Group benefits are a variety of non-wage compensation benefits provided to employees in addition to their normal wages or salaries. Examples of these benefits would include: Group Health, Life, Disability, Dental, and Vision in which individual employees or members are included under one master policy owned by their employers. Employers offer these benefits as a way to retain quality employees and attract new ones, which minimizes costs associated with high employee turnover. Such benefits programs boost morale, loyalty, efficiency and productivity within the company as employees are assured of financial security and support for themselves and their families. These group benefits also provide tax advantages for the employer because most premiums are tax deductible as a corporate expense. Group Health Insurance – generally has better rates than individual health insurance and you cannot be refused coverage if you have a pre-existing condition. Group Life Insurance – normally is issued without a medical examination, making it easy to offer to all employees regardless of their current health conditions, including pre-existing conditions that may otherwise disqualify them for their own personal insurance. Group Disability Insurance – pays an insured employee a policy benefit when that individual is unable to work because of an accident or illness that is not job related. It is typically about 50% of the employee's salary. Group Dental Insurance – is focused on helping employees maintain good dental health by encouraging preventive treatment and allows employees to achieve oral health while striving to minimize dental costs. Group Vision Insurance – is generally purchased in conjunction with a health insurance plan and covers care and treatment for your eyes. These plans cover the basics like annual eye exams and treatment of eye conditions, and most cover glasses, contacts, and glaucoma screening. Some even cover laser eye surgery. Your organization is unique. You might have thousands of employees or perhaps you can count them on one hand. Whatever your group size or benefits goals, we have the knowledge and tools to help you. Knowing which benefits and plans to offer your employees can be tedious. Having an insurance professional to guide you through the process and show you which offer the best tax advantages to you is very important.
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