Group HEALTH Insurance review 2024
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Discover the methodologyDid you know that in Canada, over 30% of medical costs aren't covered by provincial healthcare, placing a significant financial burden on families? To address this gap, having reliable private health insurance is crucial.
GroupHEALTH insurance is among the many providers in the country, offering potential solutions. In this review, we guide you through its diverse plans, coverage options, and pros and cons, empowering you to determine if GroupHEALTH is the optimal choice for your needs.
Additionally, utilize our free comparator to compare various health insurance plans in Canada, get free quotes, and find a customized solution right here.
5 Key Takeaways about GroupHEALTH Insurance
- Provides crucial employee compensation coverage.
- Offers cost-effective, lower premiums, and shared employer costs.
- Tailored plans to meet employees' specific needs, with a range of coverage options and benefits.
- Readily accessible to employees in the workplace.
- Both employers and employees may enjoy tax benefits, reducing the overall cost of healthcare coverage within the group.
Our 2024 review of GroupHEALTH Insurance
GroupHEALTH (alternatively used as Group Health in this article), which began in a home office in 1982 in Prince George, B.C., has evolved into one of Canada's largest third-party group insurance administrators. In nearly four decades, GroupHEALTH has pioneered innovative coverages, plan designs, and administration solutions to empower Canadian businesses to manage their benefits effectively.
Group Health Insurance is mainly designed to provide employee benefits. It ensures the well-being of a company's workforce by offering cost-efficient coverage, accessibility, and potential tax benefits to employees. It also bridges the gap left by provincial healthcare plans like the MSP in BC, OHIP, AHCIP, etc.
Let's take a look at its pros and cons to understand how GroupHEALTH insurance can fit into an organization's needs.
Pros:
- Cost Savings: Lower premiums and employer contributions reduce costs.
- Accessibility: Easier qualification and streamlined enrollment.
- Customization and Benefits: Tailored plans with added perks like dental coverage.
Cons:
- Limited Portability: Coverage tied to employment, loss upon job change.
- Reduced Individualization: Less personalization, limited provider choice.
- Loss of Coverage: Departure from a job can lead to coverage loss.
Before making a decision, it's crucial to compare health insurance policies from various providers. You can easily accomplish this by utilizing our comparison tool below, which allows you to receive prompt and free quotes from some of Canada's top health insurance companies.
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Good to know
If you're looking for dental coverage, you can explore our comprehensive guide on group dental insurance plans in Canada.
Group dental insurance plans are typically negotiated by the employer with a company offering dental coverage, and the employer may pay a portion of the premium for the plan.
What is the cost of GroupHEALTH Insurance?
The cost of GroupHEALTH Insurance can vary significantly based on several factors, including the location, the size of the group, the level of coverage, and the insurer's pricing structure. Here are some key factors that influence the cost of GroupHEALTH insurance:
- Number of Employees: Generally, the larger the group, the lower the cost per employee. Larger groups benefit from risk pooling, which can reduce premiums.
- Coverage Options: The extent of coverage and the specific benefits included in the plan play a major role in determining the cost. Comprehensive plans with more benefits tend to have higher premiums.
- Location: Healthcare costs can vary by region, affecting insurance pricing. Areas with higher medical expenses may have higher premiums.
- Age and Health of Employees: The overall health and age demographics of the group can impact costs. Older employees and those with pre-existing conditions may lead to higher premiums.
- Employer Contributions: Some employers contribute a portion of the premium costs, which can significantly reduce the financial burden on employees.
- Deductibles and Copayments: Plans with higher deductibles and copayments tend to have lower premiums but may result in higher out-of-pocket costs for employees when they seek medical services.
To ensure you secure the most suitable plan at a competitive price, it's essential to define your healthcare coverage needs. Refer to the table below to explore some of the factors that influence pricing.
| Group Size | Sector | Premium per Employee |
|---|---|---|
| 10 employees | Non-profit | $300 |
| 100 employees | Tech | $250 |
| 50 employees | Clean Energy | $290 |
What does GroupHEALTH Insurance cover?
GroupHEALTH insurance offers a range of coverage and benefits, including Extended Health and Dental Coverage, Disability, Life and Critical Illness, and Employee Wellness programs. These offerings are designed to provide comprehensive healthcare coverage and support for employees and their well-being.
| Coverage | Benefits |
|---|---|
| Extended health and dental coverage |
|
| Disability |
|
| Life and critical illness |
|
| Employee wellness |
|
We suggest you evaluate plans and policies offered by various healthcare providers before reaching a decision. You can easily achieve this by utilizing our free comparison tool below, allowing you to receive immediate quotes from Canada's top health insurers while keeping your personal information confidential.
Compare The Best Health Insurance Plans and Rates on the market!
How can small businesses benefit from GroupHEALTH insurance?
Small businesses can benefit significantly from GroupHEALTH insurance through the Smart Plan for Small Business. Here's how:
- Tailored to small business
- Coverage and cost balance
- Accessibility for small groups
- Cost transparency
- Flexibility and customization
- Attract and retain talent
- Compliance and HR Support
Why choose the Smart Plan for Small Businesses?
The Smart Plan for Small Business is a straightforward, transparent, and flexible insurance option that offers comprehensive coverage. It includes features like 80% drug coverage, paramedical services, vision care, Health Savings Account (HSA), hospital coverage, dental treatment, accident and serious illness coverage, life insurance, disability coverage, employee wellness programs, travel assistance, and employer services.
Additionally, there's an option to upgrade with Smart Upgrade for added flexibility. This comprehensive plan ensures that employees have access to a range of health and wellness benefits, making it a valuable choice for small businesses. The table below depicts all the benefits that you can get from the Smart Plan:
| Coverage | SMART PLAN | SMART UPGRADE |
|---|---|---|
| Employee Health Treatment | ||
| Drug coverage | Set your own limit | |
| Paramedical | Set your limit | |
| Vision care | ||
| HSA (Employees decide) | Available | |
| Semi-private hospital | ||
| Employee Dental Treatment | ||
| Basic & preventative | Up to $1,000 max 80% coverage, 9-month recall, 8 scaling units | |
| Disruptive Health Events | ||
| Accident & serious illness coverage | Up to $25,000 | |
| Optional guaranteed critical illness coverage | Can individually purchase |
How can you get GroupHEALTH Insurance?
To obtain GroupHEALTH insurance, the process is straightforward and can be completed in three simple steps:
- Consultation with Advisors: Schedule a phone or in-person consultation to discuss your business needs and explore insurance options.
- Provide Business Details: Share basic business information to receive a customized quote outlining coverage options and costs.
- Finalize Benefits Plan: Once satisfied with the quote, complete the necessary paperwork to set up your Group Health Insurance plan efficiently, ensuring prompt healthcare coverage for your employees.
Before enrolling in GroupHEALTH Insurance coverage, why not explore offerings from top insurers? You can utilize our comparison tool to swiftly obtain pricing, quotes, and coverage details from Canada's premier health insurance providers, all within a matter of moments.
Compare The Best Health Insurance Plans in Seconds
What are the other options for group health insurance in Canada?
Several insurance providers in Canada offer group health insurance options tailored for businesses. Some notable options include:
- Manulife health insurance: Manulife provides a range of group benefits, including health and dental coverage, disability insurance, and wellness programs.
- Sun Life health insurance: Sun Life offers comprehensive group benefits, including health, dental, vision, and disability coverage, with customizable plans for businesses of all sizes.
- Great-West Life: Great-West Life provides group health insurance plans with flexible options, including health and dental coverage, as well as wellness programs.
- Canada Life health insurance: Canada Life offers group benefits with various health and dental plans, along with additional options such as employee assistance programs.
- Desjardins Insurance: Desjardins offers group insurance plans with health and dental coverage, as well as disability and life insurance options.
When selecting a group health insurance provider, businesses should carefully assess the specific needs of their employees and consider factors such as coverage options, costs, and customer service. Additionally, consulting with insurance advisors can help businesses tailor a plan that aligns with their unique requirements.
