How Important Are Employee Benefit Plans?

Employee benefits solutions

In most of Canada, health care costs are paid through funding from income taxes. The majority of health insurance in Canada covers surgery and services like psychotherapy, dental work, and lab tests, as well as other services in clinics and doctors offices. Though tax dollars provide the majority of health benefits to Canadians, there are a number of companies who still provide insurance benefits for employees in the form of supplemental coverage.

Just under three-quarters of small business owners are concerned about the cost per employee of health care plans. Plus, about half of all Canadian businesses are concerned about the level of coverage for their employees. Fortunately, there are employee benefit plans that benefit both employees and employers.

For instance, companies can find solutions that guarantee small businesses stable premiums and top-quality benefits for employees. Many small businesses are unaware that they can allocate remaining health benefit premium dollars to tax-free employee health benefit accounts. This is one of the best possible solutions because it provide extra insurance benefits for employees.

Ultimately, Canadian businesses often provide at least some form of benefits plans for their employees because it is a way to let employees know their work is appreciated, and in may cases, it can actually attract the best and most qualified candidates to take a particular job. Though many companies are wary of providing plans because of the cost, there are options out there that can work for any company or small business.

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