Group Benefits is a great way to offer employees, a valuable increase in compensation without triggering additional payroll taxes. Group Benefits can either be for employees of a company, or a group of professionals, like doctors or dentists to provide them with valuable insurance coverage at lower costs compared to individual plans.
If you’re looking at adding benefits to your employee’s compensation package or for a team of professionals, I have answered some of the most Frequently Asked Questions about group benefits.
1. Is there medical evidence required for Group Benefits?
Medical evidence is not required for standard group benefit insurance packages for the employee or their families. If additional Life Insurance exceeds the non-evidence maximum then medical evidence may need to be given.
2. How soon can my employee-benefits coverage start?
Coverage usually starts on the first day of the next month, provided a cheque for the first month’s premium has been received and all enrollment and application forms have been received and approved.
3. What payment options are available?
You can either have your benefits company bill you monthly or set up a pre-authorized payment plan. The availability of a pre-authorized payment plan varies by benefits, company, and the size of the group.
4. What happens if I want to terminate my benefits plan?
The benefits company usually requires thirty days’ notice to terminate the plan. This is also gives time for the employees to submit any claims that have not been submitted to be paid.
5. Can I get a benefits plan if I am the sole employee?
Traditional group benefits plans typically start at three employees or more. If you have your own private corporation then I have a plan that may suit your needs. Call me for more information to see if this would work for you.
6. To what age are my dependent children covered?
Your dependent children are covered to the age of 25/26 if they attend post-secondary school deepening on your provider or age 21 if they do not attend school.
7. My spouse has benefits coverage as well. Who do we send our claims to first?
You should always send your own claims to your own primary insurer first, even if you know that the item is not covered. For children, claims must be sent to the plan of the parent whose birth-date comes earliest in the calendar year. Please note that copies of receipts are acceptable for coordination of benefits.
8. Which benefits companies do you represent for group benefits?
We are a full-fledged broker, and as such, we quote from leading Canadian insurance companies that offer group benefits. The following are just some of the leading carriers – Manulife Financial, Empire Life, Great West Life, Equitable Life, Encon, RBC, Sunlife, Blendable, Benecaid, and Benefits Trust.
If you have any more questions about group benefits, get in touch with the expert – Richard Van Scheltinga. As an Independent Wealth advisor affiliated with Canfin Financial Group, I understand, identify and help clients get what they want out of life, before it’s too late. To know how we can help you, please click here or contact us by clicking here.