What is Group Benefit Coverage?
Before we discuss why you need it, it is important to define what Group Benefit Coverage is:
An insurance plan that provides healthcare coverage to a select group of people. Group health insurance plans are one of the major benefits offered by many employers. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.
These are 4 reasons in favour of offering benefits to your employees.
1. A Reason for Employees to Stay
People are more restless than ever with their current jobs. Without a reason to continue to working for your company like benefits they could be on the move quickly. By getting Group Benefits it will help you to maintain a core group of loyal employees.
2. Bring on the Best Talent to Your Company
In a world where companies are using more services like virtual assistants and not paying someone for a full time job, there are people in search for a stable income. If part of your compensation package is benefits you will be sure stand out amongst the crowd.
3. Less of a Tax Burden
Is is possible for group benefits to reduce taxable revenue. It is also a bonus that they don’t cause an increase in CPP, WCP or EI payments. In a lot of cases the share you have of employee premiums is tax deductible.
4. Happy & Healthy Employees
When you have competitive group benefits it will encourage your employees to keep their mind and bodies healthy. This will in turn keep your workers happy and ready to do the jobs they love.
Any questions? Please feel free to contact us at anytime and I will be sure to get back to you with a detailed response in a timely manner.
Jay Newton BA, CLU, CHS, EPC
Worldsource Financial Management Inc.