Health insurance is a benefit that most employees have come to expect, and is often a major factor in compensation negotiations. Most business owners see it as investment into their most import asset, the people who work for them. Deciding what to offer can be complicated with the many options 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. Here are some tips for business owners who want to offer health insurance benefits in Alberta.
To start you need to understand your options. You could purchase a standard group benefits plan or join a professional association in Alberta to increase your buying power. You also need to understand what premiums are associated with the different benefit plans available. 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 Alberta Health Care Insurance Plan (AHCIP), 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 improve morale and loyalty in your workforce.
If you are looking to offer health insurance benefits in Alberta, 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.