OverviewGroup Benefits

Group benefit plans provide financial support for various medical costs of employees and their families. This is a way for an employer to invest in the well-being of their employees to ensure the health and financial wellness of them and their families.
Group Benefits
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What is a Group Benefits plan?

Group benefit plans provide financial support for various medical costs of employees and their families. This might include drugs, dental, vision, short and long-term disability, various Extended Health Coverages (EHC), as well as life insurance, accidental death & dismemberment (AD&D) to name a few. A group benefit plan is a way for an employer to invest in the well-being of its employees to ensure the health and financial wellness of them and their families.

How much does it cost?

We work with you to create a custom-tailored group benefits plan that’s fit for your company. From small to large businesses, our experts will walk you through a free, no obligation quote to see if we’re the right fit for you and your team!

Group Benefits

What can be covered by the plan?

Drugs
Dental
Vision
Professional Medical Services
Accidental Death & Dismemberment
Out-of-Province Coverage
Life Insurance
Short & Long-Term Disability
Hospital Coverage

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Group Benefits Form
Group Benefits

Other Frequently
Asked Questions

What is the value of group benefits for my small company? (Under 5 Employees)

Many small business owners might believe that they are too small to even have a group

benefit plan in place. Others believe that it might be too expensive, even if they technically could have a plan in place. Small businesses are great candidates for group benefit plans. Even if your company has 5 employees or less, you have multiple options available to you, whether it be a traditional group benefits plan or a Health Spending Account (HSA), or a combination of the two.

Group benefit plans are a great way to attract and retain the top talent in your space. Employees see a great value in having a plan to help reduce the financial burden of various medical expenses for themselves and their families. Your company can choose to share the premium cost with the employees, or cover it entirely, either way, they are saving from covering it personally.

The value of a group benefit plan for your business is that the premiums paid for the plan are tax-deductible to your business, just like other business expenses. This allows you to reduce your taxes owed on an annual basis, all while increasing the morale and overall well-being of your team.

A traditional benefit plan allows you to select the specific coverages that you would like to provide for your employees. This can include drugs, dental, vision, life insurance, accidental death & dismemberment, short and long-term disability, and Extended Health Care (EHC). You can select the coverages that you and your employees value the highest, and even choose to add other coverages in the future.

If selecting the coverage options is not something you want to focus on or spend the time reviewing, we also have the option for a more simplified plan called a Health Spending Account (HSA). An HSA plan allows you to allot a certain amount of total coverage to each employee, annually. They can then submit claims for the medical expenses against the total value of the coverage. For example, each employee may be provided with $1,000 of coverage per year. They can then submit any eligible expenses (i.e. drugs, dental, vision, etc.) to get reimbursed up to their annual allotment. These types of plans are especially useful for any business that is looking for a simplified plan structure, or looking to compliment an existing group benefits plan with some flexible coverage.

When putting a group benefits plan in place, you also have the ability to add different classes or tiers. Having different classes allows you to increase the coverage for groups of key individuals to reward them for the long-standing value they’ve brought to your organization.

Starting a group plan as a small business doesn’t have to be intimidating if you’re working with the right people – we are here to help you maximize your business’ potential.

What is the value of group benefits for my small to mid-sized company? (5-30 Employees)

As businesses grow from small to mid-sized businesses, the programs for their employees may evolve to support the continued growth. Whether it is internal factors or identifying the competition for quality employees in the marketplace, a group benefit plan is a great way to give your business the advantage. Businesses of this size have a variety of options available to them, and even more to consider as their business expands. It makes it even more important to be working with a trusted advisor to navigate the landscape of traditional group benefit packages as well as Health Spending Accounts (HSA), to ensure the plan is tailored to meet your needs.

As the employment market becomes more competitive, especially for small to mid-sized businesses looking to attract and retain top talent, a benefits plan can make all the difference. For employees, it provides them with financial support to ease the burden of various medical expenses for themselves and their families. Whether your business is covering the entirety of the cost, or the employees are also contributing, it’s still an incredibly valuable program to ensure the satisfaction and health of your team.

Not only is a group benefits plan good for your employees, it’s also beneficial for your

business as well. The premiums contributed by the business towards the plan are tax- deductible, just like your other business expenses. As a result, your business net income is reduced along with your corporate taxes – it truly is a win-win.
Benefits plans are typically comprised of various coverages, which can be selected to meet your needs. Some examples of specific coverages are drugs, dental, vision, life insurance, accidental death & dismemberment, short and long-term disability, and Extended Health Care (EHC). Coverages can be selected to meet the needs of your employees and the investment your company is prepared to make in your team.

Another option available to businesses looking to provide benefits coverage is a Health Spending Account (HSA) plan. An HSA plan differs from the traditional benefits plan, but can be a great compliment or stand-alone plan to offer to employees. Rather than selecting the coverage options, the business allocates an annual dollar amount for each employee. For example, if each employee was provided with $2,500 of coverage each year, they can submit their eligible medical expenses (i.e. drugs, dental, vision, etc.) and get reimbursed up to their annual maximum. An HSA plan can be a simple way to provide flexibility to employees or to compliment a standard group benefits plan.

For many organizations, there may be different levels of seniority or tiers of employees. You also have the ability to customize your group benefits plan to provide greater coverage for more senior or higher ranking employees, rewarding them for their long- standing commitment to your organization.

Finding a benefits plan to meet your needs doesn’t have to be complicated. We are the experts that we can help you compare your options to find the right fit to reward and retain your employees.

What is the value of group benefits for my mid-sized company? (30-75 Employees)

As businesses grow from small to mid-sized businesses, the programs for their employees may evolve to support the continued growth. Whether it is internal factors or identifying the competition for quality employees in the marketplace, a group benefit plan is a great way to give your business the advantage. Businesses of this size have a variety of options available to them, and even more to consider as their business expands. It makes it even more important to be working with a trusted advisor to navigate the landscape of traditional group benefit packages as well as Health Spending Accounts (HSA), to ensure the plan is tailored to meet your needs.

As the employment market becomes more competitive, especially for small to mid-sized businesses looking to attract and retain top talent, a benefits plan can make all the difference. For employees, it provides them with financial support to ease the burden of various medical expenses for themselves and their families. Whether your business is covering the entirety of the cost, or the employees are also contributing, it’s still an incredibly valuable program to ensure the satisfaction and health of your team.

Not only is a group benefits plan good for your employees, it’s also beneficial for your

business as well. The premiums contributed by the business towards the plan are tax- deductible, just like your other business expenses. As a result, your business net income is reduced along with your corporate taxes – it truly is a win-win.
Benefits plans are typically comprised of various coverages, which can be selected to meet your needs. Some examples of specific coverages are drugs, dental, vision, life insurance, accidental death & dismemberment, short and long-term disability, and Extended Health Care (EHC). Coverages can be selected to meet the needs of your employees and the investment your company is prepared to make in your team.

Another option available to businesses looking to provide benefits coverage is a Health Spending Account (HSA) plan. An HSA plan differs from the traditional benefits plan, but can be a great compliment or stand-alone plan to offer to employees. Rather than selecting the coverage options, the business allocates an annual dollar amount for each employee. For example, if each employee was provided with $2,500 of coverage each year, they can submit their eligible medical expenses (i.e. drugs, dental, vision, etc.) and get reimbursed up to their annual maximum. An HSA plan can be a simple way to provide flexibility to employees or to compliment a standard group benefits plan.

For many organizations, there may be different levels of seniority or tiers of employees. You also have the ability to customize your group benefits plan to provide greater coverage for more senior or higher ranking employees, rewarding them for their long- standing commitment to your organization.

Finding a benefits plan to meet your needs doesn’t have to be complicated. We are the experts that we can help you compare your options to find the right fit to reward and retain your employees.

Copyright © 2021 Hometown Life Insurance.

Copyright © 2021 Hometown Life Insurance.