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.
