Frequently Asked Insurance Questions

What is a good strategy to use when preparing employee benefits?

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.

 

When will my employee benefits claim get paid?

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.

How many employees do I need to qualify for group benefits?

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

What are the benefits of term life insurance?

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.

What is the difference between accidental death insurance and life insurance?

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.

Should I replace or renew my term life Insurance policy?

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.

How much does family health insurance cost?

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.

Do I need to do a medical to qualify for health insurance?

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.

What is the difference between individual and group health insurance?

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.

Why do I need travel medical insurance?

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.

Do I need to have travel insurance only if I'm leaving Canada?

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.

What does my travel insurance policy cover?

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.

Why should I implement a group savings plan for my employees?

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.

What type of group savings plan is best for my company?

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.

How much money do I need to contribute to have a group savings 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.

Craig Baker has been our broker ever since we started with benefits over 10 yrs ago. He has always been there to help us save money on premiums, assist with claims and answer any questions from my team.

— Oded, President of a Manufacturing Company in Concord, ON

Craig has been a great asset in assisting me with navigating the Canadian benefits universe, which is quite different than the US. Craig’s knowledge of the Canadian health care plans, and his insights as to the plan design and options have been a great benefit to our Canadian Team.

— Maureen, Human Resources from Princeton, NJ USA

Craig has made the seemingly daunting experience of purchasing term life insurance easy by carefully walking me through the process Craig also helped me discover how much I needed to protect my family.

— Prad, Systems Analyst from Markham, ON

Baker & Baker always answer my calls promptly, I am semi-retired and travel frequently. Craig makes it easy for me to go away with peace of mind.

— Cathy, Technical writer from Erin, ON

When my employment status changed Lorna advised me on the transition from group benefits to a personal plan. She took the time to learn what I needed from a health and dental plan. Lorna made me feel very comfortable with the process and explained all of my options. Thanks to Lorna’s professional care I am very confident that I have the best individual health plan customized for me.

— Tracy, Finance Professional from Toronto, ON