Health insurance is a hot topic in today’s world. Health care costs are on the rise and everybody is looking for a cost-effective plan.
To give you an idea, health care costs have risen quite a bit for the average Canadian family. In a mere 20 years, costs have gone up almost 70% for most families. That is a huge increase in a rather short amount of time.
As a result, people are always considering their options for health care Group insurance benefits through an employer is a good way that many folks take advantage of.
Are you a small business owner looking to add group insurance benefits? Here are 6 things to consider as you shop around.
Helps You Attract and Keep Great Employees
Salaries are not the only things that people consider when searching for a job. For many people, health benefits are a huge consideration.
A full 75% of businesses say it is easier to recruit new employees with a health benefits plan.
Once you’ve found an amazing employee, it is in your best interest to keep that employee. Training new employees is costly and can slow down your company’s growth.
A good benefits package can help you hang onto your best employees. Around 80% of workers state that their benefits package is a big part of why they stay.
2. Makes Financial Sense For You and Your Employees
A big plus to group insurance benefits is the cost. It works out to make financial sense for both you and your employees. Let’s take a look at how.
First off, the contributions that you make to a group insurance plan is a business expense. As such, it is tax deductible for the employer.
Plus, the contributions that your employee make’s come out of their pre-tax wages.
3. Find Out Who Wants It
Before you go out and buy group insurance benefits, find out who would want them. This is even more important if you run a very small business with few employees.
It only makes sense to offer a group insurance plan if enough people want to be a part of it. In general, the more people taking part, the better the rate you can get, so this is important.
You might wonder who wouldn’t want to take part in such an important plan? Employees this is already on their spouse’s plan or has full coverage elsewhere.
4. Pay Attention to the Whole Plan
There is a mistake that people often make when shopping for group insurance benefits. They only pay attention to the premiums.
But the cost of a health insurance plan encompasses far more than the premium. You need to also consider the copayments, deductibles, and coinsurance.
The cost of prescription drugs is nothing to sneeze at. Some folks are paying hundreds of dollars a month for their prescriptions. With around 36% of Canadians taking prescription drugs, this is a huge concern.
The plan’s network of providers, while not a cost, is still something that you need to consider. Your employees want the freedom to go to a doctor they trust.
You should make a good estimate of what you and your employees will pay with a plan. To do that you need to consider all the pieces of the plan and not only the premium.
5. Fosters Community
Offering group insurance benefits can have some unexpected residual effects. It can build morale among your employees and foster a sense of community.
How? Well, employees feel like their employer cares about them and their wellbeing. This helps to promote loyalty and satisfaction in the workplace.
Another important factor that brings employees together is sharing resources and knowledge. Health insurance is a confusing world. Employees can share experiences to help each other. Plus, they can help each other understand how their benefits work. This is a great way to build community among your employees.
Choose Your Group Insurance Benefits
Choosing the right group insurance plan for your business can be confusing. Let us simplify things for you. We can help you choose the right plan for your business.
Of course, the big question is how much is it going to cost? Contact us today to get a quote. We’ll help you find an affordable plan that will help keep you and your employees happy and healthy.