The tenuous balance between supplying quality benefits, keeping star employees and keeping costs down can be extremely difficult if not managed well. It may seem easier to eliminate the costs related to a Group Benefits plan, but it is not. In fact, there are four things a Group Benefits Plan can do for you and your company.

They are as follows:

1. It Attracts and Retains Employees
Keeping your employees happy while attracting new ones through a quality Group Benefit plan will give you a competitive edge in the job market.

2. It Offers Insurance at a Reduced Price
Compared to individual health and dental insurance plans, a Group Benefits plan is less costly. Furthermore, Group Benefit plans do not restrict coverage or are selective as they offer all participants the same benefits.

3. It Provides Support and Security to Employees
By providing employees the financial security of a Group Benefits plan, productivity and morale will increase.

4. It Provides a Tax Effective of Compensation
In most cases, the premiums an employer pays are tax deductible as a business expense.

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

Eye opening Article about harassment in the work place.

Benefits Canada is a great website for information in the group benefits field.

http://www.benefitscanada.com/benefit/health_wellness/article.jsp?content=20100614_155318_9004

Critical illness insurance plans can be purchased for children, which can be converted to an adult plan at the age of 18. At this point, up to age 50, policyholders can opt to convert their plan from a critical illness plan to a long term care plan. Through this option, the plan can follow your children from birth to old age.

For more information, see
http://www.sunlife.ca/plan/vindex.jsp?vgnextoid=4e8e860c78bde110VgnVCM100000abd2d09fRCRD&vgnextfmt=default&vgnLocale=en_CA