Providing group benefits to your employees an excellent way to retain them in your organisation. As business owner you understand that when an efficient employee leaves your organisation it incurs loss to the company. Most of the good employers give their employees Group Benefits which work out as an efficient employee retention tool. The other advantage of group benefits is the premiums can be paid by corporation and are tax deductible.
What is the minimum number of employees I should have in a group plan?
A group plan can be started with as low as 2 people.I am self employed and do not have any employees what are the options?
For self employed individuals plans like HSA (Health Spending Account) are good option. The business owner can park some funds is Health Spending Account work and can pay thru the corporation.
How does HSA (Health Spending Account)?
Most of the HSA (Health Spending Account) are pay per use or pay as you go type. As a business owner you create a Health Spending Account with one of the plan administrators and allocate the amount that could be used towards Health Spending. Once your account is set up and you have a health claim your corporation bank account is debited and your personal bank account is credited. The claim process is online and very simple to use.
What type of Group Benefit plans are available?
A Group benefit plan can be customised according to your and your employee needs. Most Group plans include Paramedical, Extended Health Care, Prescription Drugs, Dental, Long term Disability, Critical Illness Benefit etc.
How much are the Premiums?
The Premium calculation is not that simple as it depends on so many factors such as the age of group members, the benefits you require, occupation type etc.
Whom do I connect if I need some more Information?
It is always a good idea to call a group Benefits specialist or a broker so that he/she can do a quote survey for you and provide you the best possible plan. You can call us at 416-839-4561.
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