Running a small business isn’t just about making money. No, there’s so much more to it than that. As a small business owner, you’re not only responsible for the daily operations of your business but for the people you employ as well. Your business helps these people put food on the table for their families.
You may not have considered it before, but you could be making your employees’ financial situations increasingly more difficult by not offering health coverage. When your employees have to spend more on out-of-pocket health-related expenses, this is taking valuable funds away from their families.
The only way to avoid this situation is to offer reliable health benefits to your employees. When comparing options, find one that offers the most flexibility. Your employees aren’t the same, so why would their coverage be the same?
Are Employee Benefits Really Necessary?
The answer is simple—yes!
There are so many excuses small business owners use to avoid getting employee benefits:
- They cost too much
- They don’t know what they’re doing
- They haven’t found the right coverage
Whatever excuse you’re using, your employees deserve better. No matter the size of your business, your hardworking employees need and deserve health benefits.
If you’re hesitant about traditional benefits plans, you may not be aware of the other options that are available to you. One such option is an HSA.
What’s an HSA?
Picture this, a benefits plan that allows you to put your money towards the services you desperately need, when you need them. While it may seem like a fantasy, it’s real and available to you and your employees. An HSA is a new form of benefits coverage where allocated funds are put into an individual account for each employee. Your employees can access these funds without limitations, as long as they’re on the pre-approved CRA medical expenses list.
What’s So Great about Flexibility?
You might be thinking, why is a more flexible option better than a traditional option? As an example, let’s say your employee has hurt his back and requires frequent visits to a physiotherapist. One problem, the employee only has $500 in your traditional benefits plan allocated to physiotherapy. With weekly visits costing anywhere between $50 and $100, your benefits coverage may only last the employee five weeks. Although they never use their $500 allocated to visits to the naturopath, they can’t transfer over any of this coverage money. This means that any additional physiotherapy-related expenses have to come out of the employee’s own pocket.
So, flexibility gives your employees the option to put this money towards services that they really need, instead of wasting funds on unnecessary services.
How Benefits Can Make or Break a Company
Health benefit offerings are so common in today’s day and age that employees have come to expect them. As such, failing to offer appropriate benefits packages could actually be hindering your business. Great candidates are now attracted to employers’ extra offerings. Unlike Baby Boomers whose biggest concern was their paycheques, Millennials are more intrigued by culture, flexible hours, and great benefits.
If you’re not offering benefits, your company may be overlooked by employees who would be great assets to your team. Can you really afford to be losing out on these quality candidates?
Additional Benefits of HSAs
The best thing about HSAs is that the benefits don’t stop at flexibility. There are so many reasons small business owners should be considering this alternative to traditional group benefits plans. This includes:
- No premiums
- No cost increases
- Tax deductions
Interested in learning more? Find all the information you’ll need to convince you that getting an HSA is the best option for you and your small business here.