A group benefits plan is an investment in your number one asset as a business - your people. By offering a comprehensive benefit plan you will be able to attract and retain better employees, maintain a stable and healthy workforce, and be there for your employees when life happens.
By bundling benefits such as; life, health, dental, and disability insurance, a group benefits plan makes it quick and easy to provide life and health insurance benefits to your employees.
Build a plan that fits your organization and your employees.
Solutions to keep the plan sustainable and help keep costs contained.
Manage your plan securely with online enrolment, and billing.
Employee group beneift plans are a potential fit for businesses that:
Want to attract and retain talent
Need the ability to add/remove employees quickly and easily
Are growing (aka 'scaling') and need a streamlined way to scale their workforce while offering benefits
Have employees that will value a benefits plan
A business that may be too small to warrant a 'traditional' group benefits plan, but still wants a cost-effective way to offer health benefits to employees
Group Plans are designed to make onboarding new employees as frictionless as possible. It minimizes headaches for HR, and gets employees the benefits they need quickly, easily, and unconditionally. This is made possible because a Group Plan is essentially blanket coverage with little to no individualization, with formulas dictating how much coverage a particular employee is entitled to. Each employee receives a printed (and online) certificate that reflects those coverage amounts.
Naturally, the plan will be comprised of both healthy and unhealthy people, and for insurance companies to be able to offer coverage to all employees and remain profitable they must have 100% of your employees on the plan. Having 100% of employees belong to the plan, allows the insurance company to use statistical methods to calculate expected claims and therefore what to charge the employer for the coverage.
One major caveat to Employee Group Benefits Plans is that they require economies of scale to be cost-effective, and for smaller companies creating a positive return on investment is a challenge. The larger your workforce the better suited your business will be to an Employee Group Benefits Plan. If you are a small business, there are other solutions that may be more cost-effective for you.
There is a broad spectrum of potential benefits that can be offered through an employee group benefits plan, including but not limited to:
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