Offer the MRa program
Offering a benefits plan generally boosts an employer’s brand value. Not only does it enhance employees’ overall compensation, it also gives them peace of mind. While employees clearly value the refunds they receive for regular expenses like medical and dental care, a comprehensive benefits plan that includes disability, life, and travel insurance can greatly reduce the impact of illness, accidents, or death on them and their families.
Flexibility
You decide which employees to insure and the amount of coverage for each. Employees can then select or add to their coverage based on their own specific needs.
Simplicity
You determine your budget for each employee. Our advisor takes care of their personalized program.
Peace of mind
As a broker-administrator,
MRa is with you every step of the way.
With a comprehensive benefits plan, employees' financial security is assured, come what may.
Why choose an insurance plan that is based on individual policies?
Although not as common, an insurance plan based on individual policies has many advantages. The type of program you choose can have a real impact on your employer brand for years to come. You will need to weigh the pros and cons of each option to ensure your plan reflects the needs of your business and your employees.
The advantages of individual policies
- Employers can cover only the employees they want to cover
- No obligation to cover a new employee after 3 months
- Employer participation may differ from one employee to another
- No 9% tax, unlike group insurance
- Premiums are normally lower and more stable
- Premiums are not based on employer experience
- The employee is the policyholder. Option to keep the insurance when the employee leaves the company
The key factors to consider when choosing a solution
For companies with fewer than 50 employees, offering an individual policy for each employee can be a major advantage. Here are the key factors to consider when choosing a solution:
Comparison of individual vs. group policies
| Individual policy | Group insurance policy | |
|---|---|---|
| Employee participation | Voluntary | Mandatory |
| Choice of coverage | Based on individual needs | Standard program for all employees |
| Employer/employee cost sharing | May vary by employee | Identical for all |
| Medical assessment | Required for most individuals | Required above a certain threshold based on group size |
| Stable premiums | Strong stability over the years | Annual increases well in excess of inflation |
| Tax on insurance premiums | None (except drug coverage) | 9% |
| Prescription drug coverage | Optional at group level (becomes mandatory for employees if the business has chosen the coverage) | Mandatory |
| Ability to select disability benefits based on own occupation up to age 65 | Individual choice | Very rare |
| Ability to keep the policy if moving to a new employer | The policy belongs to the individual | Conversion rights for individual life insurance policies |
May vary by employee and depends on the employer's decision
Frequently asked questions
Is the employer required to have a minimum number of employees to choose the MRa program?
As these are individual policies, there is no minimum. A single employee can purchase our products.
What is the maximum number of employees that can join the MRa program?
We’re a cost-effective solution for businesses with up to 30 employees. But we also have businesses with as many as 50 employees.
If an employee does not want to join the insurance program set up by their employer, is the business still eligible?
Yes. Because the program is built around individual policies, employees are not required to join. Anyone who wants to join can do so, no matter how many employees opt out.
Is it mandatory to offer prescription drug coverage?
No. As these are individual products not specific to a business or association, employees are eligible for the public RAMQ program. If, however, the employer decides to offer drug coverage, it will be mandatory for all employees who work 21 hours or more per week.
Do all policyholders need to have the same coverage?
No. Several options are available in the basic program (disability, life, AD&D and medical insurance). For other benefit options (dental care, for example), each employee decides what coverage is right for them.
What should I do if I have employees who are not in good health?
There are several options available to provide basic coverage for all employees. Your advisor can explain the options to you.
What does it mean when you say that MRa Cabinet is a broker-administrator?
It means that as well as being responsible for the design and distribution of the product, MRa is present at every stage in the life of the policy. This includes customer service and support for employees when they need to submit a claim, especially for disability-related leave from work.
Let’s have a chat
By email or telephone, we'd be delighted to answer all your questions.