Understanding Group Insurance Plans

Should I Partner with an Insurance Broker

For many, having a job with a good benefits package is a must-have in today’s world. The public healthcare system provides coverage for many expenses, but there are many gaps that a well-designed group benefits package will cover. Employers find that a group benefit plan is an attractive tool for recruiting new employees and for keeping the staff you already rely on happy. Study after study suggests that a healthcare plan will improve employee performance and decrease absenteeism. Not all insurance plans are created the same and it’s important to find the right plan for your company’s needs and budget.

What Types of Benefits Should My Plan Include?

Most Toronto small businesses elect to enroll in a traditional health insurance plan. It provides excellent flexibility for employees and covers a wide range of common healthcare needs.

Before enrolling in a plan it’s a good idea to evaluate the needs of your employees and come up with a list of their dental, prescription and various other healthcare needs. A good broker can help you design an employee survey if you want to go that far. You’ll also want to have a good understanding of how many dependants will be covered as part of your group benefits plan. Implementing workplace wellness plans can be a great way to improve the health of your employees and lower your premiums at the same time.

Should My Business Work with an Insurance Broker?

Most Toronto businesses decide to partner with a trusted insurance broker or advisor. There are a lot of choices when it comes to insurance and without the right experience, the insurance enrollment process can be overwhelming. An insurance broker is your partner during the process, they will have relationships with various insurance providers from across the country. Each insurance company will have their pros and cons; an experienced insurance broker will leverage their connections to find a plan that’s suited for the needs of your employees and company. You’ll have various options to choose from and your insurance broker will walk you through the entire process.

Don’t be afraid to ask questions when looking for an insurance broker. Your business is about to make a big investment and you’ll want to partner with an insurance broker that can address each and every one of your needs. There are local chamber group insurance plans that can help your business with a great selection of excellent plans. This type of group insurance plan is best suited for an organization with less than 100 employees.

Evaluating Your Group Insurance Plan

Your insurance plan’s policy will likely be a lengthy document loaded with a lot of technical language and jargon. Work with your insurance broker to understand the important elements of your plan.

Take a look at the overall cost of your insurance plan, gain a strong understanding of the deductibles and the expenses your employees be responsible for paying. You’ll want to have a breakdown of how much employees are required to contribute and ensure it works with their current salaries. Try to avoid plans that require employees to pay more than 25 percent of a treatment or prescription cost.

Every insurance plan will come with a certain number of limits. You understand the needs of your staff and your plan should cover most of the conditions they may need coverage for. It’s fair to say that some plans have unrealistic limits on coverage, your plan is designed to help your employees, not frustrate them. Long-term and short disability coverage is a common benefit included in a group benefit plan and you’ll want to make sure it suits the needs of your employees.

Again working a solid advisor has huge beneifts here. They will typically have the ability do a staff meeting and explain the plan you are implementing to your employees in non industry language.

Benefits such as hospital accommodations, orthopedics, overseas travel insurance, massage and other treatments can be another way to add more value to your plan and create higher moral amongst employees. Each plan will come with its own set of reimbursement levels, your employees will be responsible for paying the difference out-of-pocket. Your insurance broker will provide you with a better understanding of how these coverage levels work with typical treatments costs.

Many insurance companies have adopted technology to make plan management easier. Finding a plan with a strong online platform will make plans easier to administer for both the firm and the employee.

A Tanner Financial, we’ve been helping Toronto and area businesses find the perfect group insurance plans since 1999. Learn more about how your business can have an insurance plan that attracts and retains staff by contacting one of our experienced insurance brokers.

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