Group Insurance Benefits Plans Ontario - Your Friend With Benefits

by Mickey Smith Author

Group Insurance

“Group insurance benefits” is simply a group of different insurance coverages that an employer has decided to gift to the employees as a benefit for working at the company. It’s a method to demonstrate appreciation and strategically increase employee happiness and loyalty. The main purpose of providing staff with benefits is to attract quality employees and retain your priority employees.

Without a group insurance plan, the employees are forced to purchase benefits individually. Individual coverage is more expensive and much harder to qualify. Without your contributions as an employer, it is possible that the employees may not be able to get anything at all.

When developing Group Insurance Plans, everyone can typically benefit from favourable rates and guaranteed approvals. There is so much flexibility and customization options that allow us to design a plan to fit any budget. We’re pretty confident that we can come up with a plan design that fits within your budget.

The beauty of group employee benefits is that your plan is entirely customizable. You can customize the types of benefits that are included and the amount of it that is covered. You’re in complete control. Your Friend With Benefits Inc. is dedicated to helping you build and customize a plan. A major advantage also is that everyone can qualify for it without a single medical question.

What is the Commitment?

Group Benefit Plans are not even as strict as your own cell phone plan. You’re never locked into a contract and they’re all pay as you go. If you decide that you no longer want to pay for your plan, you can just write up a cancellation letter on your letterhead and give your insurer at least a 30 day notice. Your group benefit plan is month to month.

You receive renewals every year because what changes are the rates. The rates are locked in for a one year period for your protection as the client. No matter how many claims are processed through your plan, your insurer will not change the rates until your renewal. This is to protect you as the customer. This is an advantage to you as you’ll experience stable withdrawals. The amount you pay every month can change as you hire and fire employees but the rates remain the same.

What is my commitment to my insurer?
There is no contract – no commitment. If Your Friend With Benefits Inc can design a plan much more valuable than what you have now with a different insurer, then you don’t have to wait until your renewal to begin working with us.

What is my commitment to my broker?
There is no contract – no commitment. If Your Friend With Benefits Inc can provide a superior service in comparison to what you are already receiving, then you don’t have to wait until your renewal to begin working with us.

We want to be the broker servicing your group benefit plan. We’re willing to work for it in order to earn your business. You can benefit from all of the advantages that we offer.

What are the Costs?

Is it expensive?

First off, we never want to hear you say that it’s expensive. You can completely customize the plan to the point where you choose your price. And second, do the math! Even if you have a young single employee making 12-15$ an hour only and works full time, that’s roughly 2500 dollars that you’re paying him/her per month. If you had to add 50$ a month towards providing this employee with a benefit plan, that’s only roughly 2% you’re adding towards their income. 50$ means one healthier, happier and more loyal employee. This means less turnover for you, less time and money wasted spent hiring and training new employees. And that 50$ you spend is completely tax deductible. If you understand this, you shouldn’t be telling us it’s too expensive.

What affects the cost of a group benefit plan?

The cost will be different from company to company. Your business location, your industry, your employee demographics, your plan design, plus so many more factors can affect the cost of your plan.

As a company implementing a benefit plan for your employees, you have to contribute a minimum 25% of the cost of the benefits on behalf of the staff. So this means if you have one single employee and it costs 100$ per month to give this employee benefits, you only have to pay 25$ and the employee can share in the cost and also pay 75$ to achieve this plan. As an employer you can pay more if you’d like to – minimum 25%

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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