Your provincial insurance plan may pay for medically necessary care, but it doesn’t cover numerous other services that can threaten your or your employees’ health, ultimately affecting your company’s bottom line. For example, it doesn’t cover the cost of prescription drugs, dental care, routine eye exams, glasses, contact lenses, hearing aids and other medical items or equipment. It also won’t pay for certain preventative services and screening tests. That’s why health insurance can be vital to the health of your business and the health of your employees.
When you are making your decisions on health insurance coverage for your small business, consider these three questions.
1. What benefits do your competitors offer?
Any small business owner has a good sense of what their competitors offer in terms of products and services, but do you know what your competition offers in terms of employee benefits? Your business success depends on people doing good work for your company and customers – so you need to attract and retain quality employees. You can’t afford to miss out on the best people in a competitive hiring market. And with the time and expense that goes into training them, you don’t want to lose your workers to the “other guy” when they decide to go for the benefit plan.
2. What benefits do your employees want (and need)?
Larger businesses have the advantage of manpower – a person or people to take care of staff needs and keep tabs on their levels of satisfaction with their benefit plan. As a small business owner, you likely don’t have the luxury of an HR specialist. Nevertheless, seeking feedback from your employees is a good place to start when deciding on a health insurance program.
Send an email or have a chat in the lunchroom to get an idea of your group’s willingness to join an employer-sponsored health insurance plan, and find out about the type of coverage they are most interested in having for themselves and their families. This will help you make the right decision.
3. Can your business afford the cost?
Providing access to health insurance can have associated costs, but it doesn’t have to. You can choose to provide group health benefits, or choose to provide all or a portion of the funding for individual health plans.
Equally, not having health insurance in place can be costly. Can you put a price on your good health as a business owner? And imagine if your business’s rainmaker suddenly experiences a health issue that they don’t attend to for fear of out-of-pocket costs. You may be faced with their prolonged absence if the health issue gets out of control, and that can have a serious impact on your business’s bottom line.
Health insurance access helps you and your employees take the time to engage in regular preventative healthcare like dental check-ups and chiropractic treatments. It also delivers a feeling of security that unexpected out-of-pocket costs – like prescription drugs, the need for an ambulance, or nursing care – are manageable and won’t put the household in financial jeopardy. And that peace of mind can help everyone stay healthy and focused on doing their job.
In terms of dollar cost, consider both individual health insurance and small group health insurance for your team. At SBIS we offer both, with a wide range of options to fit every budget.
With a Small Business Health Insurance plan from Special Benefits Insurance Services, you can
- spend less time worrying about healthcare costs and more time managing your business
- conserve financial resources that could be better spent on building your business
- protect your business and employees from the financial burden of healthcare issues
- tangibly demonstrate to your employees that they are valued (sometimes being valued is more important than other factors like a shorter commute or better hours).
Here are just some of the options we offer:
- Exclusive access to Green Shield Prism Spectra, Precision and Continuum Plans
Each of these individual insurance plans features different coverage levels so you can select the best option for your particular needs. Maximize each individual’s healthcare coverage with the highest benefits through a medically underwritten plan or offer access to a guaranteed-issue individual health and dental plan that does not require a medical exam. And if you and your team left an employer within the past 90 days to start your business, you can take advantage of special guaranteed-issue plan options.
- Manulife FlexCare, FollowMe and Association Plans
Employees can customize their health insurance offering with add-on options so your Small Business Health Insurance program is tailored to the unique and specialized needs of your company. It’s an affordable, accommodating way to purchase only the insurance you need. Acceptance can be guaranteed to everyone qualifies for coverage.
- GMS Personal Health, Replacement Health and Group Advantage Plans
GMS Personal Health Insurance plans give employees coverage for everyday health needs and medical emergencies so they can afford treatment that helps them feel their best, and there is a plan available for everyone, guaranteed.
If your business has 3 to 10 employees, the GMS Group Advantage Plan allows you to mix and match and deliver a group benefits plan that requires no medical questions and provides quick coverage. This off-the-shelf plan design makes the application process simple so you can get back to business with no major interruptions. You also get an Employee Family Assistance Program (EFAP) that provides wellness benefits to your employees at no extra cost. Employees can use EFAP to access support networks, life coaching and professional counselling services.
Learn more about the benefits of a Small Business Health Insurance plan with our articles Health Benefit Insights For Small Business Owners and How Can Small Businesses Help Their Employees To Gain Access to Health Insurance And if you have more questions or are ready to get started, contact SBIS for your free, no-obligation quote or information package now!