Why Should Employers Offer Group Benefits?

A group benefits plan provides your employees with coverage for costs not covered by provincial health care plans, such as prescription drugs, dental care, vision care, paramedical services (e.g., physiotherapy and chiropractic), and ambulance services. Offering group benefits isn’t just about health coverage—it’s a strategic investment in your business.

 

Benefits of Group Benefits for Employers

Boost Employee Morale and Productivity:

• Employees feel valued when their health and financial well-being are prioritized, leading to higher engagement and productivity.

Attract and Retain Top Talent:

• A competitive benefits package helps your business stand out in the job market, making it easier to attract and keep key employees.

Cost-Effective Compensation:

• Group benefits are often less expensive than salary increases since they don’t trigger additional costs like CPP, EI, or Workers’ Compensation.

• Premiums paid on group benefits can be written off as a business expense, reducing your taxable income.

Foster a Positive Work Culture:

• Showing you care about employees' health and financial security enhances loyalty and trust within your team.

 

Benefits for Employees

Affordable Coverage:

• Employees receive coverage at a reduced cost compared to personal insurance plans.

Comprehensive Protection:

• Helps protect employees and their families’ health and financial well-being.

• Reduces stress by providing financial support during unexpected health events.

Financial Security:

• Coverage for major expenses like prescription drugs, dental care, and medical emergencies alleviates financial pressure.

 

Types of Group Benefits

Base Benefits:

• Prescription drugs

• Dental care

• Disability insurance

• Life, critical illness, and accident insurance

Specialty Benefits:

• Health care spending accounts

• Benefits for retirees or self-employed individuals

• Emergency medical coverage and travel assistance

• Coverage for expats or employees new to Canada

 

Why Invest in Group Benefits?

Offering group benefits is more than an expense—it’s an investment in your business’s success. By prioritizing your employees' health and well-being, you create a healthier, happier, and more committed workforce, helping your business thrive.