Group Life Insurance
Group Life insurance is a mandatory component of most group insurance plans. The coverage provides a lump sum benefit to your chosen beneficiary in the event of your death. The amount of insurance is expressed as either a flat amount or as a function of salary.
Coverage is guaranteed medically up to a certain threshold and additional protection is often available. Group life insurance can generally be converted to personally owned coverage if employment ceases.
Group AD&D Coverage
Accidental Death & Dismemberment (AD&D) coverage is combined with Group Life Insurance as a mandatory component of most group plans. Group AD&D provides financial support following the accidental loss of sight, hearing, speech, a limb, use of a limb, or life.
Short Term Disability
Coverage is designed to provide immediate income replacement benefits to employees unable to work due to an injury or illness. Short Term Disability benefits are typically payable for 4 – 6 months, coinciding with Long Term Disability waiting periods.
It is often an employer paid benefit and, as a result, is usually taxable in the hands of the disabled employee. The benefit replaces a percentage of the employee’s weekly earnings up to a specified maximum. Once the end of the coverage period has been reached, an employee would be transitioned to Long Term Disability coverage if they continue to meet the definition of total disability.
Group Long Term Disability Coverage (LTD)
This coverage provides plan members with replacement income in the event of a disability caused by an illness or accident occurring on or off the job. If a plan member is unable to work due to a disability, a percentage of income is payable monthly following the elimination period. These monthly income replacement benefits allow a claimant to provide for the basic necessities and maintain their standard of living. The amount of coverage available is typically expressed as a percentage of monthly earnings (i.e. 66.7%).
Extended Health Care (EHC)
Extended Healthcare benefits can be customized to meet your specific needs. The most common benefits include:
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prescription drug coverage
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paramedical services such as chiropractic, massage therapy, physiotherapy, orthotics, etc.
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semi-private hospital
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nursing care
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emergency travel insurance
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vision.
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Employers have the option to choose different levels of coverage and can use co-insurance, deductibles and maximums to assist in managing cost.
Dental Coverage
Available services can be grouped into three different categories as follows:
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Routine or Basic Coverage – Recall exams, scaling/polishing, diagnostic services, basic restorative services, periodontal and endodontic services, oral hygiene and fillings
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Major Dental – Crowns, bridgework, dentures, inlays and on-lays
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Orthodontics – Procedures and equipment coverage
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The cost of a dental insurance plan or dental benefits can be managed in many ways. Some cost containment measures include the use of various co-insurance options, deductibles, coverage limits or recall periods.
Group Critical Illness Insurance
Group Critical Illness insurance provides a non-taxable lump sum benefit in the event they are diagnosed with a covered critical condition. The lump sum benefit helps a plan member manage the financial impact of an illness and may be used for items such as:
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Medical costs not covered by Government programs or private health insurance
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Cost of personal or dependent care
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Mortgage payments while away from work
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Transportation to and from treatment.
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Some covered conditions include cancer, heart attack, stroke, MS and paralysis. Coverage is typically guaranteed medically up to a certain threshold and additional protection is often available.
