7 Reasons for businesses of all sizes to offer health benefits
It used to be that many employees were happy with a paycheque. Health benefits were regarded as nice perks available mostly only through large, established employers, but not compensation musts. Fast forward to today and there’s been a 180-degree shift in how health benefits are viewed by employees and employers alike.
Health benefits can now be deal makers ― or breakers ― when negotiating an offer off employment. This is particularly true of younger employees who consider coverage for services like mental health support or physiotherapy to be essentials in their remuneration package, rather than extras. Given the fierce competition for new hires, this is an important consideration when planning for business growth.
Employers, on the other hand, increasingly recognize their value in creating a healthier, more productive workforce that ultimately boosts their bottom line.
As a benefits provider, we see first-hand the positive impacts health benefits have for businesses of all sizes.
Here are 7 great reasons to include health benefits in your compensation package:
- Improves organizational performance to make you more profitable
- Gives you a competitive advantage in the job market to help recruit and retain top talent
- Provides a tax-deductible, cost-effective way to help employees cover their medical expenses and maintain their health and wellness
- Boosts employee engagement by demonstrating your concern for their physical, mental and financial wellbeing
- Gives your employees access to specialized services, from one-on-one coaching to virtual care
- Helps employees secure their financial future in the event of an accident, illness, disability or death
- Provides you with peace of mind knowing that you’ve done your best to protect the health of your employees and their loved ones
And, as we saw over the past year and a half, ensuring the health and wellness of employees can help the entire organization build resilience through the pandemic and beyond.
An option for any sized organization
Some small business owners may think that a benefits plan is out of reach. That’s where Benefits for Small Business comes in. Available in Ontario and Atlantic Canada, this product is specially designed to meet the unique needs of businesses with less than 10 employees (73.5% of businesses in Canada). It’s a flexible, convenient and affordable solution that helps small businesses enjoy the advantages of a “big company” benefits plan.
As the economic engine of Canada, small businesses are vital to our nation’s success, employing the majority of private workers (68.8%) or 8.4 million people across the country. By helping make health benefits a reality for small businesses, we believe we are helping them to stay strong and grow.
In a recent interview with SME Business Magazine, David Adams, VP Business Development for Medavie Blue Cross, explains that our turnkey plan is designed to pool claims together with other small businesses, lowering the financial impact of possible high claims activity and ensuring plans remain cost-effective for the long term.
Key elements include stable pricing for must-have benefits, with no deductibles or medical questionnaires required; digital tools for on-the-go plan access and claims management; direct claims payment; access to virtual health care at preferred member rates; easy activation and simple administration. This plan also offers added flexibility with a health spending account option and employee-paid optional coverage for critical illness and additional life insurance.
Adding health insurance just makes good business sense, no matter what size your business is. Plus, it’s the right thing to do.
To learn more about Benefits for Small Business, speak to your Medavie Blue Cross representative or read more below.