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GROUP

INSURANCE

Protect the well being of your employees and their families and attract talent in an affordable and tax-effective way.

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Buying a group insurance policy is often one of the most crucial investments a business owner can make. Not only does it retain and attract talent by providing incentives for in-demand employees, but it also protects your most important asset – your employees and their health.

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Group insurance helps foster a positive work environment that brings loyalty and satisfaction to the workplace and offers certain tax incentives for employers as well. 

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Look through the different plan options below to see which one is right for your business!

Traditional plans

Traditional or fully-insured plans are the most commonly used benefit plan for small to medium sized companies due to the security and simplicity it offers to employers. 

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Traditional plan benefits can include: ​​

  • employee life insurance

  • dependent life insurance

  • accidental death & dismemberment

  • short-term disability

  • long-term disability 

  • critical illness

  • extended health care

  • vision care

  • travel insurance

  • dental care

  • employee assistance programs

  • wellness solutions

Spending accounts

Offering a spending account as an add-on to a traditional or self-insured plan is a great option for employers who want to enhance its benefits package and offer ultimate flexibility to employees.

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Advantages:

  • wider coverage options

  • non-taxable benefit to employees

  • low admin fees

  • no upfront funding required

  • possibility for unused allocation rollovers

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Disadvantages:​​

  • higher overall cost for employer

  • restricted annual maximums in stand-alone implementations

Self-insured plans

Self-insured plans are widely used by larger organizations (usually 100+ employees). Due to the economies of scale, it may allow additional flexibilities and reduced costs as opposed to fully insured option. 

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Advantages:

  • often less costly due to economies of scale with no profit or risk margins to pay to an insurer

  • employer retains funds when claims are lower

  • more flexibility in customizing a plan

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Disadvantages:

  • risk exposure due to claim payments liability by employer

  • potential significant premium fluctuations

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