Top Facts You Need to Know Before Investing in an Employee Benefits Plan

Employee benefit plan

Did you know a recent Strategic Counsel survey found that almost 100 percent of Canadians prefer their health care system than the system in place in the United States? Though this probably does not come as much of a surprise, but did you also know that not all medical procedures are covered by Canadian medicare? As many as 75 percent of Canadians have some form of supplementary private health insurance. Quite a few of them receive it through their employers. If you are a small business owner, you might need to invest in a employee benefit plan to help your employees. Here are a few facts that you need to know about the Canadian employees benefits Smart Plan and how it can provide your employees with the supplemental coverage they need.

1. The Canada Health Act, or the CHA, is a piece of Canadian federal legislation that was adopted in 1984. This particular piece of legislation specifies the conditions and criteria with which the provincial and territorial health insurance programs must conform in order to receive federal transfer payments under the Canada Health Transfer. Health Spending Accounts and employee benefit plans, which came about as a result of the legislation, help small businesses by offering the ability to cut the costs for their employees so that they can get the health care they need while ensuring that they get to keep more of their hard earned money.

2. The main draw of Health Spending Accounts is that 100 percent of out of pocket costs for health care is paid for with 100 percent pre taxed government dollars. In spite of the fact that in Canada, there are no deductibles on basic health care and co pays are extremely low or non existent, some people need additional coverage anyway. A Health Spending Account will give your employees the ability to get medical procedures that regular health insurance does not cover. They will also offer the benefit of requiring no co pays or out of pocket expenses on their Health Spending Account.

3. In spite of the fact that most medical needs are covered through the government in Canada, many employers choose to offer additional small business health benefits to their employees. Though this may seem like overkill, these additional employee benefit plans help people make the best of the health care system by offering coverage for things that the basic healthcare coverage does not.

4. Though pharmaceutical medications are covered by public funds for the elderly or indigent Canadians, they might not be for those who are able to work for a living. The Health Savings Account was designed as a way for small businesses to offer a higher level of benefits for employees without sacrificing important time or money the business needs to run well.
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One Response to Top Facts You Need to Know Before Investing in an Employee Benefits Plan

  1. George Hunter says:

    i have to say that i wish that the american health care systemn worked as well as all of this

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