As most are already aware, Canada has a publicly funded medicare system, but did you know that the private sector has to supply most of the employees benefits and services? In fact, some 75% of Canadians have to have some form of supplementary private health insurance in addition to their federal aid. Most receive it from employee benefits services. This has led to about 50% of Canadian businesses worrying about the level of employees benefits and services coverage.
To supply employees’ with the health coverage that they need, many employers are turning to the smart answer of using the Canadian Employee Health Benefits Plan. Its a group employee benefits and services plan that uses a “Smart Plan” Design that guarantees stable premiums for small business and better health benefits for employees.
This “Smart Plan” allows business owners to customize the employees benefits and services to meet their specific needs, while maintaining transparency and simplicity with respects to all costs. Customizing the plan involves four, simple steps. First, it unbundles the employee health premium from life and disability premiums. Second, it uses the current year’s health benefit premium dollars, and subtracts the new administration cost. Third, it determines the level of funded high-deductible insurance that’s desired. Fourth, it allocates the remaining funds to each employees’ tax-free health benefit account. Once all this is determined, the plan commences.
The plan was specifically designed by group benefit experts with over 40 years of experience for smaller to midsize businesses to provide them with an alternative to the group benefit plans that big, Canadian insurance companies offered.
By putting the employees benefits and services offered by this “Smart Plan” to good use, business owners can give their employees what they need. If you have any questions about these employees benefits and services, feel free to ask in the comments.