THURSDAY, AUGUST 11, 2022
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The Helpful Benefits of Small Business Group Health Plans

Employee benefits service

Did you know that half of all Canadian employers are worried about the level of health coverage their employees receive? Although Canadian health insurance typically covers surgery, psychotherapy, dental surgery, and laboratory tests, small businesses have the option of offering their employees more extensive health coverage. There are several benefits of small business employee group health plans, as they are designed to help both employees and employers.

Small business group health benefits plans provide employees with better health coverage, and this is accomplished by implementing four simple steps. First, the employee health premium is unbundled from the life and disability premiums. Next, the new administration cost is subtracted from the health benefit premium dollars of the current year. Once the desired level of high-deductible insurance is determined, the remaining funds are distributed to the tax-free health benefit account of each employee. Once these steps are completed, employees are provided with more extensive health coverage.

Group health benefits plans are also designed to help employers. These plans are cost-effective for small businesses due partly to their administrative simplicity, and also partly because they provide businesses with stable premiums. As a result, employee benefits plans are an economical way for employers to provide better health coverage.

Since 60% of Canadian businesses are concerned about the quality of health plan for their employees, group health benefits plans are available to help. Small business health plans are not only useful to employees, but they are also beneficial to employers, as well. As a result, approximately 75% of employees receive supplemental health coverage from their employers. More like this.

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