health insurance package.

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If you prefer in-person or over the phone, you can always chat with one of our account executives. 

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