Frequently Asked Insurance Questions

When preparing employee benefits there are four key factors.

• I need to attract and keep good employees.
• I need to promote a happy, healthy and productive work environment.
• My group insurance plan needs to be comprehensive yet affordable to the business.
• Physical and financial health are intrinsically linked. A good business strategy considers both.

Claims are paid almost instantly these days, although this can depend on how your group benefits plan is set up. Typically, prescription drug and dental claims are paid at point of purchase, while other services can be claimed online, thereby minimizing turnaround and getting your money back to you quickly.

You only need a staff of two to make up a traditional group benefits plan, and it goes up from there.

Term Life insurance is a powerful and effective financial tool to protect families and business against the unexpected loss of a key person. It is remarkably easy to purchase and very inexpensive.

The difference between accidental death insurance and life insurance is in when it pays. Accidental death insurance only pays if death occurs by accident, while life insurance pays upon the death of the insured no matter the cause.

When your term life insurance policy is up for renewal it is a good time to explore what other options you have or how your needs may have changed. Although it may be a smart financial move to replace your old policy with a new one, be sure to have any new insurance plan approved and in-force before cancelling existing policies. Give us a call and we will help you determine the life insurance solution that best fits your situation.

Family health insurance plans (also referred to as “individual” or “personal” health insurance) vary greatly in cost and benefit. It depends on the size of your family, the level of coverage you choose and the province you live in. One of our expert health insurance advisers can help you determine which plan is best for your particular situation.

Usually yes, there is a medical questionnaire required for most plans. However, there are specialized plans available where no medical questions are asked and coverage is guaranteed. Contact us to determine if you qualify for a non medical plan or if answering a few medical questions will be the best plan for you.

Individual health insurance is a contract between you and the insurance company to provide coverage for routine and unexpected medical expenses. Group insurance (also referred to as “employee benefits” or “group benefits”) is a contract between an employer and the insurance company to provide coverage for routine and unexpected medical expenses for eligible employees. Group plans often have additional benefits like life, accident and disability insurance. Premiums for group insurance are paid in part or whole by the employer while premiums for individual health insurance are paid solely by the individual.

Your provincial health insurance plan does not cover most expenses incurred when you are traveling outside of your home province. An unexpected trip to an emergency room or sudden illness can lead to huge medical bills. Travel insurance can cover these expenses, and for a reasonable premium provide peace of mind and financial security when travelling. Call us today and we can find the best travel medical plan for your next trip.

It is important to have travel medical insurance anytime you are leaving your province of residence, not just when you leave Canada. Provincial health plans such as OHIP in Ontario or the MSP in BC do not cover you once you leave your province of residence. There are some intra-provincial agreements on some medical costs, however, the benefits are very limited. Unexpected medical expenses away from home can be financially devastating. Call us today for a quote on coverage for your next trip.

Typically, travel medical insurance policies cover emergency medical costs and any “unforeseen” medical expense while away from home. However, most policies have some restrictions and conditions that limit the extent of coverage. It is very important to read your policy documents and understand these limits before you travel. Call us today and we will help you understand any  small print in your travel insurance policy.

More than ever these days, businesses are looking at a total wellness package to ensure employee satisfaction and productivity. Financial wellness is a significant part of this picture for any individual. A group savings plan is one of the best tools available to promote financial wellness and increase employee loyalty and longevity. When you work with Baker & Baker Benefits we will help you take advantage of wholesale pricing on investments and increase financial security for your team.

There are several options available for your group savings. Group RRSP’s, deferred profit sharing plans (DPSP) or registered pension plans are all viable options. Your choice will depend on your company size and what structure of plan suits you and the demographics of your employees best. We can help you determine the best option for your company and set you up with the ideal plan.

Group savings plans can be set up with as little as $10,000 in annual contributions and that includes personal contributions from the business owner/s.