Why Businesses of All Sizes in Canada Love Providing Group Insurance for Employees (Part 1)
HUB FlexSave - Group Benefits Plan
As a business manager, are you looking for an effective way to improve employee satisfaction while optimizing company costs? In Canada, group insurance has gradually become an important way for companies to enhance employee benefits and strengthen employee loyalty. At the same time, group insurance is also seen as an effective mechanism to reduce employee sick leave and improve productivity.
Group insurance not only provides employees with comprehensive medical coverage but also demonstrates the company's care and responsibility for its employees. However, for some small and medium-sized businesses, the fixed monthly premiums of traditional group insurance can be a significant expense. Today, Jiaxin Wealth Management would like to introduce a cost-effective, highly flexible, and fully comprehensive group insurance plan — FlexSave.
1. Comprehensive Coverage at Your Fingertips
As one of the top five insurance brokerage firms in the world, Hub International offers FlexSave group insurance, which is widely praised for its comprehensive coverage and flexible design concept. Unlike traditional group insurance, FlexSave is highly flexible — after a one-time startup fee of CAD 250, there are no ongoing premium payments. Companies can freely set the annual insurance limit, choose the coverage, and allow employees to allocate their allowance across different insurance items as they wish, minimizing waste and maximizing practicality.
FlexSave has no limit on the number of participants, making it especially suitable for small family-run businesses or start-up companies in the early stages.
Most importantly, FlexSave group insurance covers a wide range of needs, including dental care (check-ups, cleaning, fillings, extractions, root canals, etc.), various medical treatments (acupuncture, massage, dermatology, etc.), prescription drugs, private hospital rooms, and other related medical costs such as oxygen equipment, prosthetics, heart monitors, and even medically related transportation costs. Whether your employees need routine health check-ups or protection in case of emergencies, FlexSave group insurance can meet their needs comprehensively.
2. Optimize Business Costs While Protecting Employee Benefits
FlexSave group insurance not only provides employees with comprehensive medical coverage but also brings tangible economic benefits to the company. As a business owner, you can deduct employee medical insurance expenses as a business cost for tax purposes, saving a considerable amount of money. Moreover, since FlexSave does not have regular fixed insurance fees, you don’t have to worry about long-term financial pressure.
While saving on company expenses, FlexSave also provides your employees with high-quality benefits. They won’t need to bear high medical costs and can access timely and effective medical services. In return, employees will feel more supported and valued by the company, increasing their trust and motivation at work.
3. Making the Most of FlexSave Group Insurance
FlexSave group insurance has several key advantages:
- A one-time startup fee of CAD 250
- No fixed periodic premium payments
- A 10% administrative fee plus taxes applied to each claim
- All expenses are tax-deductible
There are two payment options for business owners purchasing FlexSave: one is to pre-deposit funds into the insurance account in advance;
The other is to pay after employees incur eligible expenses, on a reimbursement basis.
For example, if an employee pays CAD 500 for dental treatment, they can submit a claim online via the FlexSave website using their receipt. Once HUB confirms the treatment is covered, it will issue an invoice of CAD 577.50 to the company (including a 10% service fee and tax). After the company pays the invoice, HUB will deposit the full CAD 500 directly into the employee’s account. For employees, FlexSave has no deductible, and they can freely allocate their set insurance amount while receiving 100% reimbursement. For business owners, all these expenses can be deducted as company costs for tax purposes.
Overall, as an efficient, comprehensive, and flexible insurance solution, FlexSave can help your company provide employee benefits while optimizing finances. For businesses aiming to offer excellent employee benefits, prioritize employee health, and achieve these goals at a reasonable cost, FlexSave is an ideal choice.
Jiaxin Wealth Management is confident in providing you and your business with more financial planning advice and insurance services. If you have any questions about FlexSave group insurance or other investment and financial projects, feel free to scan the QR code and contact our professional insurance advisors. We look forward to working with you to create a healthier and happier work environment for your employees and bring sustainable growth to your company!
If you are self-employed or your company does not currently provide additional health insurance, don’t worry — you are welcome to explore our personal health insurance options or contact us directly for a customized private insurance plan: Click here for details on Canada personal health insurance
