Health insurance for small businesses

98% of Canadian companies fit into the small business demographic with 2-100 employees, but they represent different opinions in terms of employee benefits and services. More than 90% of Canadians prefer their state sponsored healthcare over a U.S. style system, but there are complexities to supplements that may be better understood with the assistance of employee benefit management services. While it helps that the provincially managed Medicare system is cost effective and simple to maintain, the addition of supplementary benefits fall to a company implementing employee benefit solutions.

As you look at employee benefit management services, it is essential to have an employee benefit audit in mind when you face the task of compliance to changing regulations and best practices. Your benefits plan has a way of locking in pricing and benefits based on the employee benefits insurance premiums. Whether you are looking at business insurance costs, deferred compensation retirement plans, or implementing basic employee benefit planning, exercising due diligence gives you the ability to maintain your status as an employer.

When you invest in the top ranked employees, you may need to consider what group health benefits you can justifiably offer to them without otherwise affecting benefits. Sometimes comprehensive benefits are the greater consideration for employees and interviewees. An employee benefit audit aims to help structure packages that provide additional insurance components, and any additional group benefits deemed necessary. Frequently the cost of additional benefits to employees is much lower than employee turnover or cash incentives.

At a basic level, you can look at the number of holidays and other paid time off that is included. This should insure that it fits into the best practices for your industry so you can offer more flexibility as necessary. You will have to look at your legal obligations when it comes to insurance packages and subsidies, but frequently salaried employees expect a certain level of coverage to be paid or reimbursed by the employer.

You should be aware that as you set up different levels of insurance and retirement benefits that they may fall under government regulations. This is where you will need some managed oversight and an employee benefit administrator to maintain compliance. For example, if you have both full time and part time employees, there may be different requirements around exclusions of any benefits. Regardless of the level of coverage that you provide, proper research will help you maintain strict compliance.