Compare Group Insurance

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.