Toronto Group Benefit Plan

Toronto Group Benefits Plan Advantages

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

1. You could compensate your dedicated and quality employees with the Toronto group benefit plan rather than increasing their taxable salary.
2. With Toronto group benefit plan, you will be able to provide tax-free health benefits coverage to your employees.
3. Your employees and their families will be protected against financial issues that could result from unexpected health and dental expenses.
4. The employer will get a tax deduction in every cost associated with the Toronto employee benefits program.
5. The employer will benefit by providing the benefits program at a fixed rate and the plan will be automatically administered by an insurance company.

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Toronto Group Benefits Plan Benefits

Businesses in Toronto can provide a handful of benefits to their employees by leveraging Toronto employee benefits program. 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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Toronto Group Benefits Plan Package

In setting up a Toronto employee benefits program, you need to be concerned about the complexity of the procedure. In many cases, you may not be able to set it up without running into the problem of steep cost and growing liabilities. This is why you need the service of an experienced professional to help out in setting up such a program.

The service of the broker or benefits consultant may come handy in helping you to get expert guidance and relevant data for the best result in your benefits investment. The broker will be paid by the insurance company and so you can get the service at little or no cost. Moreover, it is always advisable to get up to three proposals for the benefits program in order to access the value and cost from various perspectives before proceeding.

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Toronto Group Benefits Plan Savings

Every employer wants to reduce costs in the long-term when setting up Toronto employee benefits program. Several strategies are leveraged by employers to do so, some of the strategies are as follows:

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

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Toronto Group Benefit Plan News

Hub International Ltd, a Chicago-based enterprise, acquired the employee benefits practice of Rise People Inc. in December 2018. Rise is based in Vancouver and offers several tools including an online platform of human resources, payroll, time tracking, business administration to employers in Canada.

Hub will now offer the services of Rise People to clients. The director of group benefits at Rise People, Jesse McNeil will join the company and report to Hub’s chief innovation officer, Faizal Mitha.

Hub has also acquired several other firms recently as a measure to grow its presence in the pension and employee benefits market. It recently acquired Proteus Performance Management Inc, a Toronto-based firm and also The Benefits Company Inc, a Windsor based firm.

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