London Group Benefit Plan

London Group Benefits Plan Advantages

The advantages of Providing a London Group Benefit Plan for your employees

1. Your employees and their families are protected against unexpected costs due to medical emergencies.
2. Also, your employees will enjoy tax-free health benefits with the London group benefit plan.
3. The employer will get a tax deduction in every cost associated with the London group benefit plan.
4. The employer benefits form providing the London employee benefits program at a fixed cost and the group benefit plan can be administered automatically by an insurance company.
5. You could use the London group benefit plan as extra compensation for your employees rather than increasing their taxable salary.

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London Group Benefits Plan Benefits

Employers can provide a number of benefits programs to their employees through the London group benefit plan. These include the following:

1. Life Insurance and Spousal/Dependant Coverage
2. Accidental Death and Dismemberment
3. Prescription Drug Coverage
4. Paramedical Coverage (Chiropractors, Therapists, etc.)
5. Group Pension Plans
6. Group RRSP Plans
7. Short Term Disability
8. Long Term Disability
9. Extended Healthcare/Visioncare
10. Dental Coverage
11. Out-Of-Country Emergency Medical (Travel)
12. Critical Illness Insurance

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London Group Benefits Plan Package

London employee benefits packages are not just becoming complex but they are becoming more flexible. In most cases, you need an experienced professional to set up such a program in order to avoid running into growing liabilities and steep costs.

Moreover, employers can define a competitive benefits program with minimal cost by leveraging the service of a broker or a benefits consultant. The consultant will be paid by the insurance company, and therefore you will receive the service at little or no cost.

The service of consultants is necessary to get relevant data and expert guidance for the best outcome in your investment. It is also recommended to obtain up to three proposals before deep diving to evaluate the costs and values from various perspectives.

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London Group Benefits Plan Savings

London employers leverage a lot of cost-saving strategies when creating a London employee benefits program to reduce cost. These may include the following:

1. Including deductibles to the coverage.
2. Considering the level of insurance or co-insurance.
3. Sharing the cost of the premium between the company and the employee.
4. Placing a cap or limit on the coverage.
5. Putting a check on carry-over of unused sick days.

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London Group Benefit Plan News

Professional help is not an option for a lot of people struggling with mental illness in Canada. A single session with a psychologist can cost up to $200 per hour and several employee benefits packages cover few visits per year.

However, Manulife, an employer of 9,000 people in Canada, overhauled its benefits plan in 2017 in order to include mental health coverage of $10,000 each year for employees and their family members. As a result, Manulife offers one of the largest amounts of mental health coverage in Canada.

In 2016, Starbucks Canada made a similar change by increasing mental health coverage to $5,000 per year for employees. The move was applauded by mental health experts and those struggling with mental health issues.

Ione Challborn, executive director of the Canadian Mental Health Association Edmonton Region, said that a mental health problem is one of the biggest reasons that staff are away from work and it affects the productivity when people are at work. Also, the Canadian Mental Health Association revealed that 20 percent of Canadians suffer from mental health and it is the major cause of disability in the country.

To learn more about the London group benefit plan, click here.