Your employer may have just suggested that you join the company’s group plan, or you are an employer yourself and are thinking of offering group insurance to your talents. But how does it work ? Follow the leader !
What is group insurance?
What about employers?
How it works ?
As an employer, you and your insurer define the eligibility criteria for benefiting from the group insurance plan. For example, you can determine that full-time contracts must wait until they have completed their probationary period before they can be signed up for.
As mentioned above, the premium remains fixed throughout the contract. Your insurer records the benefits paid to your employees under the group plan to potentially offer you an adjusted rate at the end of the contract, at the time of renewal. You then have the option of accepting or requesting another company.
To find the plan best suited to your business, you can call on a group insurance brokersuch as Assure direct, which will compare different insurers for you in order to offer you the best conditions at the best price.
What does group insurance cover?
Each employee can choose the protections to which he wishes to subscribe among the coverages offered under the group insurance plan offered by the company:
- Employee life insurance;
- Dependent life insurance;
- Accidental death and dismemberment insurance;
- Health and critical illness insurance;
- Long-term disability insurance;
- Short-term disability insurance;
- Dental care insurance;
- Travel insurance.
Note that it is mandatory for employees under the age of 65 to take out drug insurance, either with their company’s group insurance or that of their spouse. If the two spouses are not offered insurance by their company, the public plan will then take over.