When the employer has such a plan in place, any member of the insured group who becomes ill or requires services is adequately compensated by the plan in accordance with the terms that are set out in the agreement. Most of the time, family members of covered employees are covered under the policy as per the agreement.
The workers will benefit from a Group Benefits Plan because:
- You have a competitive edge in the job market. You entice and keep . This helps remove part of the costs associated with unnecessary people fluctuation. Your worker are going to be safe and happyrealizing they and their families may depend on the medical insurance plan.
- You have access to medical coverage at a a reduced premium. Group Benefit Plans do not suffer of adverse selection, so that all participants are covered by consistent terms and conditions.
- Group benefits are an economical method to protect your staff. Heightened productivity and improved morale come from higher financial security and social support.
- Group Plans are tax-effective. Most premiums paid are tax-deductible as an expense.
Brought to you by Lorne S. Marr, an independent insurance broker and an expert on hard-to-insure clients. Lorne works with more than 13 Canadian companies, such as Great-West Life Assurance or Sun Life Insurance.