Group Benefits Plan – Advantages for Employers and Employees

The following are some of the advantages of implementing a Group Plan

Advantages of Group Benefits to Employers

  • The Employer portion of the premium is tax deductible as a business expense
  • 57% of employers provide group benefits because they attract and retain good employees
  • 67% of employers provide group benefits  because they provide employees with peace of mind
  • 52% of employers provide  group benefits because they help employees stay healthy and productive
  • Employees miss an average of 9.1 workdays per year, healthy employees = less missed workdays = increased productivity
  • Healthier employees, Healthier business

Advantages of Group Benefits to Employees

  • Group benefits alleviate a lot of the extended health costs not covered by MSP
  • Group benefits are less expensive than paying for an individual plan
  • Most of the employers will split monthly premium
  • Before tax money is used to pay the employee portion of the premium leaving more money in the employee’s pocket
  • Prescription drug coverage – 83% of plan members consider this very important
  • Basic dental coverage – 78% of plan members consider this very important
  • Vision care coverage – 68% of plan members consider this very important
  • Non occupational emergency travel insurance coverage, no need to buy additional travel insurance

58% of business owners think group benefits are too expensive but the reality is there are so many plan options available and a plan can be tailor made keeping in mind your budget

Information based on most group benefit plans, coverage may vary. Statistics generated from RBC Insurance.

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