Small Business Group Health Insurance
Did you know that small business group health insurance is available to businesses with as little as two employees? Many business managers and entrepreneurs in Canada do not realize this fact.
Small business owners are often surprised that group health insurance for small business is available and affordable.
And they are surprised by the financial, tax and employee retention benefits. Keep reading to find out for yourself.
Financial Benefits of Health Insurance
Having a Group Health Insurance plan in place has a lot of positives for you as business owner and for your employees. The obvious benefit is the insurance protection covering Group Term Life Insurance, disability, drug, Group Dental Insurance and group medical insurance. These insurance coverage’s protect you and each of your employees from serious financial harm from death, disability, as well as drug and dental costs.
Employees truly appreciate having this protection. And if a medical disaster strikes you can rest easy knowing you did your best for your employee and their family
Small Business Group Insurance Makes You An Employer of Choice
Research has shown that job seekers put an emphasis on finding a job that includes group health insurance coverage. Other research has shown that many employees would forego a pay increase to get benefits. A key benefit of implementing a health insurance plan in your business is becoming an employer of choice due to having the group health insurance policy.
In short – you can attract and keep the best talent
Tax Advantages of Small Business Group Health Insurance
Making this even more affordable is that your small business group health insurance is a tax deductible expense for your business. Your accountant will confirm that this reduces the actual cost of the benefits.
It gets better, your employees can receive the benefits tax free!
You just need a good broker to help you implement it properly.
A Good Group Insurance Broker Will Explain All Options
Traditional group insurance is not the only option. Another Small Business Health Insurance Alternative are health spending accounts which act like a bank account. This is great for the predictable costs like dental, extended health and vision care. And groups of five or more can consider Administrative Services Only as a great alternative as well.
It is a good idea to work with an independent insurance broker.
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