Health insurance is a benefit that most employees have come to expect, and is often a major factor in compensation negotiations. Figuring out how and what to offer can be complicated with the large number of plans available to you. Working with a benefits consulting firm is the best way to navigate this process and ensure you remain competitive in the market while not breaking the bank in the process. Here are some tips for business owners who want to offer health insurance benefits in BC.
To start you need to understand your options. You could purchase a standard group benefits plan or join a professional association benefit plan to increase your buying power. You also need to understand what premiums are associated with the different types of benefit plans available to you. Here are a few questions to ask yourself before starting this process:
- How much can the business afford to pay for health insurance benefits?
- What is the overall age and health of your current workforce?
- How much can your employees comfortably contribute to pay premiums?
- What are the financial incentives, including tax benefits, for the options you are considering?
- What level of flexibility do you require in your plan? If you have a wide age range in your workforce, your employees will require varying levels of coverage.
Beyond standard health insurance benefit plans which provide extended coverage for services not covered by the BC MSP, you also need to consider what paramedical and wellness services that would appeal to your employees. Simple things like coverage for massage therapy, naturopathy and acupuncture help set you apart from other employers in a competitive marketplace.
If you are looking to offer health insurance benefits in BC, or are looking to upgrade an existing plan, we strongly recommend you contact an experienced benefit consulting firm like DENT Benefits to make sure you are getting the best plan for your business.
The information in this material is derived from various sources. Material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources; however, no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please contact us for benefit, pension and insurance advice based on your corporate or personal circumstances.