Group Benefit Plan

A group benefit plan is provided by the employer for the employees. This is for health related expenses such as dental, prescription, chiropractic and other benefits not normally covered by the provincial health insurance.

Your group benefit plan can include life insurance and disability insurance. Part of the benefits could be a pension plan, ESOP or other long-term savings plan where the employer matches some or all of your contributions.

This is part of Life, Accident & Sickness insurance. Something to be aware of this that often this type of plan can only be continued for a maximum of one year after leaving your employer and not all plans have this provision.

If your employer provides such a plan then there usually is an administrator within your organization. As him/her for details as to what they can offer to you in this area.

If you are self-employed then this is one method you can use to provide for some of the coverage you need for yourself, family and employees. Talk to your agent or broker as to what they might have available. Research what is out in the marketplace.

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