Group insurance: how does it work?
Information for small and medium-sized businesses
Group insurance, offered to all employees of a company, is part of the benefits offered by the employer.
To join, you usually don't need to have a medical exam. But if you are eligible for group insurance, you have no choice but to subscribe, as well as your descendants (your spouse, your minor children or, if they are students, your children up to the age of 25).
Exemption
group-insurance-how-it-works
You may or may not have the choice to participate in your employer's group insurance plan. If your spouse's group insurance plan already covers you (for example), then you may decide not to subscribe to the one offered to you by your employer. If this is the case, you will need to provide proof to your employer that you are already covered.
How does the protections work?
In group insurance, we find the main protections such as:
health insurance,
disability insurance (salary),
life insurance,
travel insurance,
dental insurance.
critical illness insurance,
long-term care insurance.
Health insurance:
It helps pay for the costs of daily health care costs.
This includes, among other things, medications, ambulance transport, fees for specialists (physiotherapists, occupational therapists, osteopaths, chiropractors, acupuncturists), etc.
Short-term disability insurance (salary):
You receive a percentage of your income, which is almost 70%.
This insurance is valid for a specific period, which is usually calculated in number of weeks (generally 26 weeks).
If you do not have short-term disability insurance, you may still be entitled to various protections offered by the government, such as disability benefits under the employment insurance plan.
Long-term disability insurance:
It takes effect when you are no longer entitled to short-term disability or employment insurance benefits.
You then receive a long-term benefit (calculated, for example, as a percentage of your usual income. This calculation is determined by your contract).
You receive this money for a maximum period, as determined by your contract. This period is much longer and can, in some cases, go up to the age of 65.
Long-term protection usually has a waiver of premiums clause, so you no longer have to pay premiums while you are disabled.
In conclusion, don't forget to discuss the different group insurance plans available with your employer. You want the best prices! It is therefore essential to choose the right guarantees and to ensure the following points:
the criteria for being entitled to benefits,
the sums paid by the insurer,
the duration of the services,
the waiting period before receiving these services,
the guarantees covered.
Are you an employer? Don't miss our article to learn more about the reasons for offering a group insurance program to your employees.
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