For small business owners, offering an employee benefit plan may seem out of reach, but the advantages far outweigh the costs. An effective health plan for your employees will benefit them and your business.
Compared to individual plans, employer-sponsored group benefits:
- Helps provide financial security for everyone involved
- Eliminate the need for health qualifications
- Provides more robust coverage than any individual plan
Plus, offering benefits can lead to increased morale, productivity and commitment to meeting the company’s objectives.
Employee benefit plans are available to businesses with as few as a single employee. These plans are also customizable to an employer’s specific budget and can include coverage maximums, co-insurance, deductibles, employee premium sharing and/or per-visit maximums.
Don’t forget, employee benefits are non-taxable to the employees and are not subject to EI or CPP like a salary increase would be, making them a more financially viable solution than a raise.