Did you know that Canadian health care is delivered through a publicly funded system? This health care system is guided by the Canada Health Act of 1984, and it receives its financial support from income taxes. However, even with this health care system in place, small businesses have the option of offering their employees additional coverage. There are several advantages of small business group health plans, as they are designed to benefit both employees and employers.
1. Employees. These health insurance plans are designed to provide better health benefits for employees, and this is accomplished in four steps. First, the health premium is unbundled from the life and disability premiums. Then, the new administration cost is subtracted from the health benefit premium dollars of the current year. Once the level of high-deductible insurance is determined, the remaining funds are allocated to the tax-free health benefit account of each employee. After these steps are completed, employees are provided with better health coverage.
2. Employers. These plans are designed to benefit employers, as well. Businesses stand out when they offer additional health benefits, and this helps them attract more qualified employees. In addition, group health plans offer low cost, stable premiums so that small businesses can afford them. Although 30% of all health expenditures in Canada come from private sources, employee health plans are beneficial to employers.
Since the Canada Health Act restricts health coverage to care that is delivered in hospitals or by physicians, small businesses have the option of offering more extensive health coverage. These plans not only provide better health benefits for employees, but they are also affordable enough for small business employers, as well. As a result, these health insurance plans are beneficial in a variety of ways. Find out more at this site: www.cehbp.com