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Group Benefits Services in Canada

Nour Insurance Services (NIS) is dedicated to the high-net-worth segment, and as such, many of our clients are professionals, entrepreneurs and business owners. For that reason, we understand the importance of the right employee benefits solution for your business. As a result, we deliver a variety of group benefits plans and services in Canada that are flexible, innovative, and anticipate your needs. In providing this service, we also minimize administration for you so you can devote your time to your own business.

NIS is a leader in the group benefits space, servicing businesses of all sizes. Many Canadian employers trust us to deliver their employee benefit programs. Our team will ensure you are adequately prepared while keeping your benefits plan current and competitively priced as your business grows.

What are Group Benefits?

By definition, Group Benefits are insurance options that cover all eligible members of a pre-defined group, such as all the employees in an organization. Employee insurance benefits often include medical coverage for employees or their dependents, either directly or through insurance, reimbursement, or other methods.

While group insurance for employees is primarily paid for by an employer, it is not unusual for employees to contribute. Typically, employees will dedicate a small percentage of their salary to paying the company’s monthly premium.

Finding the appropriate coverage to suit your needs can be tedious. You often end up paying higher premiums for insurance that covers areas that government health plans do not. However, with a group benefits plan, the premiums are lower and provide equivalent coverage to individual health insurance.

Small Business benefits (Less than 51 employees)

As a small business owner, you will face a series of unique challenges every day. These challenges evolve as your business grows and establishes itself. Our small business solutions can help you whether you need a straightforward plan that’s easy for your employees to use and understand or if you seek a more comprehensive selection of benefits products and services with greater flexibility for your company.

We assist business owners with everything from managing business costs to attracting the best employees and growing personal wealth. Our group benefits programs for small businesses are affordable and can be tailored to meet your company’s specific needs. A benefits program will give your firm a competitive advantage in the job market as a cost-effective method to protect employees and their families with a tax-effective form of compensation.

Medium / Large Business (51+ employees)

For larger enterprises, from mid-sized to corporate, our extensive service network stretches right across Canada. Our broad and customizable product suite is comprehensive and flexible to meet your requirements now and in the future. Our solutions are developed with best-of-class partners who are specialists in their field.

NIS Advisors utilize a hands-on approach to disability management, which means employees can return to work faster. Our reporting tools analyze disability claims, so our practical approach to health management protects your business. Our focus on prevention and intervention is designed to help you see healthier, more engaged, and productive employees. By matching benefits and support for health, absence, and workplace injury with intensive claims management, your plan will ultimately be sustainable in the long run.

Industry Associations and Union Group

At NIS, our clients include multi-employer trade unions, as well as teachers and public-sector trust funds. Our team matches your needs with quality products, consistent and conscientious service, as well as flexible underwriting.

Your members will have the advantage of working with our team of in-house experts. Their training in subjects like our banks, collective bargaining, reciprocal agreements, and legislative changes gives them the skills to understand your industry correctly.

What Types of Group Benefit Plans are Available?

No matter what the size of your company may be, you have many different options to choose from in terms of the kinds of plans available, how they are funded and the benefits they offer. There are six popular types of group benefits plans:

  • Fully-insured
  • Self-funded
  • Level-funded
  • Health maintenance organization
  • Preferred provider organization
  • High-deductible health plan with savings option

What Are The Advantages of Group Benefits?

Group benefits plans are beneficial for both companies and their individual staff members. They provide the following six key benefits.

Group Benefits are Convenient

Group benefit plans are sought after by prospective employees because they make it so easy and convenient to acquire health insurance. The employer chooses the plan and then provides it to employees as a ready-made benefit included in their remuneration and incentive package. This means that employees don’t have to spend time shopping around to find plans that will suit them. In addition, employers and employees usually divide the cost of the premiums, meaning that the employee gets quality insurance cover at a fraction of the price they would have to pay on their own. The employee’s premium contribution is not taxed, meaning the worker’s taxable income is lower than it would be without group benefits. This convenience makes you more attractive as an employer, meaning you can draw high-quality employees to your company.

Group Benefits Protect Your Workforce

As an employer who offers group benefits, you are protecting the well-being of your workforce and their loved ones. Employees are sure to respond in kind, showing their appreciation through greater commitment and a stronger sense of company community. Employees who have group health cover are able to access preventative services and medical care, and stand a better chance of avoiding serious health issues in future. They can also avoid heavy debt burdens that often pile up as a result of medical procedures.

Group Benefits Can Be Tailored to Your Needs

Whatever your budget may be, you can build a group benefits plan that you and your employees can afford, tailored to suit the needs of all. Perhaps you can’t offer a comprehensive health plan, but you can provide a health savings account with a high deductible. This would reduce the costs to your business, while still offering decent health cover for your employees, as well as the tax break that comes with the health savings account. You can speak to your insurance advisor and build a group benefits plan you can afford, and that your employees will be happy with.

Group Benefits Offer Tax Breaks for Both Employers and Employees

Employees can reduce their tax liability with group benefits, because their premiums are pre-tax and thus do not form part of their taxable income. Employers can also enjoy several tax credits if they offer group benefit plans.

Group benefit plans are an extremely tax-effective way to reward employees for their work. They allow employers to reward their employees by providing them with a form of compensation that is not taxable in most provinces. Group benefits are actually more beneficial in some cases than a pay raise. This is because employees receive the full benefit of every dollar the employer spends, meaning they get more out of the benefit plan than a straightforward salary increase. A raise would require the employee to pay more in taxes, but the premiums for a group benefits plan are not taxed.

Pay increases are impacted before payment by both a variety of employer payroll taxes and by employee income taxes. With a group benefits plan, employer contributions are treated as a tax-deductible business expense.

They Help You to Retain Staff

A group benefits plan is one way to increase employee satisfaction. Many potential employees will carefully consider the benefits a company offers before accepting a job there – especially if they have a choice between two or more different employers. If you offer good benefits, staff are more likely to join your company and stay for longer. Lower staff turnover enables you to build a talented, committed and cohesive team.

You Can Boost Productivity and Morale

The natural result of attracting and retaining better staff who are more committed and in better health is that you will have a company with better morale and better productivity. You’ll have a more talented, motivated workforce that is prepared to get things done. Your employees will have stayed around long enough to develop a good workflow, a good rapport with your clients, and a better communal work ethic. They will all be healthier and happier, giving them the physical ability and mental and emotional state to stay productive too. A happier, more motivated team leads to higher, better quality output, which can only be good for your business, meaning that the money you put into the group benefits plan pays off in your bottom line.

NIS Advisors are conscious of the influence of union and management negotiations on benefit plans. As a result, we will do all we can to support the negotiation process, including accommodating those discussions through our rating actions and the timing of rate adjustments. We will also work closely with third-party administrators on day-to-day service issues such as claims eligibility and premium administration.

For more information about our group benefits services in Canada, contact us today.

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