According to Mercer Marsh’s 2023 Health on Demand report, your business needs to be ready to support employees in the moments that matter with flexible benefits. More than ever, your workforce is used to personalization in almost every part of their lives, from where and when they shop to the types of music, news, social media and streaming shows that are filtered for them to choose from.
And, more than ever members your team want to work for an organization that helps them have better control over their health and well-being. However, according to Mercer Marsh research shows that just 52% of employees can personalize their benefits package to meet their needs.
So, the question is: How can you support them with health insurance and provide flexibility and choice – and stay within your budget?
One size doesn’t fit all when it comes to benefits
You and your employees are all covered by a provincial healthcare plan that may pay for some medically necessary care, but most people are not covered for the cost of prescription drugs, and must pay out-of-pocket for dental care, routine eye exams, glasses, contact lenses, hearing aids and other medical items or equipment. Provincial plan coverage also won’t pay for certain preventative services and screening tests.
That’s why health insurance is vital to fill in the gaps, protecting employees against out-of-pocket healthcare costs. But what do your employees need? It depends on many factors:
- Are they young, single and in good health?
- Do they have a spouse and children who rely on them?
- Are they caregivers in their off hours, facing time limitations and stress?
- Does their spouse have coverage already?
- Are they managing a chronic condition?
- Do they want to focus on mental health and their well-being?
- Are they approaching retirement?
Your employees likely expect and need different types of healthcare support. That’s why the concept of employee choice is at the core of a flexible benefit plan.
Consider individual health insurance for your group
One way you can offer a flexible variety of benefit options is to fund individual health insurance. Putting individual health insurance in place gives so much for so little. It is a sensible strategy that offers
Coverage for every type of employee
You can offer coverage for employees aged 18 and over, no matter what their occupation is. They may be new to the business or approaching retirement, work full- or part-time, and you can even offer coverage for consultants and retirees. Individual health insurance is renewable for life as long as premiums are paid.
Supplemental protection
If your company wants to retain a group insurance plan, individual health insurance can supplement the group plan, providing extra protection from out-of-pocket healthcare costs to those who need it as an option.
Cost predictability
Individual health insurance can be more affordable than group health insurance because of the size of the risk pool. Individual health insurance spreads the risk over all the individuals covered by the plan. With your group health insurance plan, even a few employees or their family members who have become seriously ill or experienced an accident can raise group insurance premium rates at annual renewal.
When offering individual health insurance, you can define how many dollars you will contribute for an employee to use on their individual health insurance purchase. You can pay for the employee individual health benefits with pre-tax dollars, just like you would for a group plan. And your organization will have benefit cost predictability without the threat of benefit plan premium increases in the future.
What does an individual health insurance plan cover?
Here are just some of the features of individual health insurance that your employees can choose from:
Drug benefits
Individual health insurance plans cover the cost of prescription drugs; they can be used to “top up” group plans, or as the primary drug coverage benefit, keeping your employees happy and healthy.
Dental and Paramedical benefits
Having enhanced dental coverage is typically only second in importance to prescription drug coverage for any employee, especially those with household income over $90,000 who are not covered by the Canada Dental Plan starting in 2025. There are individual health plans that offer only dental and extended health benefits, and these are an attractive option for young and healthy employees who don’t see a need for prescription drug coverage. These individual health plans include paramedical coverage, hospital coverage, vision care and more — just like those that also offer prescription drug coverage.
Flexibility of choice
Employees can have the option to choose specific benefits that are best suited for their current personal situation. Individual health insurance plans range from basic to comprehensive — offering coverage for employees only, or for their family.
You can connect every employee to the individual drug and dental individual health insurance plan that suits their unique needs regardless of their current health conditions.
Flexibility = Choice
SBIS offers a wide range of individual plans and small group health plan options with flexible features. Here are just some of the options we offer:
Exclusive access to Green Shield Prism Spectra and Precision plans
These plans features different coverage levels so your employees can select the best option for their particular needs. Maximize each individual’s healthcare coverage with the highest benefits through a medically underwritten plan or offer access to a guaranteed-issue individual health and dental plan that does not require a medical questionnaire.
Manulife FlexCare, FollowMe, Association and the Guarantee Issue Enhanced Health and Dental plans
Employees can customize their health insurance offering with add-on options, It’s an affordable, accommodating way to let employees purchase only the insurance they need. Acceptance can be guaranteed to everyone depending on the plan you choose.
GMS Personal Health, Replacement Health and Group Advantage plans
GMS Personal Health Insurance plans give employees coverage for everyday health needs and medical emergencies so they can afford treatment that helps them feel their best, and there is a plan available for everyone, guaranteed.
If your business has 3 to 49 employees, the GMS Group Advantage Plan allows you to mix and match and deliver a group benefits plan that requires no medical questions and provides quick coverage. This off-the-shelf plan design makes the application process simple so you can get back to business with no major interruptions. You also get an Employee Family Assistance Program (EFAP) that provides wellness benefits to your employees at no extra cost. Employees can use EFAP to access support networks, life coaching and professional counselling services.
Health Plus Priority and Optimum Plans
Health Plus plans provide comprehensive health, drug, dental, paramedical, travel health coverage, and more – all at great rates. The Priority plan is perfect for covering health and dental needs for a low rate. The Optimum plan provides superior coverage with higher maximums for paramedical services, added vision coverage, and higher reimbursement for health services, drugs, and routine and major restorative dental. Plus, coverage includes three professional Health and Wellness Resources at no added cost, no claims required, customized to your employee’s needs — simply available when they need them. These plans offer the best rates for families and Health Plus has a reduced rate for single parents with one or two children.
Offering flexible health benefits can be a game-changer for your business
Enabling employees a ‘menu’ of health benefits to choose from, you can ensure that they select the benefits they truly value. This flexibility can help attract and retain top talent, improve employee well-being and keep employees satisfied. At the same time, you can keep your business benefit budget in balance.
At SBIS we guarantee we will help you at no additional cost – so you can offer employees flexible benefits with ease. Learn more about small business health insurance information and our offerings here or contact SBIS for your free, no-obligation quote or information package now!
