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THE DANGERS OF MORTGAGE LIFE INSURANCE!!!
Signing up for the Mortgage Insurance offered by your bank or mortgage broker may be the worst financial decision you ever make!
SAY NO TO YOUR BANKS MORTGAGE INSURANCE!.. Make sure you watch the disturbing investigation on CBC'S MARKETPLACE to find out why!
GROUP BENEFIT PACKAGES:
Group health insurance is a company insurance plan devised to share the financial cost of healthcare among a group of employees, who contribute to a fund. Hence, when a participating employee falls ill or needs healthcare services, they are remunerated by the insurance company under the terms of the contract. A group plan can take many forms; its coverage usually depends on the number of persons participating, the goal of the group’s sponsor, and the company’s budget. Typically, only the employer has a business relationship with the insurance company.
Group Health Insurance Coverage: Many group health insurance plans cover dental, vision and prescription drugs, and may also include life insurance, group disability, accidental death and dismemberment, short-term disability, critical illness, and Best Doctors (Medical Referral service) services. Some group plans will extend benefits to a participant’s family members. Many people will opt for a job with a company that offers health insurance coverage over one that does not. Group plans provide various advantages for employers as well as employees.
Benefits of a Group Health Insurance Plan for Employers:
- A group health insurance plan offered to employees gives the company an edge. Not only is it an attractive feature in a job offer, but it can also be a factor in retaining employees.
- Group plans allow access to health insurance at a reduced cost.
- They are less selective and less discriminatory than individual insurance plans, ensuring that all employees are treated under equal terms.
- Premiums paid by an employer are a tax-deductible business expense.
- Group health insurance gives workers a sense of security and may help to boost productivity and morale.
Benefits of a Group Health Insurance Plan for Employees: Although individual health plans may provide more flexibility, the rates cannot be negotiated and there exist exclusions for pre-existing medical conditions. On the other hand, a group health insurance plan offers many advantages to an employee:
- Premiums are more affordable than individual health insurance
- There are no exclusions for pre-existing medical conditions
- One family rate is charged as opposed to premiums for each dependent
- Higher limits are permitted for drug and dental claims
- The group renewal rate is negotiable.
5 Tips To Maximize Group Employee Benefits: The cost of employee benefit plans has risen dramatically in recent years. That’s why it is crucial you work with an independent broker who specializes in employee benefit plans. The right broker can save your company thousands of dollars and create value-added service.
1. Determine your company’s needs. A qualified, independent group specialist can work with you and your employees to identify which benefits offer the best value for your organization. It’s important to gather the necessary information through past claims experience, employee surveys and seminars to create the optimal plan.
2. Understand the types of coverage. Group insurance contains many components: life insurance, disability insurance, health, dental and vision coverage, and many of these categories have several sub-categories. It is imperative that the employer and employee understand the need and value of the various options. This will help control costs yet maximize the perceived value of the plan to employees.
3. Know the insurance company you are buying from. Many group carriers price their products aggressively in an attempt to earn your business, yet when it comes time to renew your coverage they are just as quick to increase your premiums. Other insurance companies prefer to avoid certain types of businesses and price their plans accordingly. Work with your broker to determine which insurance companies are receptive to your type of business and which ones have a hassle-free claims process.
4. Work with a trusted independent group specialist who is able to shop the market for you. An independent employee benefits specialist offers you the advantage of comparing the costs and benefits of many group insurance carriers, as opposed to a (captive) sales agent who is generally limited to promoting a single insurance carrier’s products. Furthermore, look for an experienced group specialist with proper credentials who comes recommended and is trusted within the business community. Ask for references or testimonials from existing clients.
5. Review your plan with your broker regularly. Your employee benefit needs can change with plan usage and with your company’s business cycle; your broker can offer recommendations to address these issues. There are many steps you can take to contain your costs, including increasing your deductible to keep in line with inflation, implementing annual maximums on certain components of the plan, and setting a cap on plan dispensing fees.
At F1RST CHO1CE Insurance Solutions were passionate about sharing our knowledge, experience and unbiased opinions with business owners that are looking for a trusted advisor to help them with their Group Benefit Package options.
ANY QUESTIONS?…Contact a Licensed Insurance Advisor today!