Group Health Benefits

An Investment in Your Employees’s Well Being

The foundation of the success and livelihood of your business rests on the strength of your people.

And with medical costs on the rise, it’s no surprise that the majority of Canadians would rather keep their health benefits than receive a lump sum payment.

One of the best ways to show your employees you care is by having a competitive health benefits plan in place.

What Are Group Health Benefits?

A group health insurance plan is designed to help your employees pay for their healthcare expenses. These plans are available for businesses with one or more employees, and coverage can be customized to fit the needs of your employees.

Group health benefit plans can include health, dental, vision, and other forms of coverage.

 

Why Provide Group Benefits to Your Employees?

  • Show them that you care about their health and long-term success.
  • Group health benefits can help your company attract new talent.
  • Stand out from competitors by creating customized health policies.
  • Provide your employees with peace of mind.
  • Take advantage of additional tax savings.
  • Remember, investing in your employee’s well-being means fewer sick days, less time at the hospital, and more time being productive employees for your company.

Tips to Maximize Your Group Benefits

Are you looking to create a group health benefits policy in Vancouver or anywhere in Canada? Here are a few tips to help you can use to get more value out of the process.

  • Connect with your employees. Find out what kind of health, dental, vision, life, and disability benefits appeal most to your employees. You can collect information through surveys and meetings to ensure that you’re making the right choice with any policy you pursue.
  • Research what’s available on the insurance market. There are many plans available on the market. Take the time to research what’s available, what your company actually needs, and what a plan will cost. Don’t be afraid to speak with an insurance specialist to discuss any questions you may have.
  • Find a qualified agent. It’s important that you find an agent that you can connect with. Look for an agent that has access to multiple insurance companies, and who will provide you with honest and unbiased advice. We always encourage our clients to ask the big questions because we want you to understand the policy you are purchasing.

Don’t focus on just price. A lower total price early on may translate to higher premiums at renewal. Explore different levels of coverage, benefits, and more to see what plan is best for you. You can also look at pooled plans if you want to reduce the risk of price increases.

Figure out what coverage your business needs. No two companies are the same. The coverage you need will depend on what business activities your employees engage and the types of risks they are exposed to.
Identify what coverage you can combine. A group benefits plan provides you with the flexibility you need to build a customized plan that combines different types of coverage.

Know your coverage limits. Every plan will have specific coverage limits. If you want to attract employees, consider offering 100% coverage for certain services.

Building the right group benefits health plan isn’t easy. That’s why it’s important that you work with an insurance agent that’s willing to show you all of the options available to you.

At Our Commonwealth, we take your group health benefit plans very seriously—and we take the time to address any concerns that you may have.

What Are the Top Providers for Group Benefits in Canada?

Insurance Companies Percentage
Sun Life Financial 23.6%
Manulife 21.2%
Great-West Life Assurance 20.8%
Desjardins Insurance 5.9%
SSQ Financial Group 5.1%
Green Shield Canada 4.6%
Medavie Blue Cross 3.6%

Are You Looking to Create a Group Health Benefit Plan?

Contact the Our Commonwealth Team Today to Get Started

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