Published on January 24th, 2014 | by admin
Health Insurance and Small Business
With zero deductibles on basic health care and low to non existent copays, there are other ways to develop competitive advantages with your health insurance for small businesses, especially since practically 91 percent of Canadians prefer their state sponsored healthcare over a U.S. style system. It does help that the provincially managed Medicare system has become more cost effective when compared to other options. Regardless of the group health benefits, most Canadian health care costs get funded from income taxes, their are some implications to your employee benefit solutions.
When putting together employee benefits packages, it is essential to have an employee benefit audit in place to comply with changing regulations and best practices for health insurance for small businesses. The Canadian Employee Health Benefits Plan can be a way to lock your pricing and benefits in based on your employee benefits insurance premiums. Whether you are trying to minimize business insurance costs, deferred compensation retirement plans, or fairly straight forward employee benefit planning, maximizing your offerings will allow you to stay competitive in the marketplace.
As you hire more and more quality employees, you will have to look at group health benefits that you can reasonably add without affecting other services. Salary is not the sole factor for employees and new recruits, but an employee benefit audit can help you structure packages that employees want. Frequently the cost of additional benefits to employees is much lower than employee turnover or cash incentives.
At the most basic level, look at the number of paid company holidays and other paid time off. You should insure that it fits into the best practices for your industry and you can provide some flexibility as well with unpaid leave or floating holidays as necessary. You will have to look at your legal obligations when it comes to insurance packages and subsidies, but frequently salaried employees expect a certain level of coverage to be paid or reimbursed by the employer.
You should be aware that as you set up insurance and retirement benefits that they come with their own set of government regulations. This is where you will need some granular oversight and an employee benefit audit to maintain compliance. For example, if you have both full time and part time employees, there may be different requirements around exclusions of any benefits. Visit here for more.