Advantages of Group Insurance

Although the federal and Quebec governments sponsor several major insurance programs (healthcare, disability, workplace injuries, etc.), they don’t cover everything. Group insurance provides supplemental coverage to better ensure the physical, mental and financial health of insured members and their families. Knowing they can benefit from such coverage is reassuring for both employers and employees.

For Employees

Group insurance has several advantages over individual insurance, including:

  • Opportunity to obtain basic coverage for all without evidence of insurability.
  • Significantly lower costs.
  • Cost sharing with the employer.
  • In Quebec, opportunity to get a more generous prescription drug coverage than the RAMQ (obtaining an individual prescription drug insurance is not possible in Quebec).

For Employers

Offering group insurance presents several advantages for the employer:

  • Protect your investment in your employees: group disability insurance and group health and dental care insurance protect your investment when an employee becomes ill or is injured.
  • Maintain productivity: a group insurance plan including an employee assistance program is the perfect way of ensuring that employees remain focused on their work, to minimize absenteeism and facilitate return to work as early as possible.
  • Foster retention and attraction of employees: group insurance is a significant part of the employees’ total compensation. It results in greater employee commitment and satisfaction.
  • Maximize after-tax compensation: without a benefit plan, employees must pay out-of-pocket health and dental care expenses with after-tax dollars. A benefit plan can be designed so that these expenses will be paid from pre-tax income, leaving more money into the hands of your employees.

Make your business more competitive with group insurance!

Click here to learn about the cost of providing a group insurance plan.