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Best Group Insurance in British Columbia
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Comprehensive group health insurance in British Columbia
As a small business owner in British Columbia, offering group health insurance isn’t just a perk; it’s a powerful tool to attract top talent and keep your team happy. In fact, according to the 2023 Blue Cross Small Business Benefits Study, a staggering 63% of British Columbians say they’d choose health benefits over a $10,000 raise! That’s how much your workforce values health coverage.
Why offer group benefits in British Columbia?
Offering group benefits in BC is a strategic move for businesses looking to attract and retain top talent. Here are a few reasons why you should consider offering group benefits to your employees:
- Affordable coverage for small businesses: Group plans typically offer lower premiums compared to individual plans, making them a smart investment
- Tax advantages: Employers in British Columbia can benefit from tax deductions when they contribute to employee benefits. Employees receive non-taxable benefits, which inevitably makes these plans more attractive
- Improved employee productivity: Offering group benefits, including extended health care, dental, and wellness programs, helps reduce sick days off and boosts workplace morale
- Customizable plans: From startups to established firms, group health in BC can be tailored to fit business size and budget so that all employers can offer these lucrative benefits to their employees
Small business group benefits in British Columbia
Running a small business with big dreams? Your team is the heart of your success! The right group health insurance plan can help you attract top talent, keep your best employees happy, and boost workplace morale—all without breaking the bank.
Also, here’s the best part: it’s more affordable than you think! With plans starting at just $80, even small businesses and startups in British Columbia can offer top-notch benefits to their employees.
How to set up employee benefits in British Columbia?
Setting up a small business benefits plan is a simple process that includes the following steps:
- Sign-up & setup: Complete and sign documents with your advisor; setup takes up to two weeks
- Employee enrollment: Employees receive an activation email to enroll
- Billing: The first billing statement is issued after employee enrollment
- Plan activation: Employees can start using their benefits
- Administrator access: Credentials provided for the admin portal, with insurer guidance
I need group insurance. Where do I start?
Our calculator gets you the right quotes and the lowest rates.
Average cost of benefits per employee in BC
The cost of group health insurance can range between $80 to $350, depending on the type of plan that you choose. The cost can also vary depending on the age, gender, and health history of an individual. On average, employers can expect the following costs per employee per month:
- $80-$200 for a very basic plan
- $100-$250 for an enhanced plan with more coverage
- $150-$350 for comprehensive benefits
| Factor | Impact on cost |
|---|---|
| Business size | Larger groups benefit from lower per-employee costs |
| Plan type | Basic plans are more affordable; comprehensive plans cost more |
| Employer contribution | Employers typically cover 50% to 100% of premiums |
| Employer demographics | Older or higher-risk employees may increase premium costs |
| Industry risk level | High-risk industries (e.g., construction) often face higher group benefit rates |
Customizable group benefits for BC businesses
British Columbia’s thriving economy and diverse business landscape make it one of the most dynamic regions in Canada. With a growing population representing various industries, from tech startups to established corporations, the province’s workforce is rich in cultural, professional, and personal diversity.
This diversity brings unique needs and preferences among employees, making customizable small business benefits plans essential for companies in BC.
| Coverage/Plan | Basic | Standard | Enhanced |
|---|---|---|---|
| Health (Single) | $50/month | $70/month | $92/month |
| Health (Family) | $110/month | $170/month | $195/month |
| Dental (Single) | $30/month | $60/month | $81/month |
| Dental (Family) | $170/month | $200/month | $250/month |
| Life Insurance & AD&D ($25,000/$50,000/$75,000) | $12/month | $18/month | $26/month |
| Total (20 employees) | $3,000/month | $4,100/month | $5,500/month |
| Cost per employee | $150/month | $205/month | $275/month |
Are group benefits taxable in British Columbia?
In British Columbia, the taxation of group benefits depends on the type of benefit provided:
- Non-taxable benefits: Employer-paid premiums for health and dental coverage are generally not taxable for employees
- Taxable benefits: Employer-paid premiums for group life insurance, dependent life insurance, accidental death insurance, and critical illness insurance are considered taxable benefits
The value of taxable benefits is added to an employee’s income and taxed at their marginal tax rate, which varies based on total income and can range between 5.06% to 20.50% (on income between $16,000 to $150,000 p.a).
How to get a free group quote?
Are you a small business owner looking for the best group health insurance quotes in British Columbia? That’s where PolicyAdvisor comes in – helping you provide amazing employee perks without depleting your savings!
Our expert advisors do the heavy lifting—comparing the rates from top insurance providers to find the perfect customized plan for your small business, at no cost to you. Even if you’ve got a small team with 1 employee, we’ve got your back!
We’ve already helped countless BC businesses hop onto the health benefits bandwagon by locking in unbeatable rates (as low as $79 per employee), and now it’s your turn!
Looking for affordable employee benefits?
Call us at 1-800-601-9980 to speak with our licensed advisors right away, or schedule a time with them below.
Who is eligible for small business employee benefits in British Columbia?
Small businesses in British Columbia can get group health insurance, but they must meet certain eligibility requirements in order to apply. These include basic requirements in terms of the number of employees, company registration, and employee contributions.
- The company should have a minimum 2 employees, including the owner of the company
- The business must be legally registered in British Columbia
- Employer must contribute between 25-50% of premiums
- At least 75% of employees must opt for the group benefit plan
- Employees must be covered under BC’s Medical Services Plan (MSP)
Benefits of group health insurance for small businesses in British Columbia
A Canada Benefits survey reveals that 79% of employees prefer benefits over a pay raise! So, as a small business, offering group benefits helps:
- Attract and retain talent
- Save costs due to risk pooling
- Improve employee retention
- Provide financial security
- Save on tax-deductible premiums
- Boost productivity, morale, and overall wellness
Why PolicyAdvisor?
PolicyAdvisor makes finding group health insurance simple. Compare quotes, get expert advice, and find the best policy for your needs-all in one place.
- Save time: Get instant quotes from British Columbia’s top group insurance companies
- Save money: Compare multiple quotes to find the best price
- Shop anywhere: Use our online tools to compare quotes from your phone or computer
- Personalized service: Receive expert advice from a dedicated group insurance advisor
Get affordable group insurance, online, and in minutes!
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