Compare Group Insurance

You could save thousands of dollars per year by comparing the price of different group insurance plans.

Get multiple group insurance quotes in minutes

Tell us where you live

The first step is to enter the name of your province in the box on the left, then click on “Compare”. Your location will enable us to redirect you to the appropriate partner.

Tell us more about your employees

The second step is to begin filling out our partner’s form. You will have to specify the number of employees, their age and their family situation. Then, you will select your plan.

Tell us more about your company

The third step is to provide contact information for your company: name, contact name and title, address, phone number, email, etc.

Fill out the pre-authorized debit information and submit

The fourth and final step is to indicate the institution, transit and account number of the company. Look at the price breakdown and click on “apply now” to submit the form and get your group insurance.

Some tips to save on your company's next group insurance plan.

Invest in Prevention

Often, expenses incurred by participants can be reduced through prevention. Even if certain illnesses require expensive medication, costs for mental health medications, for example, can be mitigated with the right safeguards. Investing in a telemedicine app like Dialogue comes at a low cost to the employer but could save a significant amount of money down the line. Such apps offer psychological consultation services with specialist follow-ups in less than a day. They give you the chance to consult with a doctor online to help with minor issues or to refer you to a traditional doctor at a clinic. This service lets employees consult without cost as soon as an issue arises, potentially preventing complications and ideally saving costs related to absenteeism or even disabilities. This type of investment could yield substantial returns for you.

Request Quotes from Different Insurers

Insurers are highly competitive. It might be beneficial to request quotes from several of them. Not only can you identify which insurer offers the best price, but you can also assess the quality of coverage one offers over another. However, this method isn’t efficient long-term since you might see your premiums rise in relation to claims upon renewal.

Assess Your Employees' Needs

Generally, more coverage results in a higher premium. To reduce costs, you might determine what is most essential for your employees. Some employers offer fewer protections but compensate with health accounts, providing a sum employees can use at their discretion for specific needs. For instance, you could give $100 to each employee. Some of them might use this money to save on their glasses, while others might treat themselves to a massage. This way, you could lessen or even remove certain coverages without overly impacting your employees.

Optimize Cost Management

Optimizing your company’s group insurance costs can be done in various ways. Regarding medications, you can encourage employees to opt for generic drugs instead of the pricier brand-name versions, which are chemically identical (or biosimilar) to the generics. You might also suggest that your employees get 90-day prescriptions (rather than 30-day, for example) to minimize pharmacy fees. Moreover, you could advise them to compare prices among healthcare professionals to secure the best rates. Again, prevention is key: an ergonomic (and safe) workspace might potentially save on physiotherapy claims.

What is Group Insurance?

Group insurance is a type of health coverage typically provided by an employer to employees. It can also be offered to groups not linked by employment. For example, some universities offer coverage to their students. This type of insurance doesn’t typically require a medical exam for basic coverage. As a result, each employee is covered, even if a pre-existing medical condition that requires care exists when the group insurance takes effect. This insurance is relatively flexible regarding its coverage.

Under a group insurance plan, the employer is considered the policyholder, and the employees are the participants. So, there’s an insurance policy number for the group, and each participant has their own identification number. The policyholder can decide to have fixed coverage for all employees or choose an “à la carte” style so that employees can select the coverage that fits their needs.

Typically, a 30-day enrollment period is offered every year or every 2 years for the employee to make changes to their coverage, because needs change over time. Outside of this period, changes can only be made if there’s a significant life event such as a birth, civil union (like a traditional or common-law marriage), death, or a spouse’s enrollment or removal from group insurance.

If the employer wants to provide “à la carte” packages to employees, there are usually three to four tiers available, like gold, silver, or bronze packages. Even though employees might have coverage choices, the overall plan remains essentially the same for everyone.

Group insurance plans are generally extended to the employee and their family. By family, we mean the spouse and children, who are considered dependents. The most common coverage typically includes the medical aspect, with or without health professionals. By health professionals, we mean massage therapists, physiotherapists, chiropractors, nutritionists, psychologists, etc. Dental and vision care coverages are also common. These basic coverages can be supplemented by travel insurance, accident insurance, critical illness insurance, term life insurance, and more.

The policyholder of the group insurance plan can decide how premiums will be paid. Generally, the employer pays a portion, and the employee covers the rest. In some cases, employers may cover the entire premium, turning this contribution into a taxable benefit. If an employee doesn’t want coverage through their employer, they must have coverage through their spouse to be exempt from their own group insurance plan.

Frequently asked questions about group Insurance

How much does group insurance cost?

It’s hard to pinpoint the exact cost of group insurance without a quote, as several factors can influence the premium. Among these factors are age, gender, industry type, salary, the kind of coverage you wish to offer, the number of employees that will be covered, claims frequency, etc. Insurers will adjust costs based on the data you provide them. Once you’ve received quotes from a few group insurance providers, you’ll have a clearer idea of the costs.

What are the most commonly included coverages in a group insurance plan?

Every group insurance plan will at least have health insurance covering medications. Beyond drug coverage, which is mandatory, employers can add access to certain healthcare professionals or even coverage for hospital stays. We often see contracts that include dental insurance, ranging from basic coverage for simple procedures like cleanings to comprehensive coverage allowing for complex treatments like root canals or orthodontic work. Vision care coverage or even travel insurance can also be added. It’s also common for short-term or long-term disability insurance and term life insurance to be added to this kind of plan.

How does group insurance work?

Group insurance allows a group of people to get coverage against various risks, mainly health-related. While drug insurance is typically mandatory, you might be eligible for an exemption if you’re already covered through another employer or a spouse/partner. The employer usually deducts the insurance premium from the member’s paycheck and then pays the insurer. Often, deductibles can apply for drugs, dental care, or other services. For example, an employee might have to pay the first $20 spent on medication each month. Moreover, not all group insurance plans offer 100% coverage of incurred healthcare costs. Many policies only cover 70% or 80% of the expenses.

Is group insurance a taxable benefit in Canada?

Yes, group insurance is a taxable benefit. That said, only the portion paid by the employer is taxable, what the member pays is not. Employees should keep their receipts for received services to provide to their accountant during tax season. Some pharmacies even offer an annual summary of what the insurer and the member have paid to make tax reporting easier. Always verify with your accounting professional about what they’ll need to complete your file.

Is group insurance tax deductible for companies that offer it?

A company that has taken out a group insurance plan might be able to deduct the premium amounts in its tax filings. It’s always recommended to consult with a tax expert regarding the deductions your company is entitled to.

Does group insurance cover pre-existing conditions?

Group insurance doesn’t require a medical exam for basic coverage. Therefore, whether an employee has a pre-existing medical condition or not, they will be eligible for basic protections. By basic protections, we mean medical coverage, dental and vision care, mandatory life insurance, and mandatory disability insurance. In cases where life insurance is offered and an employee wishes to enhance it, they might need to undergo a medical exam, and depending on their health status, the insurer might decline to increase their coverage.

Is group insurance better than individual insurance?

One is not inherently better than the other, it all depends on your needs. With individual insurance, you can set deductibles and coverage percentages based on your specific needs. Moreover, even if you change jobs, you retain your coverage. However, when opting for individual insurance, your spouse and children can’t be added, and you’ll typically need a medical exam to qualify. Conversely, group insurance doesn’t ask you to undergo a medical exam for basic coverage, and you can add your family. You can’t adjust the coverages based on your needs since the life insurance coverage is usually determined by your salary.

Is group life insurance temporary or permanent?

When life insurance is offered through group benefits, it’s always a term policy. It’s tied directly to your employment, which means if you lose your job or resign, you lose your coverage. Some insurers include a provision that the insurance ends upon retirement or on the insured’s 65th birthday, whichever comes first. However, there might be a clause in your contract allowing it to transition upon retirement. If this is the case, your insurer or employer can explain the terms to you.

Do you lose your group insurance when you retire?

Generally speaking, your group insurance coverage will end when you retire. However, some employers might offer group insurance to their retirees. Your employer can provide you with the details.

Who can sell group insurance in Canada?

Only licensed group insurance representatives can sell group insurance policies. Each insurer that offers this type of product has qualified representatives who can guide you in purchasing an insurance policy. You can also go through a group insurance broker, who can get you quotes from multiple insurers. By entering your details on this page, you’ll be connected with group insurance brokers.

Do chambers of commerce offer group insurance in Canada?

Yes, chambers of commerce indeed offer group insurance policies. It’s a solution for small businesses across the country. The Canadian Chamber of Commerce’s group insurance plan provides group insurance for companies with 1 to 50 employees. By visiting their website, you can get an online quote or find the contact details for a representative in your area.

How many employees do I need to qualify for a group insurance plan?

You need to have at least one employee to qualify for most group insurance plans. However, be cautious if you’re a small group, as the insurance might be expensive. Since the premium is spread over fewer employees, each person will have a larger portion to pay in the event of a significant medical expense. Claims from a small group can cause the insurance premium to increase rapidly at renewal. It’s essential to remember that the cost of group insurance premiums varies based on risk.

Does group insurance cover my partner and my children?

Your group insurance doesn’t automatically cover your spouse or children. For most plans, you must have been living with your partner for at least a year or have a child with them to be eligible to add them to your plan. If you have a spouse or children who aren’t covered by other insurance policies, it’s legally mandatory to add them to your plan. Your insurer typically offers individual, couple, or family coverage options, so you can choose the coverage that best suits your needs.

Compare Group Insurance

You could save thousands of dollars per year by comparing the price of different group insurance plans.

Get multiple group insurance quotes in minutes