Group Benefits

Equis Financial Group ltd. incorporates a group benefits team of independent financial security advisors and group brokers specializing in group benefits and retirement planning. Our offices in Halifax, Wolfville and Cape Breton serve all of Nova Scotia.

A well-structured group benefits plan helps a business to protect its most valuable asset…its employees!  Group benefits can be the catalyst a business needs to hiring and retain quality people. A group benefits plan shares the financial risk of health-related expenses among the group of employees, under one contract, at a reduced cost.

Click the following links for more information on:

• Getting A Quote
• Individual or Group:  Which works best for you?
• Advantages of providing Group Benefits
• Tips: For Group Benefits
• What benefit options come with a group plan?
• FAQ’s
• Why choose the Equis Group Benefits team?

Getting a quote

Click here to email us with: your company name, number of employees, and contact information.  We will contact you shortly to ensure our information is correct and get to work right away.

Individual or group…which is best for you?

Many Canadians either work on contract or are in business for themselves. They must decide what type of health and dental coverage is best. That’s where we can help!  Let’s compare the major differences between individual and group

Individual coverage is all that is available to one-person operations. Such insurance does have some advantages. The insured has some individual flexibility in the type of coverage sought. Coverage ranges from basic protection to more enhanced policies with many different insurers. The biggest disadvantage is most individual policies require full medical disclosure, meaning that any pre-existing conditions, medications, and illnesses will be excluded.

Group benefits plans pool the rates for all employees of a particular company into a single plan. These plans are available for groups as small as two people. Group benefits plans offer these advantages:

• No exclusions for pre-existing conditions.
• Higher limits on drug and dental claims. Individual plans often limit the amount of dental coverage in the first year.
• Group benefits premiums are tax deductible for a corporation. Individual plan premiums, however, are not deductible according to federal tax guidelines.
• Group benefits plans tend to offer more comprehensive coverage.

Advantages to providing group benefits

• A competitive edge in the job market: You may be able to attract and retain employees, reducing costs associated with high turnover and training.
• Access to insurance at a reduced cost: Little or no medical requirements compared to most individual insurance plans. Group benefits plans do not discriminate based on health, offering all participants the same benefit plan.
• Group benefits are a cost effective method to protect employees: Increased productivity and higher morale may be achieved by providing financial security products and support to employees.
• Ease of administration: A fixed expense for providing benefit versus the variable costs of unforeseen health and dental expenses.
• Tax effective means of compensation: Most premiums an employer pays are tax deductible as a business expense. As well, group benefits can be an effective alternative to a salary increase.
• Take advantage of owning a business: Owners can have enhanced benefits with the use of separate owner classes and cost-plus.  Cost-plus is an option to provide tax-preferred coverage of non-scheduled services (e.g., orthodontics) for owners and/or select employees.

Tips for group benefits

The following tips will help you to maximize your group benefits dollars:

• Determine your company's needs: A group broker can work with you to identify which benefits offer the best value for your organization.
• Understand your coverage: Group insurance contains many components. It is imperative that the employer and employee understand the need and value of the various options. This will help control costs yet maximize the perceived value of the plan to employees.
• Know your insurance company:  Many group benefits carriers price their products aggressively in an attempt to earn your business, then when it comes time to renew your coverage, are quick to increase your premiums. Other insurance companies prefer to avoid certain types of businesses and price their plans accordingly. Work with your group broker to determine which insurance company is the best fit for you.
• Working with an group broker: A group broker offers you the advantage of comparing the costs and benefits of many group benefits carriers, and is not limited to promoting a single insurance carrier’s products.
• Review your plan with your group broker regularly. Your employee benefit needs can change with plan usage and with your company's business cycle. There are many steps you can take to help contain your costs through plan design. Your group broker can guide you through this process.
• Rate guarantee: Insurers offer a rate guarantee period varying from 12 to 16 months. Your group broker can guide you to the period that best suits your group.
• Traditional group insurance versus health spending accounts: Traditional group coverage insures all plan members for their health and dental costs. The risk is shouldered by the insurance carrier. A health spending account, in contrast, caps what each employee can claim.
• Group critical illness insurance: Many employers don’t know that they can add group critical illness coverage to their plan.  Group critical illness insurance provides a lump-sum tax-free payout in the event an employee is diagnosed with a life threatening covered illness. 
• Online service:  Some carriers are more progressive with their technology platforms. If this is something important to you ask for guidance from your group broker.

Group Benefit options

• Life insurance: A mandatory benefit, and starting point to all plans. Coverage can be a flat amount ($10,000 and above) or as a multiple of annual earnings (ex. two times earnings).
• Accidental death and dismemberment: Death by accident doubles your life insurance. Dismemberment will be paid out according to the table.
• Short-term disability: Protection for short-term injury and illnesses.
• Long-term Disability: protection against illness and injury for a longer period of time.
• Critical illness insurance: Provides a lump sum payment upon diagnosis of one of the covered conditions.
• Health insurance: Coinsurances and/or deductibles can help manage costs.  Coverage includes hospital, travel, medical supplies/equipment, and paramedical practitioners.
  • Paramedical practitioners covered include:
    • Massage
    • Physiotherapy
    • Chiropractor
    • Osteopath
    • Naturopath
    • Dietician
    • Podiatrist / Chiropodist
    • Psychologist
    • Speech Therapist
    • Acupuncture
• Prescription drug coverage: Coinsurance, per prescription deductibles/ dispensing fee deductibles can help manage costs. 
• Vision: Set dollar amount (e.g., $250) per 24 months. Some insurers also pay for eye exams over and above. Most carriers use 12 months for children age 18 and under.
• Dental – basic, major, orthodontics: Coinsurance and/or deductibles help manage costs.

Frequently asked questions

• Did your group negotiate your renewal rate?
  Many group brokers will simply let your group plan renew without even contacting the insurance company. Insurers are in business to make a profit. It is your broker’s responsibility to make sure your renewal rate is justified and that you are receiving the best value for your group benefit dollar.
• Are you working with a group broker?Group insurance is one of the more complicated forms of insurance planning. It is crucial that your group broker be up to date on industry developments and specialize in employee benefit plans.
• When was the last time your group broker “went to market”?
  Going to market is when your broker approaches other group benefits providers for comparative quotes, to check if your current rates are competitive. This can be done every three to four years depending on the claims history, group size, growth, demographics, etc.
• Can we really afford benefits?
  In today's competitive market, a wide choice of plan options, selection of appropriate benefits and limits and cost sharing with employees (usually 50/50) all affect the final pricing of the plan. A two-tiered plan for owners/managers and staff can also be developed. Most premiums are tax deductible to the business. The cost of replacing a key employee lost to another company offering benefits could easily offset the cost of the plan.
• What happens if my spouse and I both have health and dental coverage? Which plan will cover my claim first?
  1. SPOUSES: Claims for each spouse will go through his/her employer’s plan first. The remaining amount (if any) can be claimed through the spouse’s plan.
  2. CHILDREN: Children’s claims will be claimed first through the plan of the parent whose birthday falls first in the calendar year. The remaining portion (if any) will be claimed through the spouse’s plan.
  NOTE: In cases where spouses have prescription drug coverage through respective employers, they may be required to pay expenses up front and submit receipts. The drug card will not always work in this case to ensure the correct drug plans covers the expense.

Why choose Equis Financial Group for your Group Benefits?

Deciding on the right benefit plan starts with choosing the right broker. The following are some reasons why using Equis Financial for your group benefits is the right choice for you.

• Strong relationships – We have built strong relationships with major group benefits providers which allow us to work efficiently on your behalf to bring you the premium service you deserve.
• Full-service team – After-sale service is important to us. We’re happy to be the first point of contact for you and your employees.
• We are independent group brokers – We have a team of group brokers specializing in group benefits plans. We are not aligned with any one insurance company; instead, we survey the market and choose the plan and insurance carrier that best suit your needs. Group benefits carriers frequently change their pricing and plan features, so we monitor these changes and make any necessary adjustments. We work for you, not the insurance company.
• No-charge individual and personal financial security planning for your employees – You receive the group coverage your business needs and  your employees receive personalized help with their individual insurance and retirement needs, upon request.
• No additional fees for our services – We charge NO additional fees; all our services are included in your monthly premium. We are compensated directly by the insurance carrier.
• Employee seminars – We are available to employees by group seminar or one-on-one meetings. It is important your staff and their spouses understand the value of their group benefits plan. We can also assist in their general financial security planning.
• What's next?
  If you’re considering group benefits for your company, let one of our group brokers provide you with a consultation. As group brokers, we have the expertise to assist you in your plan design and the resources to survey the market on your behalf. We will work with you to design a plan that meets your needs as well as your budget.
• If you currently have a group benefits plan
  One of our group brokers would be happy to review your plan and provide you with a complete proposal. Our recommendations will take into account any existing association group benefits that may be available to you.