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Customizing a Benefit Plan

A Group benefit plan can be as simple as just a health and dental plan or it can be as complex as having HSA, Disability, Critical illness, and other benefit included in the plan.

What all factors should be considered when designing a group benefit plan?

The best way to customize a group plan is to consult a group benefits specialist and discuss what all requirements you might have. A Group benefits specialist can suggest you the different options might not be available to you. The group benefit specialist will fill out a business information sheet along with the employee data sheet. To request a business information package, you can call us at 416-839-4561 and we can email it to you at your request.

Can we include Group Retirement and Savings Plan also?

Some group Insurance Producers do provide the Group retirement savings Plan options also. It is always good idea to consult with your benefits specialist as of might make more sense for you to have a different group retirement plan learner as the insurance companies have limited investment option.

Do my business have to pay all the premiums or employees can share the premium cost?

Most of the group plan providers require employers to pay at least 50% of the premium cost. The remaining 50% can be shared by the employees.

Can I have a better benefit plan than my employees?

Yes, you can layer the plan accordingly. You can give more benefits to certain claim of employees (e.g., managers).

Some of my employees have a pre-existing condition. Will they be covered?

In fact, this the biggest advantages of a group benefit plan as the under writting is not for an individual but it is for group. Therefore, employees who can not get Life insurance, Critical illness or Disability Insurance can get coverage thru group.

What all benefits can I add in my benefit plan?

Most added benefits in any group benefit plan are paramedical coverage, prescription drug, dental coverage, disability coverage, critical illness, vision care.

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