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Group Health Insurance Coverage for Small Business
As a small business owner, one of the most critical assets for your company is your employees. The quality of talent that you can attract, retain, and rely on, will drive the success of your business. This is where group health insurance coverage for small businesses comes in. Besides helping your employees get the best possible health benefits to protect themselves and their families, you will see greater employee satisfaction at work, increased loyalty, reduced absenteeism, and higher productivity, all of which will help boost the bottom line of your business.
A well-built group health insurance program is one that is customizable to the unique needs, challenges, and budgets of small businesses. At SCORE Financial Services, we offer different group insurance plans that specifically cater to small and mid-sized businesses. Our qualified professionals can help you choose, design, and manage the most suitable comprehensive group benefits of the Chambers of Commerce Group Insurance Plan, along with the flexibility of a third-party administrator (TPA) with MAX ASO from Maximum Benefit. The Chambers Plan also gives you access to the valuable Business Assistance Service (BAS) and Business Overhead Expense (BOE).
Benefits of Offering Group Health Insurance
Whether you are a small business with a handful of employees or a 50 + team, you still need to recruit people and retain talented employees. Keep your business competitive in the job market by improving employee satisfaction; by investing in an attractive, and well-designed group health insurance plan for small businesses. Your business will benefit in more ways than you imagine:
- Competitive Compensation Package: Health and dental insurance is a high-value proposition, and many employers position this perk as a part of the overall compensation package.
- Better Employee Protection: Group health insurance can contribute to the overall well-being of employees both physically and emotionally. You and your employees get reliable, affordable protection against the escalating costs of health-related services (especially those not covered by the provincial health care plans).
- Improved Cost Savings: A potential reduction in employee turnover will lead to better employee retention rates as well as significant cost-savings on rehiring and retraining new talent.
- Increased Efficiency and Productivity: Healthier and engaged employees mean a potential reduction in absenteeism, improved job performance, and higher productivity levels.
- Greater Tax Benefits: Employer-paid premiums in a group health insurance plan are tax-deductible business expenses.
- Easier Plan Management: Centralized plan management saves everyone work. Offer employees peace of mind by overseeing deals with a broker, insurers, and plan administration.
- Pooling Power: Offering your employees to group-up pools their purchasing power under one plan. This provides access to exclusive rates and products. Insurers focused on small groups also pool their groups’ purchasing power to even greater extents.
Things to Consider in Your Group Health Insurance Plan
Extended Health Care
Cover the treatments or medical services that provincial plans exclude, such as prescription drugs, paramedic services, medical supplies, vision coverage, hospital coverage, and out-of-province healthcare during travel. You may also include accidental dental and ambulance transport.
Dental Insurance
Provide flexible dental insurance coverage that employees can choose from. Include essential services, such as dental exams, cleaning, and extractions. Allow add-ons for restorative services (root canal, dentures, crowns) and orthodontics (braces, dental correction aids).
Life Insurance
Ensure tax-free lump sum payments to the beneficiaries in the event of an employee’s death. This comes with accidental death and dismemberment (AD&D) benefit. Replacing lost income is a huge support for the employee’s loved ones.
Disability Insurance
Compensation for income loss, if an employee cannot work due to injury or illness-related disability. It can help to pay bills (short term) while the employee focuses on recovery or build savings for retirement (if disability is long-term).
Critical Illness
Ease the financial burden that an employee may face if diagnosed with a critical illness. Provides tax-free lump sum payment for coping with conditions, such as cancer, heart attack, Alzheimer’s, Parkinson’s, HIV, paralysis, coma, blindness or stroke.
Employee Wellness
Confidential counseling services through Employee Assistance Programs (EAP) for alcoholism, family or financial issues, mental health, and so on. Also, health spending accounts for co-pays or deductibles, and access to Teladoc Medical Experts® for virtual expert opinions from world-renowned specialists.
Our Group Health Insurance Solutions for Small Business
At SCORE Financial Services, we offer advisory, as well as support services for group health insurance coverage for small businesses. As authorized advisors and representatives of a number of third-party insurance service providers, we can assist you with customized group insurance and group retirement plans that specifically address your business needs and budget. Our goal is to help you offer the Maximum benefits to your employees in a flexible, affordable, simple-to-administer, and cost-efficient manner.
Traditional Insurance Plans
Conventional group insurance plans entail a co-payment of the premium by the employer while enabling group plan members to get health insurance at reduced rates. The key feature of traditional insurance plans is that the insurance company delivers all the services, without relying on any external vendor partners.
Third-Party Administrators (TPAs) Insurance
Representatives of the Maximum Benefits program and MAX ASO, we work closely with its third-party administrator, the Johnston Group. With a TPA, you have the flexibility to select your benefits and insurers, as well as choose between self-funding or being fully insured.
Our Main Providers and Partners
Why Choose SCORE Financial Services
✔ We specialize in setting up comprehensive group insurance plans and third-party administration for small, medium-sized, and large businesses.
✔ We can build and integrate cost-efficient group health insurance plans that fit your employees’ needs, and organization’s goals.
✔ Remember to setup your group retirement solution. We provide planning, installation and long-term support services.
Looking to incorporate a new plan, add, or renew an existing policy? Get in touch with the experienced and qualified team at SCORE Financial Services today to get the best group health insurance coverage for small businesses like yours.
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