Offering an employee benefit plan is an important step to take in attracting and retaining quality people, staying competitive, and improving employee and company performance.
Providing group benefits:
-Protects the well-being of your employees and their families by helping them manage their health and wellness. It also safeguards against financial problems resulting from large medical and dental expenses.
-Builds and maintains morale and loyalty.
-Is a tax-effective way to compensate your employees. Without insurance benefits, an employee pays for their medical expenses with after-tax dollars. With a plan, they pay much less out-of-pocket (maybe nothing at all) and if they contribute towards the premium, it is with pre-tax deductions from their paycheque.
-Results in a tax deduction to the employer for premiums they’ve paid.
-Is an excellent way to give extra compensation to employees as opposed to a fully taxed raise.
Group benefits include:
Extended Health Care: drugs, hospital, paramedical practitioners, visioncare, medical supplies, out-of-country emergency travel, etc..)
Dental Insurance: basic, major and restorative & orthodontic coverage
Group Life Insurance: member life, dependant life, accidental death and dismemberment, critical illness
Group Retirement Plans: pension, RRSPs (registered retirement plans and DPSPs (deferred profit sharing plans)
Health Care Spending Accounts : self-funded health and dental plans
If you are considering offering a group benefit plan to your employees, contact us today.