--- title: Group health benefits plans can help your bottom line description: A group health benefits plan may look like an expense, but did you know it can keep employees productive, reduce hiring costs and give you more freedom? image: https://blog.equitable.ca/hubfs/Businessman%20with%20computer%20and%20calculator%20-%20600x400.jpg --- [![MyFlex-Benefits-Wordmark_EN-ClearSpace-1](https://blog.equitable.ca/hs-fs/hubfs/MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png?width=210&height=35&name=MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png "MyFlex-Benefits-Wordmark_EN-ClearSpace-1")](https://info.equitable.ca/myflex-benefits?hsLang=en-us) - [The myFlex Difference](https://info.equitable.ca/myflex-difference) - [How myFlex Works](https://info.equitable.ca/myflex-how-it-works) - [Decision Tool](https://info.equitable.ca/my-flex-decision-get-started-new) [![Contact Us](https://no-cache.hubspot.com/cta/default/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb) - [English - United States](https://blog.equitable.ca/group-health-benefits-plans-can-help-your-bottom-line) - [Français - Canada](https://blog.equitable.ca/fr-ca/group-health-benefits-plans-can-help-your-bottom-line) - [The myFlex Difference](https://info.equitable.ca/myflex-difference) - [How myFlex Works](https://info.equitable.ca/myflex-how-it-works) - [Decision Tool](https://info.equitable.ca/my-flex-decision-get-started-new) [![MyFlex-Benefits-Wordmark_EN-ClearSpace-1](https://blog.equitable.ca/hs-fs/hubfs/MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png?width=210&height=35&name=MyFlex-Benefits-Wordmark_EN-ClearSpace-1.png "MyFlex-Benefits-Wordmark_EN-ClearSpace-1")](https://info.equitable.ca/myflex-benefits?hsLang=en-us) [![Contact Us](https://no-cache.hubspot.com/cta/default/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/e221f2f2-a7c0-402b-a4d5-8b7cfcba56bb) - [English - United States](https://blog.equitable.ca/group-health-benefits-plans-can-help-your-bottom-line) - [Français - Canada](https://blog.equitable.ca/fr-ca/group-health-benefits-plans-can-help-your-bottom-line) [![Equitable-Logo-TM-Horizontal-White-RGB-800px](https://blog.equitable.ca/hs-fs/hubfs/Equitable-Logo-TM-Horizontal-White-RGB-800px.png?width=120&height=30&name=Equitable-Logo-TM-Horizontal-White-RGB-800px.png "Equitable-Logo-TM-Horizontal-White-RGB-800px")](https://www.equitable.ca/) ![](https://blog.equitable.ca/hubfs/Businessman%20with%20computer%20and%20calculator%20-%20600x400.jpg) [Employer challenges](https://blog.equitable.ca/topic/employer-challenges) | [Cost](https://blog.equitable.ca/topic/cost) | 1 min read # Group health benefits plans can help your bottom line Written by [Equitable Life](https://blog.equitable.ca/author/equitable-life) May 10, 2019 1:38:00 PM ![Small business owner calculating cost of benefits](https://blog.equitable.ca/hs-fs/hubfs/Businessman%20with%20computer%20and%20calculator%20-%20600x250.jpg?width=710&name=Businessman%20with%20computer%20and%20calculator%20-%20600x250.jpg) A group health benefits plan may look like an expense on your balance sheet, but did you know it can help your business’s bottom line? ## Healthy, productive employees It’s good business to support your employees. If they’re happy and healthy, they’ll be more productive and better able to focus on their work. At any time, employees may be dealing with a variety of concerns, including mental health issues, serious illnesses or difficulties at home. This can lead to absenteeism, disability or reduced focus and result in lost productivity or even workplace accidents. By providing a group benefits program you can help your employees through their concerns while reducing these risks to your business. ## Reduced hiring and training costs When you lose your talented staff, there can be a significant cost in both time and money to hire and train new employees. Some have calculated this cost as one-fifth of the employee’s annual salary. Group benefits plans can help attract and retain talented people and reduce the costs associated with hiring and training new staff. For some employees, a benefits plan is worth more to them than an increased salary. Coupled with the wellness advantages, a health benefits plan can help keep employees happy and content in their job. ## Freedom to focus on building your business Finally, don’t forget that these benefits for employees apply to employers as well. Business owners benefit just as much from the support group benefits plans provide. When you’re happy and healthy you can focus on building your business. ## Flexible coverage, affordable rates Benefits plans don’t have to be expensive either. Employers can split the cost with employees in a variety of ways, getting buy-in from staff and showing them the value of the plan. One way to accomplish this is with a flexible benefits plan. When the employer sets the budget and employees choose how to allocate funds to different types of coverage you get flexible coverage at affordable rates. However you approach building your benefits plan, group health benefits are good for business.   [![Find out which style of benefits plan is right for you with our 2-step decision tool](https://no-cache.hubspot.com/cta/default/3012629/51be2d05-7a3e-431c-b6eb-4bbc259c39a7.png)](https://cta-redirect.hubspot.com/cta/redirect/3012629/51be2d05-7a3e-431c-b6eb-4bbc259c39a7) Previous Story [← How do employee group health benefits plans work?](https://blog.equitable.ca/how-do-employee-group-health-benefits-plans-work?hsLang=en-us) Next Story [4 tips for first time group benefits buyers →](https://blog.equitable.ca/4-tips-for-first-time-group-benefits-buyers?hsLang=en-us) ## You May Also Like These Stories on Employer challenges [![](https://blog.equitable.ca/hubfs/group%20benefits%20time%20saving%20tips.png)](https://blog.equitable.ca/time-saving-group-benefits-tips?hsLang=en-us) [Employer challenges](https://blog.equitable.ca/topic/employer-challenges) ### [Time-saving group benefits tips](https://blog.equitable.ca/time-saving-group-benefits-tips?hsLang=en-us) Dec 20, 2019 8:52:10 AM | 2 min read [![](https://blog.equitable.ca/hubfs/Filling%20out%20a%20checklist%20-%201000x550.jpg)](https://blog.equitable.ca/3-steps-to-decide-what-your-group-health-benefits-plan-should-cover?hsLang=en-us) [Employer challenges](https://blog.equitable.ca/topic/employer-challenges) ### [3 steps to decide what your group health benefits plan should cover](https://blog.equitable.ca/3-steps-to-decide-what-your-group-health-benefits-plan-should-cover?hsLang=en-us) Sep 3, 2019 11:49:12 AM | 3 min read [![](https://blog.equitable.ca/hubfs/Advisor.jpg)](https://blog.equitable.ca/4-tips-for-first-time-group-benefits-buyers?hsLang=en-us) [Employer challenges](https://blog.equitable.ca/topic/employer-challenges) ### [4 tips for first time group benefits buyers](https://blog.equitable.ca/4-tips-for-first-time-group-benefits-buyers?hsLang=en-us) Jun 3, 2019 2:18:06 PM | 2 min read ### Subscribe by Email #### Equitable One Westmount Road North P.O. 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