The basic idea of group insurance is to group your employees under one plan to help protect them by alleviating financial stress that could be related to pharmaceutical costs, dental charges, extended health benefits, and emergency coverage in town or on vacation. A good group insurance provider will provide you a good plan that includes all the features you and your employees would select well keeping in mind the budget. Group Insurance will provide partial or full compensation for medicine, hospital visits, dental issues, hearing issues, medical devices, emergency or catastrophes.
Group Health Insurance is very different from individual health insurance which is offered from companies like Manulife and Blue Cross Insurance who will not cover pre-existing conditions. Another huge disadvantage to individual health insurance is that the extended health benefits for practitioner like chiropractor, massage therapist etc are extremely limited and usually cover up to a max of 20 dollars per visit. Unlike most groups health insurance which would cover you for a lot more and at least 80 per cent of the fees associated with these types of practitioners. Group Insurance can be set up so there is co-pay with owner and employees, meaning the owner would pay half of the monthly premium and so would the employee. Or the owner could pay all of it. Group Insurance usually covers a small portion of life insurance and may or may not cover disability depending how the policy is set up. The way it works as if the paid in versus paid out amount exceeds itself every year you may be looking at a price increase after the renewal set in. In many cases the group insurance broker would go out to market and see if any other carriers would be willing to offer a better rate then that set of the current carrier. This cat and mouse game can go on for years but eventually the experience will show that you have a lot of claims and the price will be adjusted accordingly.
Group Insurance can usually be set up with a minimum of 4 employees, and a good group insurance broker will go to market and try to negotiate even better rates then shown. Contact us at Lifeman anytime and we will put you in contact with our very experienced group insurance broker.
