Did you know that 98% of all Canadian companies are small businesses that have between 2-100 employees? Although nearly one-third of Canadian health costs come from private sources, many small businesses still benefit from employee insurance packages. These programs are designed to provide employees with better health benefits than they are currently receiving, and as a result, both employers and employees benefit from these employee benefits solutions.
Under these benefits systems, the employee health premium for life and disability insurance is unbundled. The new administration cost is then subtracted from the health benefit premium for the current year, and once completed, the level of funded high-deductible insurance is determined. The remaining funds are then allocated, tax-free, to each employee account. Since these plans are designed specifically for small businesses, employees are guaranteed better health coverage than they are currently receiving under the Canadian health care system, which already provides employees with preventative care, early detection screenings, and yearly checkups.
Not only do employees benefit from these health insurance services, but employers also experience advantages from them, as well. When employee benefits solutions are implemented, small businesses are offered stable premiums. In addition, employers are also given complete control over their plans, and they can regulate the different coverage levels for each employee. Since these plans are specifically designed to offer small businesses a more cost-effective insurance option, employers can significantly benefit from these packages.
Although public funding covers the cost of pharmaceuticals for the elderly and indigent Canadians, employee health packages are still available to help. These plans offer better coverage for employees and stable premiums for employers because they are specifically designed for small businesses. As a result, many Canadians can benefit from these employee health insurance plans.