Businesses large and small have been facing obstacles related to the workforce in 2022. According to Statistics Canada’s Canadian Survey on Business Conditions for the first quarter, only about 65% of the working age population is participating in working or looking for work. That means for industries ranging from construction to retail and food services to manufacturing, there is a shortage of labour and that is an obstacle for business success.
To compound the problem, it is getting harder to retain skilled employees who are being offered more employment options from interested employers seeking them.
While many businesses plan to increase wages offered to existing and new employees over the next 12 months, don’t overlook how critical health insurance benefits are as an attractive component of compensation.
The value of workplace supports, starting with health benefits, has never been greater
About 10 years ago, according to the 2021 Benefits Canada Healthcare Survey employers considered the main purpose of their health benefits plan was to bring ‘peace of mind’ to their employees. Today it is more definitive reason. Employers understand that the reason health insurance benefits are critical to employees is “to provide coverage so that employees are not placed under undue financial burden.”
For many people with chronic conditions, the pandemic exacerbated their conditions due to delayed treatments, reduced physical activity and increased anxiety, among other factors. The sick were getting sicker – impacting workers personally and those within their family household.
That is why having access to a health insurance plan is not only viewed as a vital part of an attractive compensation package that reduces out of pocket expenses
- It helps ensure employees will not hesitate to take care of their health and be able to stay productive
- With family coverage, employees will be less distracted about the out-of-pocket burden if their spouse or children get sick or are injured.
Health and dental insurance helps employees save on healthcare costs not covered by their provincial government plan, including expenses like prescription drugs, dental care, hearing aids, vision care and massage therapy and much more.
Beyond protecting employees from financial burden, health insurance protects your business. There is a cost to your business if you do not have health insurance available for employees.
Already have health insurance in place?
Health insurance benefits are used more than ever as support to help Canadians working to get back on track with their physical and mental health goals.
Be sure that your employees know what benefits they have, how to access them or whether they adequately meet their healthcare needs. According to the second annual Canadian Attitudes on Health and Virtual Care Report study, about one quarter of employees do not know how to access their employee benefits. Many employees also indicated that their benefit plans did not provide sufficient support.
To attract and retain your employees, consider paying your employees a little more cash and encourage them get an individual health insurance policy on their own. This option can be a cost-effective way to provide enhanced and unique support that makes your compensation package stand out from the competition. Employees will be able to choose the health insurance benefits they think they will need. That is flexibility they will appreciate.
Or, if your group plan is too costly, you can consider reducing the basic benefits provided to reduce your business expense, and distribute a portion of the funds you save to employees so they can make their own supplemental health plan choices.
What can you offer your new hires?
Employees are attracted to the financial confidence of being able to show their health insurance benefit card to confirm coverage for the prescriptions provided — and not have to pay out of pocket for most of the costs. They are relieved that they can submit dental claims directly to the insurer for reimbursement.
Here are just some of the healthcare costs health insurance helps cover:
- vision care
- registered specialists and therapists including chiropractors, chiropodists, dieticians, naturopaths, registered massage therapists, physiotherapists, acupuncturists and registered psychologist or psychotherapists
- homecare and nursing or personal support workers
- prosthetic appliances and medical equipment
- accidental dental
- ambulance
- hearing aids
- travel medical insurance.
Don’t let insufficient health insurance be a hiring obstacle
As an employer now it the time to take advantage of today’s raised conscience of importance of good health and healthcare. Providing access to health insurance supports employees who want to get back on track with their physical and mental health goals.
If you or your employees have never had to purchase health coverage before, the terminology, many different options, and the process may seem like another confusing obstacle. That’s why having opportunity to talk it over with an expert is valuable.
At SBIS we are experts in small business health insurance and we have no shortage of options to fit your budget and needs, with over 40 different health and dental plans to choose from.
Want us to work directly with your employees? You can let them know that SBIS is an expert they can trust. We can help your people figure out what plan to choose, what coverage they may need, and what their budget is, and then we can assist them in actually signing up for the new plan.
At SBIS we provide support information you can share with employees by email or on paper. We want to help you remove obstacles and be the most successful business you can be. Give us a call Monday to Friday 8:45 a.m. – 4:45 p.m. Eastern Time at 1-800-667-0429 or 416-601-0429.
