Medical benefits are insurance for the cost of medical treatments. These plans can be customized to suit an employers cost based on the types of treatments they choose to offer coverage for. For example: an employer may choose to offer coverage for extended health services such as massage therapy, physiotherapy, or acupuncture. Additional options may include prescription drug coverage, vision, hospital stays and out of country medical expense coverage. Employers can offer this as single cover (employee only), or extend the plan for dependants (spouse, children). Typically, employers cover all family members. 

 Virtually the same as Medical Benefits, Dental Benefits establish a reimbursement account for each employee and their family members to pay for dental expense completely or partially. You can set the maximum reimbursement levels and establish the extent of what procedures are covered. For Dental Benefits procedures are grouped into categories. They are Basic and Preventative; Major; and Orthodonture.  

This is a policy to insure the life of the employee whose death would cause economic loss to their beneficiary(s). Traditionally offered to employees as a multiple of their salary, however an employer can also choose a flat amount. This is a group term insurance policy allowing for lower rates compared to purchasing the same coverage as an individual. Dependant Life coverage for Children and a Spouse is also included. Dependent Coverage is typically for a fixed flat amount. 

This is a policy that guarantees an income if an employee cannot work due to illness or accident. There are two main portions of this policy, Short-Term Disability (STD) and Long-Term Disability (LTD), as well as Accidental Death and Dismemberment (AD&D). 

 is a disability insurance policy that provides an employee income who has suffered illness or injury preventing them working. There is usually a waiting period of 0-14 days before an employee is placed on STD. That timeframe would have been pre-set by the employer when choosing a plan. Payment structure is another option predetermined by the employer. A common example might be the scaling formula which could look similar to the following: 14 day wait period; Employee is paid their salary at 100% for the next 6 weeks; Employee is paid 75% of their salary for the next 6 weeks; Employee is paid 55% of their salary for the remainder of their time on STD to a maximum of 1 year (this could be 2 years depending on how the plan is structured and when an employee is officially considered to move to the LTD portion of the plan, if necessary) 

is insurance coverage that is extended beyond the STD period because of prolonged or permanent illness or injury sustained by the employee. LTD policies can be set up with an end period, or, be set up to last until retirement. This is predetermined by the employer when setting up their plan. Payment for LTD varies between 60-80% of an employee’s salary and is paid monthly. LTD coverage will have a monthly maximum benefit amount. Simply the LTD Benefit is designed to give a Disabled Employee most of their after-tax take home pay.

 an insurance policy that pays the death benefit upon the accidental death of the insured, or a set amount if the insured sustains a catastrophic injury resulting in the loss or use of; a limb, vision, hearing or speech. This policy is also purposed to supplement the life insurance as there are limitations with certain types of accidents. 

Optional Life and Optional Critical Illness Coverage can be made available at the employees’ cost, but at a reduced rate relative to individual coverage. For Critical Illness Insurance the policy protects the person from loss or costs associated with the diagnosis or occurrence of a covered health condition. Covered condition can include Cancer, Heart Attack, Kidney Failure, Stroke etc. The list is extensive. Optional Life is simply an individual term life policy purchased through the facility offered through your company. For both Optional Life and Critical Illness there will be a maximum amount of coverage available through a company optional plan. 

Either due to competitive pressure from your competition or because you care about the welfare of your employees and their families, Group Benefit Plans are an excellent way to provide cost effective coverage. Properly, designed and structured, they can be a much-appreciated addition to your compensation program.