Advantages of Group Benefits
Canada's first group insurance policy was issued in 1919, and since the growth has been spectacular. Today many Canadians are covered by group insurance programs. The demands and requirements of the workforce are ever changing and so too is the insurance marketplace with new products that are being introduced to more closely meet the needs of today's employers and employees.
Advantages to the Employer
- Helps attract and retain key employees.
- Less expensive than a raise because there are no additional increases in CPP, EI or WCP payments, and premiums can be tax-deductible. A tax effective form of compensation!
- Can increase productivity, morale and the quality of employee’s work.
- Healthier employees reduce turnover and absenteeism.
Advantages to the Employee
- Provides 24-hour coverage for all benefits
- Maintains medical cost down for plan members
- Provides convenient drug coverage through pay-direct drug cards
- Provides out-of-country emergency care for business or pleasure - no need of buy individual travel insurance
- No medical require to get coverage
