Health benefits are always a topic of debate for politicians, business owners, and every day citizens. Group benefits for small business owners can be very costly. However, the debate comes when their employees are not healthy enough to perform at their highest potential. Today people all over the world are debating the pros and cons of a government providing public health care.
Canada is a great example of a country that has long since been operating on a public health benefits policy. With traditional private small business health plans, employees are required to pay deductibles, copays, and for services not offered under their benefits plan. In contrast, Canadians do not pay deductibles, and their copays are extremely low or there is no charge at all. In addition to the low cost of coverage in Canada, prescription medications are also payed for by public funds for the elderly and disabled.
The public medical insurance Canada provides also has its downfalls. Group benefits for small business employees is usually needed to supplement the public benefits. Three quarters of Canadians have some form of supplementary insurance that is usually provided for by their employer. On top of the tax cost for public insurance, private small business health benefits can be expensive. More than half of Canadian employers are worried about health plans for their employees.
A healthy employee means a productive employee. This is why business owners, if they cannot afford group benefits for small business, are suggesting employees open a health savings account. These are accounts that both the employer and employee can contribute to, and it can act as a backup plan when public health care fails to cover you completely. Usually, these types of savings accounts become a tax shelter for your money, which will increase its value. Often times this health care savings account gives the employee more freedom with how to use it. It can be a less costly way to provide dental insurance for small business employees as well.
Although there are many options out there between public health insurance, group health insurance for small business, a flexible health spending account, and so on it can be tough to navigate. Do plenty of research on what each option covers, and decide which options fit best for you, your family, and your employees. With the proper information, a small business health insurance plan can be customized for your every need. For more information see this.