What are group benefit plans? Do quality employees want more than group benefits? The World Economic Forum (WEF) highlights the twentieth Randstad Workmonitor report, where 35 000 employees from 15 countries, including those in North America, were surveyed. What do the results show employees currently find important?
- Job security
- Work-life balance
- Delayed retirement
- Work hours and location flexibility
- Assistance with the increased cost of living expenses
- Sense of workplace belonging
- Alignment with employer values, especially sustainability.
Is your business growing, and do you want to add group benefit plans to the employee offerings? At Nour Private Wealth, we understand how important presenting the right employee benefits solution is for your business. That is why we offer what you need through Nour Insurance Services Inc. (NIS), a related and separate company from Nour Private Wealth Inc.
Many Canadian employers trust NIS to continue delivering employee benefit programs that are current and competitively priced and offer the flexibility to grow as their companies do. In this blog, we discuss group benefits plans in more detail and how they work.
What Group Benefit Plans Are and Why You Should Offer Them
Group benefit plans are offered by companies as part of their total compensation package. It is offered to employees regardless of their seniority, position, or qualifications and often includes medical coverage for employees and their dependents. Providing employee insurance benefits might seem like an unnecessary expense when your cash flow is already strained during a growth period, but it is vital to the long-term survival of your business.
What advantages are there for your company in offering group insurance benefits? Group insurance benefits are convenient, protect your workforce and their loved ones, and help you to retain staff. Plus, these benefits offer tax breaks, can be tailored to your business needs, and offering them assists in boosting productivity and morale among your workforce.
What Do Group Insurance Plans Cover?
Group insurance plans generally cover medical-related costs provincial health care plans might not pay. It could include paramedical and ambulance services, dental expenses, eye care, hospital stays, and certain prescription drugs. Did you know you can combine your group benefits plans with a retirement and savings plan?
Each company has unique needs, and there are many options around the kinds of plans available, how they are funded, and the benefits on offer. In our experience, these are the most 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.
How Many Employees Do You Need for Group Benefits?
There is a group insurance benefit for every business, no matter the number of employees. With the help of Nour Insurance Services (NIS), a related and separate company from Nour Private Wealth, we offer flexible and innovative plans that anticipate your needs. Our service minimizes your administrative burden so you can spend as much time as possible on more important areas of your business. You might wonder what the NIS offerings are for different-sized businesses.
Small business (less than 51 employees) – Our small business solutions can provide a straightforward plan or a comprehensive selection of benefits.
Medium to large business (more than 51 employees) – The NIS service network stretches across Canada, and we offer customizable product solutions developed with partners who are specialists in their field.
Industry associations and union groups – Our team matches your needs with quality products for multi-employer trade unions, as well as teachers and public-sector trust funds.
Is Group Insurance Cheaper?
There is a financial advantage to group insurance as the premiums are lower, but the coverage is still equivalent to individual health insurance. As an employer, you will pay for most of the group benefit plan, though employees normally contribute a small percentage of their salary to the monthly premium. Are you wondering about the tax implications of providing benefits at work? There are advantages for employers and employees, and each business should consult their tax, legal, and accounting advisors to confirm the details.
Nour Private Wealth (NPW) is a Canadian company with a team of wealth advisors servicing clients across seven provinces. Do you have the most cost-effective retirement-savings solution for your business? We offer various flexible retirement savings options. Now that you know what group benefit plans are, contact Nour Private Wealth to talk about the finer details.
Disclosure: Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.
