Victoria Group Benefit Plan

Victoria Group Benefits Plan Advantages

The advantages of Providing a Victoria Group Benefit Plan for your employees:

1. The health coverage benefits offered by the Victoria group benefit plan are tax-free.
2. Your employees and their family members will be protected against financial issues that could arise due to unexpected medical and dental expenses
3. The employer will get a tax deduction in every cost associated with the Victoria group benefit plan.
4. The employer will benefit by providing the program at a fixed cost and the plan will be administered by an insurance company automatically.
5. Rather than increasing your employees’ taxable salary, you could instead compensate them with the Victoria employee benefits program.

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

Victoria Group Benefits Plan Benefits

Employers in Victoria provide a number of benefits to their employees with Victoria 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

To get an immediate Victoria group benefit plan quote, click here.

Victoria Group Benefits Plan Package

When setting up Victoria employee benefits program, it is highly important to seek the help of an experienced professional to avoid the problem of growing liabilities and steep cost. The process could also be highly complex which is why you need the service of an expert.

Interestingly, you could leverage the service of a broker or a benefits consultant that works with your insurance company of choice. The broker is paid by the insurance company and would be willing to offer you their services at little or no cost. The service of the broker may be relevant in collecting relevant data and for expert guidance.

It is also recommended to obtain a minimum of three proposals when setting up the plan in order to evaluate the cost and value from various perspectives.

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

Victoria Group Benefits Plan Savings

Victoria employers make use of a number of strategies to minimize long-term cost when setting up Victoria employee benefits program. Some of these strategies are as follow:

1. Placing a limit or cap on the coverage amount.
2. Including deductibles into the coverage.
3. Sharing the cost of the premium between the employer and the employees.
4. Reducing the number of carry-overs of unused sick days.
5. Considering the level of insurance or co-insurance.

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

Victoria Group Benefit Plan News

At the Chambers of Commerce Group Insurance Plan’s national conference held in Victoria, B.C., in 2016, Douglas Hynek, Cara Winfield, Daniel Hynek, and Steven Faveri were recognized as leading representatives. Furthermore, top 100 Chamber Plan representatives across Canada were honored for experts who attained strict qualifying criteria.

The aforementioned four representatives were the exclusive plan advisors in their areas. Hynet Financial Group which has been with the Chamber of Commerce for more than 35 years won the top award for growth for 2014 to 2016.

The Chamber Plan provides employee benefits to over 30,000 small and medium-sized businesses, Boards of Trade that endorse the program and members of 900 Chamber of Commerce. The plan, introduced more than 40 years ago, is designed to make group plan available to smaller firms. However, the program now offers outstanding guarantees, comparative rates, and several value-added features such as Best Doctors diagnostic support services and Business Assistance Service.

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