Why Does Your Company Need Small Business Health Coverage?
Did you know that 33% of Canadian small businesses do not believe employee health benefit plans improve their businesses? In fact, healthcare, guided by provisions from the Canada Health Act of 1984, is often seen as little more than a burden by many Canadian businesses. After all, Canadian citizens already receive healthcare from provincial providers. In most of Canada, healthcare expenditures are paid by income tax. Why should businesses have to offer their already insured employees anything?
According to the Government of Canada, provincial health insurance has many holes in it. Subsequently, 30% of Canadian health costs come from private insurance and out-of-pocket payments. The fact is the employees of small businesses need better insurance in order to live out a higher quality of life.
Of course, despite these facts, one-third of Canadian business owners are left wondering why that is their problem. If you are a business owner wondering how exactly small business health coverage can improve your business, read on.
- Show Your Workers You Care
- Reduce Sick Days
One of the biggest obstacles businesses face is keeping employee retention rates high and attrition down. Offering your workers small business health coverage plans that compensate for the holes in their provincial health benefits allows you to demonstrate to them that you think of them as more than commodities. After all, commodities can be replaced. Improve your workplace morale and employee retention through offering small business health coverage, like that offered through the Canadian Employee Health Benefit Plan.
Next to employee retention and customer service, illness is one of the biggest concerns affecting businesses. Paying for employee sick days leads to a financially unstable business and one which is effectively short-staffed. Consider, when one of your employees calls off from work, you have to find them a replacement. Doing so often results in paying overtime benefits. Further, the person you find to fill in is not always as good of a worker as your absentee.
By offering comprehensive small business health coverage to your employees, you give them access to preventative care that reduces the need for sick time. The CHA, for historical reasons, has limited the definition of insured medical services to those provided by a hospital or personal physician. Small business health coverage is a way to ensure your workers get whatever help they need, allowing them to continue putting their best foot forward for your company.
As you can see, offering improved small business health benefits to your employees is a great way to improve their overall health and happiness. More important to your business, however, are the benefits comprehensive insurance generates for your company. Shop around to find the best health insurance companies, private or public, to start improving your business. For more about this, go here.
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Very, very good point about employee retention. My business environment can be really hard on my employees. Maybe with better healthcare options they’ll hang around.