Vaughan Group Benefit Plan

Vaughan Group Benefits Plan Advantages

Advantages of Providing a Vaughan Group Benefit Plan for your employees

Vaughan group benefit plan offers so many advantages to employees, some of its advantages are given below:

1. Your employees and their family members are protected against unexpected health and dental expenses that could result in financial issues.
2. Your employer will get a tax deduction in every cost associated with the Vaughan group benefit plan.
3. The plan offers tax-free health coverage to your employees.
4. You could leverage Vaughan group benefit plan to provide additional compensation to your employees rather than increasing their taxable salary.
5. The employer provides the benefits program at a fixed cost and the plan is automatically administered by an insurance company.

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Vaughan Group Benefits Plan Benefits

Employers can provide a number of benefits to their employees with a Vaughan group benefit plan. Some of these benefits 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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Vaughan Group Benefits Plan Package

Several problems can result when setting up Vaughan employee benefits program, especially if such program is not properly set, such as the problem of growing liabilities and steep costs. This is why employers need to seek the help of professionals to set up such a program.

The service of a benefits consultant or a broker may be necessary to obtain relevant data and expert guidance for the desired results in your benefits investment. Furthermore, the broker or consultant is usually paid by the insurance company, which means that you could obtain the service at little or no cost.

It is usually recommended to obtain up to three proposals from the brokers in order to assess the cost and value from various perspectives and to get a better outcome.

To learn more about Vaughan group benefit plan legislation, click here.

Vaughan Group Benefits Plan Savings

Various cost-saving strategies are employed by Vaughan employers when designing a Vaughan employee benefits program in order to save cost in the long-term. Some of these strategies are as follows:

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

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Vaughan Group Benefit Plan News

Over 30% of employees in Ontario do not receive medical and dental benefits in their place of work. The study most likely excluded low-income workers and women.

The 2015 study carried out by Wellesley Institute, a health policy think-tank based in Toronto, indicates that people doing low-wage jobs do not have health plans provided by their employers. The report also indicates that the employees also do not have eligible government-funded benefits too. As a result, this leaves an obvious gap in health coverage.

Steve Barnes, a policy analyst at the Institute and co-author of the report, said that they know that having access to those services may have profound health impacts. Barnes added that with the way the benefits systems are operated, low-income earners are missing out since the system has a patchwork of public and private schemes.

The research also showed that 35 percent of Ontario workers do not have dental and medical coverage provided by their employer. Furthermore, 85 percent of those earning less than $10,000 are not covered and 70 percent of those earning between $10,000 and $20,000 do not receive any health care coverage.

To learn more about Vaughan group benefit plan, click here.