Find the Best Health Insurance Benefits For Your Employees

Written by News Channel 2 on December 24, 2013. Posted in Benefits plan, Small business health benefits, Strategic employee benefit services

Benefit plans

Living in Canada has more benefits than simply staying out of global political battles. The healthcare afforded to its citizens is also a major perk. Unlike countries like the United States, Canada offers a publicly subsidized healthcare plan. Guided by the 1984 Canada Health Act provisions, the heath care system in Canada provides coverage for routine doctor visits, some medical procedures, and even finances prescription medication for the elderly and indigenous. Even though the publicly funded health care system has its advantages, many Canadians purchase additional insurance through their employers for extended coverage.

Because a large number of Canadians invest in employee benefits packages, about half of small businesses, who make up about 98 percent of all companies in Canada, work on finding the best insurance coverage for their employees. And more than half of them worry about providing quality insurance plans for their workers. Not all procedures are covered by the publicly funded health care system, making some medical expenses unaffordable. Many small businesses also try to purchase strategic employee benefit services from insurance carriers that offer the best premiums, because the rising cost of employee health insurance benefits is a major concern.

Some insurance carriers offer plans that work with small businesses to isolate the employee benefits premium from disability and life insurance premiums. Administration costs are then subtracted from the current year’s premium rates, and once the type of funded high-deductible plan is selected by a company, the remaining money is placed in each employee’s tax free health insurance benefit account. Other strategic employee benefit services offer health savings accounts that can also be added to a high deductible plan. This allows employees to utilize these funds to help pay for expenses that may not be covered by a traditional health benefit plan. Additionally, the government offers a payment transfer program called the Canada Health Transfer, which supports all the health systems in place in the country’s provinces and territories.

With so many options for health care coverage, Canadians can be fully insured. Even without health benefits from an employer, the average Canadian does not have to worry about preventative care or medical treatments. Regardless of their income level or medical history, any citizen is eligible for medical care. That is a luxury that it is not extended to many people worldwide. Perhaps the Canadian health care system should be emulated by nations around the world.

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