FREQUENTLY ASKED QUESTIONS
Deciding on the right group benefit plan starts with choosing the right group broker. The following are some reasons why using Equis Group Benefits is the right choice for you.
We're a group broker, not an investment and insurance guy that does a little group.
We have built strong relationships with major group benefit providers which allow us to work efficiently on your behalf to bring you the premium service you deserve.
After-sale service is important to us. We're happy to be the first point of contact for you and your employees.
We are not aligned with any one group 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.
Complimentary individual and personal financial security planning for your employees. You receive the group coverage your business needs and your employees can 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.
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.
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.
A 50/50 split is most common in today's competitive market, however some employers cover up to 100 per cent of the cost of the plan. Most premiums are tax deductible to the business. For some employers the cost of replacing a key employee lost to another company offering benefits could easily offset the cost of the plan.
Going to market is when your group broker approaches other group benefit providers for comparative quotes, to check if your current rates are competitive. This can be done every three to four years depending on claims history, group size, growth, demographics, etc.
Some group brokers will allow your group plan to be renewed without contacting the insurance company. It is a group broker's responsibility to help ensure your renewal rate is justified and that you are receiving the best possible value for your group benefit dollar.
A group broker offers you the advantage of comparing the costs and benefits of many group benefit carriers, and is not limited to promoting a single insurance carrier's products. A group broker could negotiate a better rate with the insurance carrier by having an understanding of what else is available in the market for you.
It can provide your business with a competitive edge in the job market, access to insurance at a reduced cost, and help protect your employees.
You will have to answer health questions on an individual plan, and they may not cover expenses that you currently have. On a group plan of two or more employees, you can avoid the health questions for health coverage. A group plan usually has higher limits for drug and dental claims.