Canadians are fortunate enough to have a public health care system that delivers most of their basic care. Their insurance is paid for through public funds (taxes) and provided by private physicians and hospitals. However, for many Canadians this care isn’t enough, as it won’t always cover all co-pays or other charges, and not all services are covered by the Canada Health Act (CHA).
Fortunately, however, many employers offer their employees additional coverage through the many small business health benefits plans available from insurance companies. Here are just a few of the great features that employers can receive when they sign themselves and their employees up for these supplemental insurance plans:
1. Affordable group benefits for small businesses: Small business health benefits are generally delivered to all employees at a specific rate. Employees then pay a premium with each paycheck, and they receive a certain set of services in exchange. Most group benefits like these will cover services that aren’t provided under the CHA; they may also give those employees access to upgraded or improved medical services.
2. Flexible health spending accounts: Health spending accounts are another option that are growing in popularity. These plans allow employees to place 100% pre-taxed dollars into a personal account, and these funds can be used to pay up to 100% of out-of-pocket costs. These plans offer a tax advantage to employees, who won’t have as much of their income taxed. For employers, the plans offer an inexpensive way to administer benefits.
3. Healthy and happy employees: On average, employees who have access to health care, especially preventative services, will take fewer sick days. When this coverage extends to their children, those employees will also have to take less time off work in order to care for their kids. As a result of the care they receive, these employees will have greater overall satisfaction with their jobs, which can lead to less turnover for employers to deal with and greater productivity for the company.
Have more questions about these and other small business health benefits? Get in touch with a benefits provider than can explain these plans to you in detail. You can also leave a comment below with questions or advice. Helpful info also found here.