Group Plans
Group plans, or group health insurance, is something employees can get through their employer. Group health plans look a little different than individual health insurance, but there are benefits.
What is a Group Health Plan?
It’s not mandatory to offer a group health plan in Ontario, but many companies do as it’s something employees always appreciate. It’s also a good selling point when trying to both recruit and retain the best talent in your industry. Much of the coverage is the same as individual health insurance, including prescription medication, dental costs, and vision. While the end result doesn’t differ much, several key differences make it significantly better for your employees.
Group Health Plans vs. Individual Health Insurance
First of all, it’s much cheaper. Even though employees have to pay a small fee from each paycheck to maintain their benefits, it usually pays for itself after just a couple of appointments. Second, eligibility is simpler. With individual health insurance, people often have to submit a medical history and other health information in order to qualify. And then, they may not be accepted! With a group health plan, employees are enrolled automatically and aren’t required to provide any documentation or evidence.
Another huge thing is pre-existing conditions. Even if an individual is approved for health insurance with a pre-existing condition, this condition is usually excluded. This is not so for a group health plan – they are eligible for all coverage offered by the plan. Lastly, one major benefit to the employer here is morale and employee satisfaction. There is a cost associated with providing benefits, but by offering them your business will flourish. It’s an attractive benefit from the get-go and many candidates will set it as a dealbreaker when presented with an offer.
Find the Best Group Health Insurance Today
If you want to add group coverage to your employees’ benefits package but don’t know where to start, get in touch with us right away! We’ll go over all your options and help you find the best group plan at the best rate!
