Jan
15

Four Facts to Keep in Mind When Shopping for Employee Health Plans

Author // Channel 7 Miami
Posted in // Employee benefit services, Employee group health insurance benefits, Insurance employee benefits

Employee benefit consultants

One of the best ways to ensure an employee sticks with your company is to provide a great way for them to make a living, as well as making a life. This isn’t just salary requirements we’re talking about here; in fact, there are plenty of things that money can’t buy in life, and good health is one of them. Of course, good health coverage is always a good place to start. Businesses, no matter their size, that end up being good employee benefits providers tend to have a stable employee base to help them along. That’s why…

Nearly half of all Canadian businesses worry about employee coverage.

Think about what it requires for a small business to offer top benefits to its workers. When a startup company is still working out its own phone lines, its internet connection, its internal server, its payroll processing and scores of other operational costs, employee health insurance benefits tend to take a backseat in the beginning. But keeping workers healthy is also keeping them happy, and happy workers tend to be more loyal workers — that’s the kind of devotion you can build a big business on.

In Canada, you pay for your healthcare through your income taxes.

In America, saying “income tax” is like uttering some kind of obscenity. People often recoil from the very idea because of how they perceive it will ultimately result in the government taking more of their hard-earned money, leaving less for them. But in Canada, tax-paying citizens pay into their own healthcare system, meaning they’re allotted the health benefits that are funded through those same income taxes. So, that makes it a perfect system, right? The truth is, not necessarily.

Not every cost is covered through traditional health insurance.

Imagine you fall ill and need to venture to the doctor’s office. Likely, the cost of your trip will be paid for by the taxes you’ve already paid. But certain costs — especially prescription drugs or a trip to the dentist — aren’t covered. Most Canadians rely on their employee benefits providers (typically their employer) to help cover these costs instead. That results in about 30% of all Canadian health-related expenses coming from private means like insurance. But what does all this mean for a small business owner like you?

It’s worth repeating: Healthy employees are happy employees.

And happy employees stay content in their current job situations as long as they’re receiving a decent amount of health insurance. As a small business, it’s your responsibility to be one of the many excellent employee benefits providers that cares about its workers and wants to ensure the future of both your company and the people who are helping you build it. That all starts by choosing the right employee benefits package.

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