Do you own a small business in Canada? If you do, you know how important it is to be able to provide supplemental health care to your employees. However, finding small business health care plans that are just the right fit for you and your employees is sometimes harder than it looks. In Canada, 60% of employers are worried about the quality of their employees’ health plans, and 72% are concerned about the cost per employee of those plans.
If you aren’t sure where to start, you’re not alone in your confusion; approximately 98% of all businesses in Canada are small businesses like yours with between two and 100 employees. If you’re choosing a health plan right now, here is a step-by-step guide on how to determine the best of the many small business health care plans available today.
1. Determine your company’s needs. How many employees do you have? How much will you be able to spend on your employees’ plans? Once you know exactly the kind of coverage you want, whether that’s group benefits for small business employees, health spending accounts, vision and dental, or some combination of the above, then you’ll know which plans you need to begin looking at. With a health spending account, your employees will have a more cost-effective and tax-advantaged way to gain coverage that is often limited under traditional plans.
2. Compare health plans. Take a look at which companies are offering the best rates and the best service, and determine how much value for money in health spending you’re looking for with your plan. Find out how much choice your employees will have in which doctors they can see and what they can do with their plans.
3. Find a broker. In order to purchase a health insurance plan, you typically need a broker who will gather quotes and negotiate a deal for you. Brokers differ from agents in that brokers work for more than one company. Make sure that the broker and insurance company are both licensed in your province. You may be able to buy health insurance online, but you can purchase it another way if you have reservations about this method.
4. Take the final steps toward purchasing your plan. With a broker, you can iron out any specific details in choosing your health insurance plan, like cost per employee and plan specifics, and you can also find out about any tax savings tips that might be applicable to your business. Here is where you will choose your group benefits and/or HSA plans and finalize the rates for you and your employees.
If you have questions about small business health care plans, be sure to contact a broker or agent for a specific company to ask about options available in your province. More information like this.