Group Health Insurance

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Alberta Group Health Insurance

What Are Employee Benefits, And Why Should You Consider Offering Them?

Simply put, groups benefit plans are defined as any type of plan that provides benefits to plan members as one group, independent of government sponsored benefits. A company benefits plan can share the financial risk of health related expenses among the group of employees who pay into a fund or pool. These plans are available for groups as small as two people. Any member of the group who becomes ill or requires health services is compensated by the plan according to the terms laid out in the contract between the employer and the insurance company. Family members of employees are also covered under the plan as specified by the contract.

Group Health Insurance typically consists of term Life Insurance, accidental death and dismemberment insurance, critical illness insurance, extended health insurance, dental insurance, prescription drugs, short and long term disability insurance, etc.

Other than keeping a competitive edge in the job market, offering group coverages can be a tax effective form of compensation. Most premiums an employer pays are tax deductible as a business expense. Conversely, not providing them can say a lot about the philosophy and working environment of your organization.

Many Canadians have made it clear that an employer-sponsored Group Health Benefits program is an important part of their overall compensation package. With more employers offering benefits to more Canadians, plan members are responding with greater levels of loyalty, engagement and productivity. A Sanofi-aventis survey found that ninety-four percent of employees in Alberta agreed with the following statement, “An employer who spends company time and resources on Health Benefits and preventative health programs shoes its employees it really cares about them”. Plan members’ packages may vary in preference so Leibel Insurance Group can address this by tailoring the best fit in every situation or scenario.

Common Challenges

Most business owners, large and small, recognize that providing their employees with a sound Benefit Plan is key to attracting prospective employees and retaining current ones. Although many have come to this conclusion, the following are some common challenges faced.

Time – Most business’ are inundated with fires to put out on a daily basis and in our time scarce environment, it simply doesn’t get placed at the top of the ‘to-do’ list. Our brokers can simplify and streamline the process creating an easier than you think scenario.

Plan Type – Some companies struggle with the balance of flexibility, company control, cost and providing a sound, fair plan for their employees. This is common and expected but due to our experience, expertise and network of support, we have the ability to help sort through the multiple different options in an efficient and effective manner.

Cost – If the appropriate Employee Benefits is not selected, it may be too expensive to implement. Or the employees in which you are trying to attract or retain may not see the value. As an independent brokerage, Leibel Insurance Group has the advantage of accessing multiple different insurance carriers. This allows for a well-rounded, competitive pricing situation where our clients can feel comfortable they are getting the best value for their dollar.

Administration, Enrollment and Education – Business owners, Controllers and Human Resource staff typically have little time to administer a group health policy. In most situations, the designated employee responsible for the Group Health Insurance Plan is not an expert in this area, but employees will come to them with a request for assistance. And in most instances, the designated representative may feel compelled to help. The Insurance Partners that we work with can offer streamlined, cutting-edge plans that will provide an almost “autopilot” solution for employers. With training for dedicated staff available regarding the systems and online tools, time invested can also be greatly reduced.

What Coverages Do Your Employees Want?

Before implementing an Alberta Group Health Benefits policy, employers should find out the kind of benefits for their company and their employees. And they shouldn’t be afraid to ask their employees what matters most to them. This can apply to new plans and existing ones. As a suggestion with new plans, start with something basic and as the year’s progress, revisit your plan and needs with every renewal. Something as simple as creating tiers within the plan can go a long ways in reducing costs and retaining key people by giving them something to work toward.

Why Should I Seek An Expert Consultation?

Costs of Group Health Benefits have risen in recent years. Which is why it’s crucial that you shop around and consult an expert. Qualified independent specialist like Leibel Insurance Group are aware how each insurance company ranks when it comes to key features. In turn, this knowledge will provide you with the confidence that you are getting the best value for dollars invested.

Keep in mind that Employee Benefits plans should not be considered a replacement for individual insurance coverage but rather, a compliment to it. For personal insurance needs, please review our section on the website as this is another area in which we can serve our clientele.

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  • We have been a customer of Leibel Insurance Group for over 4 years and are very pleased with the prompt and complete service provided.Our industry has gone throughout many risk challenges, with an ever-growing need for a variety of different insurance policies. They have been responsive to all.I am with them for the long term and would highly recommend them to any business owner.
    Brian Summerfelt, President
    Brian Summerfelt, President Metropolitan Credit Adjusters Ltd, Edmonton