With 90% of insurance accessed in Canada is through Group insurance, employers recognize the value that comes with health and dental plans for companies. 

But while the advantages of obtaining group health benefits plans for small businesses are well known, deciding on a plan for your small business can be challenging. 

You have to consider several factors, such as your budget, the number of employees in your group health, the needs and requirements of your employees and what would you like to provide your employees. 

Even then, it can be challenging to narrow down which health and dental plan is best. With so many options around, it can be overwhelming to choose one that works for your small business. Listed below are some of the most common options available. 

The Different Options For Health & Dental Plans For Small Businesses In Canada 

Basic Insurance 

Basic insurance, also known as traditional health insurance, is the most basic of all plans. For small businesses, the option is very familiar. You pay a monthly premium to an insurance company in exchange for the basics of your insurance, including life insurance, health insurance, as well as accidental death and dismemberment. Depending on who your insurance provider is, your coverage will vary. 

Flex Plans 

Also known as “cafeteria plans”, a flex plan allows employees to select the benefits that will be most useful to them. They can choose from more expensive policies or sign up for the most basic coverage. This allows each employee to select their own type of medical coverage, as they will most likely use the benefits they have assigned for themselves. 

For business owners, a flexible benefits plan helps by creating options within an employer-defined budget. You begin by setting a budget that fits your business. Employees then choose only the benefits they desire, with employers not paying for the benefits they don’t use or want. During the benefits selection process, employees will see the total cost for their benefits, which drives increased appreciation for your business’ contribution.

The only downside to flex plans is that they are difficult to administer and to communicate with the team. It also requires extra work and can usually lead to higher premiums, especially if employees select more expensive plans or services.  

Dental Insurance

Modular Flex Plans 

Modular flex plans are one of the most popular options these days for smaller businesses. Similar to traditional health coverage options, modular flex plans provide coverage for specific benefits, such as vision, disability, and dental insurance in Canada

The significant advantage with modular flex plans is that it is made up of a package of several different benefit bundles that can be used by employees to select a benefit-pack of their choice. 

With modular flex plan options, you can also get health spending accounts, wellness accounts, or even RRSP contributions.

Health Spending Account (HSA)

According to Sanofi, employees that have access to wellness programs (63%) and health-care spending accounts (60%) are more likely to be satisfied with their health benefits plan compared to those without those benefits. This statistic highlights the demand for employers to include these services to their policies. But what are the differences between Wellness Spending and Health Spending Accounts

Health Spending Accounts (HSA) cover medical services that impact the health of employees. It is why their HSAs include dental insurance, prescription drugs, physiotherapy, and vision. Significantly, an HSA is a tax-free allowance. All expenses are 100% tax-deductible for businesses, and employees do not pay tax on their purchases. 

A Wellness Spending Account (WSA) covers services that are only concerned with wellness and health services, as opposed to medical services. They include more health-related services, such as gym memberships, nutrition advice, over-the-counter supplements, personal development, courses and textbooks, mental health and therapy. A WSA is added to an employee’s taxable salary, as opposed to an HSA, which is tax-free dollars. When the reimbursement of the WSA takes place, the expense will be added to the employee’s total taxable income. 

Wellness Spending and Health Spending Accounts can be included in modular flex plans or separately on their own. It varies from policy to policy. 

Find The Group Health Plan That Work For Your Small Business 

Finding a plan that works for your employees can be complicated, but not if you get help. It would help if you spoke to an insurance provider for more information on obtaining a group health insurance and a dental plan for your small business. 

Perlinger Group Benefits has been offering exceptional group benefit plans since 1992. Our goal is to provide the best group health insurance plans to meet your business’ needs, regardless of the size of your business. We make it affordable and easy to get access to comprehensive benefits plans. Contact us today: Direct Line 403-217-5560 | Toll-Free 1-877-217-7829 | Email [email protected].

As an employer, you know that getting a group retirement plan can help your company solidify itself for the future. Not only will your contributions to the plan be tax-deductible, but it will keep your employees committed for the long-term, reducing the need for hiring new workers and ensuring productivity levels are maintained. 

But what about the benefits of your employees? Alongside group health insurance plans, it is in your best interest to offer your employees a group retirement plan that helps them secure their future. Here’s why: 

What is a Group Retirement Plan? 

But firstly, let us explain what a group retirement plan is. In basic terms, it is a pension plan, much similar to RRSP, but is set-up by employers for the benefit of their employees. The policy is designed to provide employees with a plan to save for their retirement, as well as help them contribute more to it. 

5 Ways a Retirement Plan Benefits Your Employees 

1. Entice New Employees & Keeps Them Committed

Without question, a group retirement plan is an enticing prospect for would-be employees. It highlights a willingness on the company’s part to commit to the employee in the long-term, and in turn, the employee will stay knowing that their future is safe. Just like group health insurance plans, employees will feel valued by the company, showing loyalty in return. 

2. Helps Employees With Their Retirement 

Did you know that according to a new CIBC poll, 32% of Canadians between 45 and 64 have nothing saved for retirement? That is a staggering number, and while it is not a good outlook for employees and the economy in general, companies can alleviate that stress by providing group retirement plans. Employees will commit and feel comfortable with the knowledge that their future savings are being looked managed. The alleviated stress will also help employees focus on their jobs, helping increase their productivity. 

3. Contributing To Their Savings 

It has been known that a lot of people struggle to save. Whether it is because of overdue debt or household living costs, people struggle to put money away. The group retirement plan provides a helping hand. Contributions into the group retirement plans are directly withheld from the employee’s pay, thus making it much easier to save. Employees will find that they will be able to save money easier when it is done for them. 

group insurance plans

5. Employer Match Helps Produce More Savings 

If an employer decides to make contributions to the group retirement plan, employees will accumulate funds quicker than ever. Employees will be able to continue working knowing that their future funds are given a helping hand by their employers. They will also feel happier that the company is committed to them in the long run. 

As you can see, getting a group retirement plan can be beneficial for your business. Speak to a professional today and find the time to get your plan sorted.

Perlinger Group Benefits has been offering exceptional group benefit plans since 1992. Our goal is to provide the best group health insurance plans to meet your business’ needs, regardless of the size of your business. We make it affordable and easy to get access to comprehensive benefits plans. Contact us today: Direct Line 403-217-5560 | Toll-Free 1-877-217-7829 | Email [email protected].

Although Canada is blessed to have universal healthcare, people are not covered for all medical expenses. This can place a heavy burden on people, their livelihood and their income. 

It is why businesses – big and small – should obtain group health insurance plans for their employees. These plans provide supplemental coverage to better ensure the physical, mental and financial health of employees and their families. Employers, too, will also experience many advantages if they obtain group health insurance plans at their establishment.

How Does Group Insurance Benefit Employees? 

Several advantages come with providing employees with group insurance plans as opposed to individual benefits. Most significantly, the higher the number of people in the pool (group), the more flexibility there is available for employees. This can include adding coverages like vision and orthodontic dental insurance in Canada or offering employees flexible options to choose their own plan design. It also means that there can be more coverage for life insurance and disability insurance, as well as better constructed and lower-priced plans. 

Employees will also be more proactive to get medical assistance when they know they have options available to them. That means less sick days in the office, a higher rate of productivity, and happier and committed employees. 

group insurance plans

How Does Group Insurance Plans Benefit Employers? 

For employers, group health insurance plans have a longer-lasting positive impact on the workplace. 

Financially, group insurance plans are designed to be more cost-effective for businesses. 

Firstly, there are few ways for an employer to transfer funds to an employee while avoiding payroll taxes. By funding a group health insurance plan or health care spending account, employers are able to do exactly this. Premiums paid for group health insurance, dental insurance, and health care spending accounts are tax-deductible for the employer and tax-free to the employee. 

Secondly, due to the high number of employees, employers can get group plans for a better competitive rate, instead of paying more for individual plans. 

Culture-wise, providing group insurance plans is a sign of protecting a valuable investment: employees. Significantly, the plan creates a sense of security and belonging at work, keeping employees safe, secure and happy. Employee morale will improve, and they will be loyal to the company. 

They will also maintain productivity as they will facilitate returning to work earlier if they are supported and provided with coverage. 

Finally, the better the plan, the better the opportunity for employers to attract and retain employees. Group insurance plans are a significant part of an employee’s contract, highlighting a commitment from management, which will be returned as the employee will stay in the company longer. 

Getting group insurance plans can provide both employers and employees with huge benefits, resulting in an overall improvement of any company. 

Perlinger Group Benefits has been offering exceptional group benefit plans since 1992. Our goal is to provide the best group health insurance plans to meet your business’ needs, regardless of the size of your business. We make it affordable and easy to get access to comprehensive benefits plans. Contact us today: Direct Line 403-217-5560 | Toll-Free 1-877-217-7829 | Email [email protected].