It is highly recommended for any Employer (small, medium, or large) to have a Group Benefits Plan for their Employees. When an Employer offers Life Insurance, Extended Health Care, Dental Care, Critical Illness, and Disability benefits, it shows they are invested in the health and well-being of their Employees. A Company with a comprehensive Benefits Plan is viewed by current and prospective Employees as a desirable place to work.
There are many advantages to adding an Employee Benefits Plan (Group Benefits Plan) to the Total Compensation your Employees receive. Some of the main advantages include:
- Improved Health & Wellness For Employees and their Families
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- Having access to Benefits and not having to pay hundreds or thousands of dollars out of pocket, will make your Employees and their Family members more likely to seek the medical attention they need.
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- More Productivity At Work
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- Healthy people are more engaged at work. Healthy people use far fewer sick days. People with healthy family members are less likely to use ‘family emergency days’.
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- Improved Employer Reputation
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- A robust Group Benefits Plan is a key factor in retaining and attracting top level talent for your Company. Employees (current and prospective) have many choices in where they wish to work, and these days a Benefits Plan is considered an expectation, instead of a bonus.
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- Employer Paid Premiums Are Tax Deductible
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- Employer funded premium are considered a business expense and would be deductible on your Corporate Tax Return.
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- Different Levels of Coverage for Ownership / Management
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- One size does not necessarily fit all. If you choose, Owners/Management can have different Benefits compared to other Staff Members. You could have separate “Classes” with A and B Level Benefits, for example. Generally speaking, there would have to be at least 2 people in each Class.
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- Premium Costs Can Be Shared With Owners and Employees
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- If you choose, you can split the cost (monthly premium) of the Benefits Plan with the Employees. The Employer must pay at least 50% of the premium. That said it is your choice, as the Employer, whether you want the Employees to fund 0% up to 50% of the monthly premium. If Employees are paying via payroll deductions, it leads to them being more aware of how they use their Benefits Plans because high usage will lead to premium increases when the Benefits Plan undergoes its Annual Renewal.
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Do not hesitate! Reach out to Wellesley Insurance Agency today to get quotes/proposals on a Group Benefits Plan from the top Insurers in Canada.