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Have you been thinking about adding an employee benefits package into your organization or company? Enjoy less employee turnover, a tax deductible business expense and increased employee satisfaction.
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:
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.
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:
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.
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:
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.
Many options exist within your company's group health insurance plan.
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:
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:
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.
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.
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.
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.
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!
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.
Factors that affect the costs of your group health insurance benefits include:
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.
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.
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.
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.
If you prefer in-person or over the phone, you can always chat with one of our account executives.
The team is very good at Knight Archer Insurance, I visited that place first time and it's totally new place for me (New Immigrants In Canada) they explained everything with very easy way and gave me some extra knowledge about the future process as well.
Shail Patel
I wanted to get home insurance and was helped by Karen Filleul. Being a first time home buyer, I couldn't have asked for a better person to help me with getting home insurance than Karen. She was extremely thorough, prompt and professional, and was able to get me the best deal. Thanks to her and the rest of the staff at Knight Archer for delivering top notch customer service.
Gagan Gill
I went to this Knight Archer office to get a few important documents notarized. I was received by a staff at the counter and transferred my request to an official who dealt with my request. The notary who helped me with my documents provided me with the best service I've ever received thus far in Canada. She was very much courteous with the service and I just want to point out that Knight Archer staff does very well treating their customers. I appreciate it very much and encourage the management to continue doing the same.
Robin John
Knight Archer in Vic Ave is a great place for customers. I had some issues regarding my vehicle. Lisa was wonderful and helped me through the process and everytime I felt my concerns are valued and sincerely solving the problem. The communication was great, smooth and top of all quick.
Nazat Hussain
I was blown away with the service I received here by both Lisa and Vlera. I had a bit of a complicated situation and felt caught between provincial systems but both women worked the problem with me until we had a good solution. Extremely helpful, professional and made what was tricky a good experience.
Tasha Cox
People from a variety of ethnic backgrounds work here making them great at serving and supporting a vast customer base.
Deej Patel
Our expert team of local brokers will help you find the best coverage possible.
