GROUP BENEFITS INSURANCE

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Why this product?

Support the Health of Your Employees

A happy, healthy workforce is a productive workforce. One way to attract and retain top talent, and support your employees’ wellbeing, is to provide comprehensive group benefits.

Megson FitzPatrick offers businesses a wide range of group benefits plans, including:

  • Health care spending accounts
  • Traditional insured plans
  • Hybrid plans
  • Flexible benefits with employee discretion on plan design
  • Self-insured plans
  • Group savings plans (i.e., group RRSP, defined contribution pension plan, tax-free savings account and deferred profit-sharing plan)

Our expert group benefits brokers are here to help your business—no matter if you’re looking to establish a group benefits plan for the first time, or if you’re looking for a review and competitive pricing on an existing plan.

Understanding Group Benefits

Employee group benefits assist your staff in paying for certain expenses that provincial healthcare plans do not cover. The group benefits are often considered part of your total compensation package.

We will review below some of the coverages that your business may want to include in its group benefits plan.

Group Prescription Drug Plans

Provincial healthcare plans often do not cover, or only partially cover, prescription drugs. Providing prescription drug coverage as part of your group benefit plan can provide significant financial support to your employees and help keep them healthy.

Our expert group benefits brokers can create an affordable group prescription drug plan for your business. Some cost containment strategies to consider include:

  • your co-payment level;
  • limiting coverage to generic drug brands; and,
  • placing limits on specialty drugs.

Group Dental Insurance Plans

Provincial healthcare typically does not cover oral healthcare. Dental care can be expensive, which is why employees are attracted to employers who provide group dental insurance.

Our expert group benefits brokers will create a group dental insurance plan that works for your business and your employees. You will want to consider:

  • the coverage you’d like to include in your group dental insurance package (such as basic coverage, major coverage and orthodontic coverage); and,
  • the coverage amount you’ll provide employees (most businesses either set this as a percentage of the procedure cost or define a maximum dollar amount per benefit year).

Group Health Insurance

Group health insurance provides coverage for professional health services such as:

  • massage therapy
  • physiotherapy
  • psychologists
  • chiropractors
  • speech therapists
  • naturopaths
  • osteopaths

It can also help your employees cover the cost of a private nurse or a ride in an ambulance among many other medical services, supplies and equipment.

Your business will get to choose which services to include in your group health insurance plan and coverage limit for each service.

Group Life Insurance

Group life insurance can offer your employees comfort in knowing their loved ones will be looked after should they pass away suddenly or unexpectedly.

Your business will manage the group life insurance policy on behalf of your eligible employees; however, your employees will designate their beneficiaries.

The cost of providing group life insurance is dependent on the risk level of your group of employees as a whole. When determining a group life insurance premium, an insurer will consider factors such as:

  • the ratio of female and male employees (women live longer than men on average);
  • the age of your employees (older individuals present a bigger risk); and,
  • the type of work your employees engage in (some roles are riskier than others).

Our expert group benefit brokers will help your business manage a group life insurance policy and define the death benefit.

Group Critical Illness Insurance

Serious illnesses such as a heart attack, cancer and stroke are not just life threatening—they can also be financially devastating.

Group critical illness insurance will support your employees who fall seriously ill by providing a lump sum payment that they can use to cover debts, lost income, medical expenses and more.

Group critical illness insurance rates will depend on the decisions your business makes, including:

  • the benefit amount;
  • the number and age of your employees; and,
  • how many and which types of critical illnesses you want to cover in your plan.

Our expert brokers will help you develop a critical illness insurance plan based on your business needs and the needs of your employees.

Group Disability Insurance

An unexpected illness or accident can cause a life-altering disability that could hinder an employee’s ability to work.

Group disability insurance can help your employees replace a percentage of their income in the event that they become disabled and are unable to work for a period of time.

There are two types of disability insurance:

  • Short term disability: This coverage typically provides benefits for up to 16 weeks.
  • Long term disability: This coverage kicks in after short-term disability benefits cease. The duration that long term disability insurance will provide benefits can range from two years or up to an employee’s 65 birthday.

Factors that will impact the rate of your group disability insurance plan include:

  • benefit coverage amount;
  • number and average age of your employees,
  • gender mix of your employees; and,
  • your industry and any occupational risks.

Group Savings Plans

Helping your employees save for their future is a great way to attract top talent and reward committed staff for their longevity with your company.

Megson FitzPatrick can help your business create a flexible plan and matching formulas to support the saving goals of your employees. This could include establishing a group registered retirement savings program (RRSP), a pension plan, a tax-free savings account (TFSA) or a deferred profit-sharing plan (DPSP).

Why Choose Megson FitzPatrick for Group Benefits

Megson FitzPatrick Insurance Services provides personalized and innovative group benefits solutions to businesses across British Columbia.

Our expert brokers are knowledgeable and understand the benefits that will help your company attract and retain the very best employees.

As a truly independent insurance brokerage, we compare across the market to find you the most comprehensive coverage at the most competitive price.

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