Health insurance is great, particularly now that life expectancy has increased and 50 is now the new 30. Advancements in healthcare also play a role in curing diseases. Illness that were once lethal are now minor. The problem is that not all health care services are covered by the Alberta government. Group medical insurance in Alberta is available, but can group medical insurance actually hurt in the long run?
Many companies offer group medical insurance in Alberta and most people feel fortunate when they have them. But what happens in the long-term? Below we’re going to look at the advantages and disadvantages s of group medical insurance. Then you can decide if group medical insurance is the affordable protection you need for your employees.
Advantages of Group Medical Insurance in Alberta
Subsidized Premiums: Employers subsidize group health premiums. This is a good selling point to get good employees, and is more affordable for them. Businesses can also use the portion of the premiums an expense, which benefits the employer as well.
Cheaper for Employees Than Individual Health Care: Group benefits make it possible for employees to get a better health care plan than if they bought individual health care. If an employee requires services not covered under the plan, employees can top up their insurance with individual health care.
The Same for Everyone: Group healthcare premiums and services are the same for large and small families, so it is fair for everyone.
Better Health: With group medical insurance, employees are healthier and more likely to get preventative care. This is especially true when it comes to dental plans. Preventative care is very important for health because more serious diseases can be diagnosed earlier, and employees often miss less work.
Potential Disadvantages of Group Medical Insurance
Termination of Employment: The main problem with group medical insurance in Alberta is employees only have access to the majority, if not all, medical benefits as long as they continue to work for the employer. If they get fired or quit they’ll find themselves without any benefits (if they don’t convert the policy to an individual one within the conversion window).
Group rates are typically cheaper than individual rates. As the employee ages, if he or she has worries about being terminated or laid off, this is something they need to consider.
Termination of Benefits: Employers can do away with group medical benefits at any time. So they’re not a guaranteed for employees.
Infrequent use of Group Benefits: Some employees won’t use a majority of benefits, or their spouse will have them. In this case the cost of paying for the benefits might not be cost effective.
Look at all your Options for Group Medical Insurance
Basically, it’s ALWAYS a good idea to have health insurance coverage. As a company, providing coverage for your employees is a great way to invest in them, so they will invest their time and loyalty in your business. Reassured For Life gets your company set up with customized benefits, and will also help employees that are leaving the company, laid off, or terminated covert their benefits to an individual policy, or find a different policy that works for their needs and budgets. Group medical benefits don’t have to hurt in the long run. With the right plan, provider and broker, you can be reassured for life. Call today. We’ve got you covered!