How Health Care Plans Can save Your Company Money

Written by Small Business Tips. Posted in Dental insurance for small business, Health spending account cra, Travel medical insurance

Small business health insurance benefits

Unlike in the United States, health care in Canada is provided by a publicly funded health care system which is regulated according to the Canada Health Act. Under this system, most procedures are free for patients, as the doctors are reimbursed by the state. The system is funded by taxes and, in some provinces, by annual premiums. On top of the services the government provides, many businesses also offer their employees supplemental coverage. This is usually used to cover things like dental, vision and prescription drug costs that are not otherwise covered under the government plan.

These employer provided plans, combined with out of pocket expenses, end up accounting for almost a third of health care expenditures in Canada. Thus, one of the biggest challenges for Canadian companies, particularly small businesses, is the annual increases in the cost of traditional insured employee health benefits plans. Because small businesses, i.e. those with less than 100 employees, make up 98% of all Canadian businesses, the financial implications of rising health care costs are huge.

Fortunately, there are health insurance companies in Canada who can provide small business health care plans that can help keep the costs of employee health care benefits low. Many of these medical insurance companies offer competitively priced small business health benefits. To find out more information about small business health care plans, visit the internet. Online you will be able to find out how these small business health care plans can save your business money and be able to compare rates between different insurance companies. Today, offering your employees the best medical insurance Canada has to offer does not meaning paying the most expensive prices that Canada has to offer.