What are Group Benefits?
Group benefits are insurance and other perks that an employer (or organization, like a union) provides to a group of people, usually employees and sometimes their families. Instead of each person buying insurance alone, the employer negotiates a plan that covers everyone.
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Why Group Benefits Are Important
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Lower cost: Risk is spread across many employees, making premiums cheaper.
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Better access: Employers often negotiate better coverage than individuals could get alone.
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Employee retention: Benefits make jobs more attractive and help companies keep good workers.
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Financial protection: Covers unexpected medical bills, income loss, or death.
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Types of Group Benefits
Health Insurance
- Medical, dental, and vision coverage.
- Usually much cheaper than buying private insurance individually.
- Employers often pay part (or most) of the premium.
Life Insurance
- A basic life insurance policy (like 1–2x your annual salary) provided at little or no cost to the employee.
Disability Insurance
- Short-term disability: Replaces part of income if you’re temporarily unable to work (like after surgery).
- Long-term disability: Covers longer illnesses or injuries that prevent working.
Retirement & Savings Plans
- Employer-sponsored plans (like 401(k) in the U.S.).
- Sometimes with employer matching contributions.
Additional Perks
- Employee Assistance Programs (EAP) for counseling and wellness.
- Paid vacation, sick leave, parental leave.
- Tuition reimbursement, commuter benefits, gym memberships, etc.
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