David Imrie

 Tags: Health Benefits

While Canada is famous for its universal healthcare plan, there is still a need for individual health insurance coverage. While the government covers many important medical expenses like doctor’s visits, there’s a long list of items that aren’t covered. This includes prescription drugs, dental, specialist appointments, and much more. As such, when people require additional coverage, they tend to look to their employers.

 

How to Give Your Employees a $1500 Raise at No Additional Cost


Whatever your previous hesitations have been, we’re here to debunk them. You can and should get health benefits for your employees and here’s why.

Benefits Aren’t Just for Large Corporations

“But I can’t afford to offer my employees additional benefits.”


Whether you’ve said it or heard other small business owners say it, there’s a general misconception that small businesses can’t afford health benefits. The fact of the matter is this simply isn’t true.


Health benefits aren’t limited solely to large corporations that profit millions of dollars each year. There are affordable and diverse benefit options available for all business types.


Whether you’ve been misinformed or just haven’t looked into it until now, we’re here to help.

Traditional Plans vs. a Health Spending Account

The first step in the process of acquiring health benefits is to compare plans. Not all plans are created equal, and it’s important to find the right one for your company.


Make sure to reach out to local insurance agents in your area to find information on the specific plans and coverage options that are available to you.


In the meantime, it’s important you know the difference between common types of insurance.


Traditional health benefits are the most common plan type for employers. By paying a premium (and costly premium increases year over year), employers can offer employees coverage for a range of allowable medical expenses. However, all employees may not require coverage for all types of expenses, and some may need more coverage than is offered for certain expenses, which translates into out-of-pocket costs.


Many business owners don’t know that there are options beyond the traditional offering. One type that is gaining more and more traction is a registered health spending account. This provides your employees with the freedom and flexibility to choose what they want to spend their benefits money on. As long as the expenditure is a CRA-approved medical expense, your employees have the freedom to decide which benefit options matter most to them. No more capped spending and no more unused and useless benefits. Health spending accounts provide your employees with what they need, when they need it.

Additional Coverage You Wouldn’t Expect from Your Health Benefits

One of the top advantages of a health spending account is that it covers many expenses that traditional benefits don’t—benefits you may not have known even existed! Coverage for things like medical marijuana, lap band surgery, and LASIK are all examples of coverage you and your employees could be benefitting from if you had registered health spending accounts.

Benefits Have Become an Expectation

How important do you think benefits are to your employees? At this point, you might be wondering “why do I have to offer benefits at all?” Benefits aren’t what they used to be. If you went a decade back, benefits were only offered by highly competitive corporations in new and upcoming fields.


Now, benefits have become an employee expectation.


Without any type of benefits coverage, you’ll have an increasingly difficult time attracting and keeping quality talent on your team, especially when it comes to the Millennial generation. Millennials are more enticed than previous generations by benefits offerings, with the majority attributing health coverage as the most important workplace benefit. Taking this a step further, 35 percent of millennials have even turned down a job because of dissatisfactory benefits.


Is this how you want your business to be perceived? Small business or not, offering an exceptional health benefits plan is a way to increase the desirability of your company. And it’s easy to get health benefits when you choose a health spending account.


All The Health Benefits Your Employees Need and Want

David Imrie

Dr. David Imrie founded RHSA Canada in 2009. Dr. Imrie is a medical doctor and former health insurance professional who has a passion for helping small businesses reduce their healthcare costs. As an executive in the insurance industry, he was shocked to find that so many common healthcare services are covered only partially by most insured plans, when employees were entitled to 100% coverage for all prescription drugs, dental services, and other healthcare expenses. Since leaving the insurance industry in 2001, Dr. Imrie committed to using newer technology to develop a better alternative program for small business health benefits.
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