Group Categories

Each benefit program is unique and customized to the needs of your business and employees. Some of the components of a group plan could include:

  • Life insurance for employees and dependents
  • Accidental death and serious illness
  • Critical illness
  • Short and long-term disability
  • Extended healthcare
  • Drug benefits and catastrophic drug coverage
  • Vision care and eyeglasses
  • Out-of-country emergency
  • Expat and foreign workers coverage
  • Dental coverage
  • Healthcare spending accounts

 

The managed approach to group benefit plans

At GEM Financial Group Inc., we use a managed approach to group benefit plans. Whereas the traditional role of a group benefits carrier is claims adjudication, we take an active approach to minimize the risk associated with rising costs, runaway claims, tax inefficiency, and hidden liabilities.

For example:

  • Through proper disability management, the duration of a disability claim can be 30% shorter. Source: Disability Management Institute (DMI 2009)
  • A well designed employee wellness plan, can reduce drug costs and other health care costs by over 12%. Source: GroupHealth Global business block saw 0 increases in pooled benefits over a 3 year period whereas average group insurance block saw increases of 12% per year average (GHG statistics 2010)
  • A good fraud prevention strategy can reduce claims by 8%. Source: Canadian Life and Health Insurance Association (CLHIA 2009.)

These are just a few examples of how a managed approach to group benefit plans can help keep costs in check while enhancing the welfare and morale of your employees.

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