Group benefit plans are a great way to attract and retain quality people into your business. If you’ve never had a group plan and have thought about it but didn’t think you could afford it, many business owners are pleasantly surprised when they do look at the cost of plan, especially when they are so valued by employees.

Depending on the type of plan you are looking for a ball park number to expect would be between 4% – 8% of monthly payroll. Most insurers require the employee to contribute at least 50% of the overall premium and we suggest that the premium be shared 50 / 50 with the employees. This way the employees have a vested interest in controlling the use of the plan. It is there to be used but not abused.

There are many variables when looking a group benefit plan and it can be difficult for a business owner to sift through all the options themselves.

Have you tried to do this on your own or do you have a specialized group advisor working with you? www.beneco.ca

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