Employees are the bedrock of any business. Period. Think of all your business assets, such as intellectual property, brands, trademarks, R&D—are they not all created by your people.
In addition, they are key contributors to your business’ brand value and profits. Look after your people and they will look after your business. Providing them with a group medical plan is a very tangible way to show you value them and their contributions to your success.
Consider how your benefits package is a pivotal element in your employee compensation package. It is really the centerpiece of it. Here are some of the benefits of implanting a program:
- Protect Your Employees. True, Canada’s national healthcare program provides Canadians’ access to doctors and emergency medical treatment. It does not, however, cover all of employees’ healthcare costs, including the high cost of many new drug treatments.
- Attract and Retain Qualified Employees. Your group benefits package will make your business more competitive, enable you to recruit top talent, underpin the retention of key employees, and boost staff satisfaction and productivity.
- Group health, dental and related benefits also provide a measure of preventive healthcare that keeps employees happier, healthier, and more productive. It also helps ensure they return to work quickly if they become ill or injured.
- Gain tax advantages. Implementing a group healthcare plan increases employees’ compensation package and at the same time allows you an income tax deduction for the contribution, so that your out-of-pocket cost is less than the value of the benefit to the employee.
Self-employed individuals can deduct 100 percent of their health insurance premium costs as a business expense. You can always deduct 100 percent of premiums for your employees. If the business is incorporated, all costs for your own insurance as well as your employees’ is deductible.
- Offer employees group purchasing power. Even if you decide not to contribute anything toward your employees’ health insurance, you can offer them the opportunity to obtain group rates through your business, then if they were to purchase coverage on their own.
Whether you are a small business, large corporation, or self-employed a group health insurance plan can be tailored to meet your needs.
Click here to begin the process of improving the well-being of your greatest asset, and your bottom line.
A Park Insurance Partner