Medium Sized Business 3-20 Employees
When you have more than two employees, qualifying for group insurance benefits changes. Most programs will now issue basic benefits without any medical requirements. This is sometimes a critical factor in the case of a small family held business, particularly if one of the family members has some health challenges. Surprisingly, a husband and wife business with one employee, actually qualifies as a three person group with some companies.
The greater the number of participants, the more benefits are available. Today, insurance companies offer more flexibility in plan designs than before. A larger number of employees creates a bigger pool for the insurer.
When many employees are involved in a group insurance program, there are different classes which can be established. Each class has its own limits and benefits. For example class A, owners, Class B, management and Class C, others. This allows a company to set up programs to compete with larger companies and attract and retain the type of employees that will help the business run smoothly and grow.
A Health Spending Account is another way of supplementing a basic group benefits package. As well, a HSA is an excellent way to control costs to a company, yet offer more “benefit” flexibility to the employees.
Whether you are looking at implementing a new benefit package, or reviewing existing coverage, The Benefit Guys will complete a market survey of Canadian group insurance providers. We will review the benefits available and provide a complete report and recommendations. Let us do the work.
Some companies are finding their LTD costs getting high. There are methods we can implement that will “carve out” the LTD benefits, control costs, and offer your employees a viable alternative. Ask us how.
Give us a call today for a confidential review of your company’s needs.