Benecaid Group Benefits Plan
Group Benefits Plan
An Organization group benefit plan is the one which shares the financial risk of health related expenses among a set of employees, under one contract or policy, who pay into a fund .
Whenever an employer has a some kind of Group Benefits Plan in place for their employees and if any member of the group becomes ill and requires any sort of health medical services is then financially compensated by the respective group benefit plan according to the terms laid out in the contract between the employer and the respective insurance company.
Similarly Family members of these employees are also being covered under the plan as specified by the respective contract.
Below are various main Advantages to Providing a Group Benefits Plan to Your Employees :
- Very tax effective type of compensation.
Most premiums which an employer pays are a subject to tax deductiblity as a business expense.
- An access to insurance at a Lower reduced cost
when compared to most health and dental individual insurance plans the Group plans do not discriminate and are not anti-selective, offering all participants the same benefit plan.
- A very cost effective method to protect your employees.
you get an increased productivity and apparently higher morale by providing financial security and support to employees.
- A competitive edge in the job market.
You attract and retain employees, which helps minimize costs associated with high turnover.
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