Within the number of challenges that businesses face today, the employee benefits can be one of the most difficult areas to handle. The balance between providing quality benefits, retaining high quality employees and controlling expenses is one of the most important factors a business needs to master and control.

A company group benefit insurance shares the financial risk of health related expenses among the group of employees. It's all done under one contract, where the company pays into a pool.

When a employer has a Group Benefits Plan in place for their employees, any member of the group who becomes ill or requires services is financially compensated by the plan according to the terms laid out in the contract between the employer and the insurance company. The family members of the employees are also covered, as specified by the plan contract.

The advantages of a Group Benefits Plan to Your Employees are as follows:

  1. Access to insurance at a reduced cost.
    Compared to most health and dental individual insurance plans, you save a lot of money when buying for a larger group of people. Group plans do not discriminate and are not anti-selective, offering all participants the same benefit plan.
  2. It's a cost effective method to protect employees.
    increased productivity and higher morale by providing financial security and support to employees.
  3. You have a tax effective form of compensation.
    Most premiums an employer pays are tax deductible as a business expense - this alone serves as a major saver for your company.

To read the full article please visit Group Benefit Reasons

Author's Bio: 

Lorne S. Marr, President of Lorne S. Marr Insurance Services Ltd. has been a practicing financial planner since 1993 having graduated from the University of Windsor with an MBA. In the year 2000 he completed the internationally recognized Certified Financial Planner designation. He is a recognized expert on Life Insurance with great advice on Group Benefits Toronto.