Small businesses account for roughly 96% of all enterprises in Alberta. They employ about one-third of all private-sector workers and account for nearly 30% of Alberta’s GDP, which is greater than the national average. With such competition, it becomes imperative for your small business to stand out. But how?
Health insurance for your small business
Health insurance or medical insurance is a form of policy that pays wholly or for a part of medical expenses incurred as a result of an illness. When a small business gets health insurance plans, the employees get benefited. However, for a lot of business owners, health insurance becomes a dilemma.
It cannot be denied that starting and running a small business is costly, and it’s tempting to write off health insurance as an unnecessary expense to keep costs down. However, one shouldn’t forget that health insurance can be a critical factor for small businesses to help retain and recruit employees and sustain productivity. Here are some other benefits that many business owners tend to overlook.
● It helps your business to stand out in the competition for employers: Your business is as good as your team is. By giving extra benefits to the employees, you not only create a trust factor but also attract new capable hires who can contribute greatly to your business. If your employees are satisfied, your business will run smoothly. Your top employees will also have an incentive to retain their position in your business, helping them motivate to perform their best. That’s a lot of pros if you ask us!
● You can save a lot on tax: Another benefit of getting health insurance is that the cost of premiums can be deducted from federal business taxes, and some small businesses may also be eligible for a tax credit. The employee health plan allows you to take advantage of tax benefits while also ensuring that your employees are financially secure in the event of a medical emergency.
● Healthier Employees Means Stronger Business: Because employees will have access to healthcare benefits, they would be able to afford the best medical treatment. This would have a positive impact on their health, and consequently on your business as well. Employees would take fewer sick leaves and work diligently for the growth of your business.
● Low Premiums compared to Individual Healthcare: Not only for employees and their families but also for the business owner and their family, group health insurance can be more reasonable than individual insurance. With lower premiums than an individual healthcare plan, small business health care just makes sense.
Is it necessary for small businesses to provide health insurance?
Offering health insurance to employees isn’t mandatory by law. However, it is always good for small businesses to have such a plan to stand out in the market. This will not only help you reduce the hiring cost of employees but also generate a trust factor between the employees and the employer.
At the end of the day, it is up to the small business to make this decision. One can talk with a business insurance broker or individual carriers and providers to consider their options. A broker can help you identify your business’s needs, and assist you in finding the group insurance that is within your budget.
How does it work?
A group health insurance policy is the standard option for most small businesses. It has three elements that are namely:
● Coverage: Health insurance covers the employees, employer and their dependents, and they cannot be denied insurance based on pre-existing medical conditions.
● The number of people: To be eligible, your business must have anywhere between 2 to 50 employees in your company.
● Employee premiums: The business owner must pay at least half of the employees’ monthly health insurance premiums. Depending on the state or insurance carrier, the minimal percentage may differ.
There is enough on the plate of a small business owner, that even with such benefits, getting health insurance can seem an unnecessary chore. Now is the time to consider Beneficial Insurance Solutions.
Why Choose Us?
We, at Beneficial Insurance Solutions, believe that every client is unique and do our best every time to understand their business and needs. We are qualified to provide the most innovative solutions available, from market research through binding quotes and renewals.
We’re dedicated to keeping you and your employees healthy, productive, and happy. Our licensed brokers can analyse your current insurance plans, talk about your specific risks and activities, and help you select the best health insurance coverage for your company.
Get a Quote Today!
We aim to discover the finest coverage to match your individual needs among hundreds of insurance companies. Our group benefits experts can help design a competitive plan for your business within your budget. Click here to get a quote online.