5 Reasons Companies Should Be Getting Group Insurance

August 10, 2017


Insurance

Group insurance plans are a form of health insurance which are most typically offered by employers to most or all their employees.  These group plans offer the same benefits for all those within the group, giving employees a single shared source for health care.

Group insurance offers substantial benefits for both employers and employees, to businesses of virtually any size.  These are just a few of the reasons to consider investing in one.

Five Reasons Group Insurance Is a Good Idea for Employers

  1. Shared Cost Savings

Probably the biggest single reason to consider group health insurance is that it results in group savings for everyone enrolled in the plan.  It’s a simple matter of bulk purchasing.  The overhead costs are lower to the insurance provider, so they can offer lower premiums to the group.

  1. Simple Claims Process

In most cases, if an employee should fall ill or need hospitalization, filing a claim is as simple as filling out a form with their HR department.  The company handles the paperwork filing, which is in turn generally streamlined by the insurance provider.  It makes the system much easier, particularly for those who are put off by medical bureaucracy.

  1. Encouraging Employee Health

According to Statistics Canada an average worker in Canada will spend over a week out sick each year.  That results in huge losses in productivity when spread across an entire workforce!  Group health plans encourage employees to get well more quickly, as well as preventing them from infecting other workers and thus making the losses worse.

  1. Employee Family Coverage

Most group health policies don’t only cover workers, they also include the workers’ families.  This can make such policies extremely attractive to workers, particularly in cases where their spouse may not have access to insurance on their own.

  1. Great Recruitment Tool

Superior health benefits are one of the best incentives for attracting the best possible hires to a business.  Group policies offer great health care, at fantastic prices, making them a superb added incentive for any job postings.  In fields competing to hire the best workers, this can make a significant difference.

Great Wealth Insurance Services goes above and beyond to provide real long-term value in the group policies we offer.  If five reasons aren’t enough, let’s go further. Call us to talk to an expert.