Group Health Insurance is the most crucial part of a benefits package. It is no secret that in our current environment, it has become a challenge for small employers in Ontario to maintain affordable health coverage for their employees due to ever increasing costs.
What is a Group Health Insurance Plan?
A group health insurance plan is a cost-effective health insurance plan that provides coverage to members of a group either employees of a company or members of an organization or association.
Benefits of a Group Health Insurance Plan.
The primary advantage of a group plan is that it spreads risk across a pool of insured individuals. This benefits the group members by keeping premiums low, and insurers can better manage risk when they have a clearer idea of who they are covering.
Cost Of Group Insurance
The cost of group insurance is affected by a number of factors such as:
- Demographics of the insured (gender, age, marital status)
- Salary and wages
- Type of business or industry
- Types of coverage purchased (health benefits, dental care, disability, etc.)
- Levels of coverage (co-pay, deductible, maximum limits, etc.)
- Claims experience of the group
Costs are also affected by effectiveness of your insurance advisor’s ability to negotiate with the insurer, the competitiveness of the insurance market, and the last time you went to market with your plan.
A St Andrews Insurance advisor can help you set up a plan that meets the needs of your employees at the most cost effect method.