Business Plan Video
  • Home
  • Management

Business Plan Video

For the Modern Business Man

Menu

Group Benefits and Health Spending Accounts as Canadian Small Business Health Insurance Options

January 20, 2015 by Business Plan Video

Health spending account cra

While Canadians have plenty of services covered under federal and provincial health care plans, they often require additional benefits in order to deal with the rest. Thankfully, most Canadians receive this health care through their employers, the majority of which are small businesses. Using small business health insurance benefits for this care can extend from paying for medications to covering mental health spending and other treatments.

However, most people don’t know that they have a choice when it comes to which types of small business health insurance benefits they can choose. Let’s take a look at some of the differences in these plans.

Group Benefits for Small Business

Group benefits offer employees a specific set of health care benefits all paid for with a premium. This premium comes out of each pay period and may cover some or all health care-related costs. Some group benefits may be used for specific services. For example, many employers offer special plans for vision and dental coverage. Employees with more comprehensive plans may pay more for these services, which is useful if they happen to need them. However, those with more basic plans may not see all of their services covered or pay more than they need to.

Health Spending Accounts

Health spending accounts are a fairly new type of plan that allow employees to place 100% pre-taxed dollars into their own account. These accounts are approved by the Canada Revenue Agency and can actually offer tax advantages for employees at the end of the year; they also lower employment taxes for each paycheque. By using this service, those who are insured can select any services they need and use their HSA plan to pay for up to 100% of the out of pocket costs associated with that care. This flexible plan is favored by many employers for its low costs and tax advantages, as well.

Those who have questions about their employers’ small business health insurance benefits should ask an HR professional for more details. General questions can go into the comments below. Read more here.

Posted in: Flexible health spending account, Small business health benefits, Small business health insurance benefits

Recent Posts

  • Find the Best Value Tree Services for Your Home – Teng Home
  • How to Choose a Senior Home Care Center – Great Conversation Starters
  • How Can Seniors Get Help With Home Repairs?
  • How a Beautiful, Landscaped Property Can Help Sell Your Home – Family Dinners
  • Why Your Business Needs a Custom Banner – This Week Magazine
  • What is Sandblasting? – Interior Painting Tips
  • You Can Get The Best Dental Implants Minneapolis Dentists Offer – Good DentistsGood Dentists
  • Why You May Need Help from Local Septic Tank Companies After Heavy Rain – Daily Inbox
  • Tips for Choosing Between Drill Machines – Fast Car Video
  • Laser Fat Removal, Explained by a Professional – Health and Fitness Magazine

Archives

August 2022
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Jul    
Logo

Copyright © 2022 Business Plan Video.

Magazine WordPress Theme by themehall.com

RSS
Follow by Email
Facebook
fb-share-icon
Twitter
Tweet