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Business

How small business owners can afford to offer group health insurance

May 11th, 2015 by

It's not just for the big players anymore

 
 
 

It wasn't that long ago that having health insurance benefits was a luxury only the largest of corporations could afford to provide for their employees. Boy, have things changed - it seems that what used to be a scarcity has now become a bare necessity, especially when trying to retain or attract employees.

The good news is, for employers big and small, there have never been so many flexible options to choose from. The not-so-good news? Popular misconceptions often stand in the way of many small business owners looking into these options. Perspectives such as "my business is too small" or "it must be very expensive" can damage your employee prospects and get in the way of making your company an attractive place to work. 

Small business, big coverage

Most small business owners are not aware of the fact that you can implement a conventional group benefit plan with as little as two people (that can even be part of the same family) - and it is often better than self-insuring. Additionally, as with all group benefit plans, pre-existing conditions are covered, unlike with personal/private health and dental plans.

Healthcare Spending Accounts (commonly referred to as HCSA or HSA) are an increasingly popular alternative to conventional group health and dental plans. They are practical, affordable, flexible, and a cost-effective way to meet the changing needs of many employers, as well as the diverse needs of many employees. I've recently teamed up with one of Toronto's most experienced group insurance brokers, and this is his outlook: "When the fit is right, these plans provide a tremendous amount of value and risk protection for employers, I've implemented well over three hundred group plans in the last two years, the results and satisfaction are amazing" (V.V).

Custom is key

Regardless of what plan you choose, customization (even a mix of the two options mentioned here) is possible and can be quite effective - if you speak to the right person. Having a broker who is capable of designing the plan and implementing the strategy is key. Experience is a must when working this side of the business. What's most exciting to remember is that now, more than ever, the small business owner can thrive in the competitive hiring landscape and maximize their company's potential!

 

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