Companies are often trying to think of ways to attract, retain and engage employees. You may consider providing Health Insurance Benefits or adding a Group Benefits Plan.
If you already have a Group Benefits Plan in place, when is the last time it was reviewed? Our Health Care needs have changed and it’s important to show your employees that their health matters.
As a company large or small, when you offer a group benefits plan to your employees, it can increase engagement more than just giving employees a pay increase.
Here are five reasons to consider Group Benefits Plan:
1) Support your employee’s mental health and wellbeing. When your employees lives and mental health are supported, they become stronger as an individual. When they are supported, employees can provide greater engagement and productivity in the workplace. The relationship between the organization and the employee becomes a positive one!
2) Group Health Benefits can be a tax-effective way to compensate your employees. Health and dental benefits are tax-free for employees which reduces your overall pay. Health and dental benefits are tax-free for employees in all provinces except Quebec. (Other exceptions may apply)
3) Approximately 35% of small businesses (less the 20 employees) offer benefits to their employees and approximately 90% of employees say that an employee health plan plays a major role in their decision to work at a company.
4) Providing Group Health Benefits shows the employee appreciation for their hard work and builds company loyalty. This can help attract top talent to your business and reduce the cost of employee turn-over.
5) Providing Group Health Benefits supports an overall healthier workplace for your employees and their families. Providing them with options to assist with dental services, vision care, paramedical services, prescription drugs, personal needs, counselling, and therapy services.
Statistics show that the average Canadian household spends more than $2,251 on out-of-pocket health and dental expenses per year. This includes prescription drugs, eyewear and dental care not covered by a public or private health care plan.
If you’re starting to look at a group benefits plan, here are some options to consider for your company and your employees:
- Comprehensive and flexible group benefits plan, including pharmacy benefits, health care and dental care
- Short and long-term disability insurance that can provide employees with income replacement should they become disabled due to an injury or an illness
- Employee and family assistance programs to help employees manage stress and achieve work-life balance
- Making sure core plans include vision care and extended health care benefits, which include registered massage therapists, chiropractors, physiotherapists, homecare and more.
Billyard Insurance Group-Guelph has three specialized insurance brokers that serve as its Group Benefits Leadership Team. For more information, contact Celina Visser, Dave Johnson or Matthew Ball.
"Our BIG-Guelph Brokers guarantee that we will find you a plan that fits your business and employees needs for the best price. Whether you are looking to start a new Group Benefits Plan for your business or make changes to your current plan, BIG-Guelph has you covered. With over 15 years’ experience in the industry, access to the Top Insurance Companies and the BIG Guarantee, your company can create a positive workplace that provides health care assistance for their employees and their families." - Billyard Insurance Group - Guelph