Offering a strong health insurance plan – even if you have a very small team – makes your business attractive to employees and delivers critical health support so they can be productive. While its true that traditional group insurance really isn’t cost-effective if you have fewer than 10 people working for you, you might think that all you are left with is weak coverage options that are too expensive.
When you want health insurance for your team – even if its just you and one other person – you’ve got options. Here are 5 myths about health insurance for your small business and what you need to know, courtesy of Health Plus.
Myth #1: You need a minimum number of employees to offer benefits
When it comes to health insurance, one size does not fit all. A health insurance plan specifically designed for small business like Health Plus will deliver the benefits you want at a practical cost even if you only have 2 people in your business. Health Plus is a different kind of insurance company. It’s an independent, family-run business committed to offering better benefit solutions than the big guys. Health Plus OPTIMUM and PRIORITY plans were designed for people working at least 15 hours a week as small business owners, entrepreneurs, freelancers, and contract workers, or retirees no longer working.
And you can choose to fund individual health insurance plans as a great option to offer the unique flexibility of offering personal choice to each employee. That way, they can choose the plan that is right for their needs. Individual health and dental plans really work well if your business is just getting started, or you depend on contract, part-time or freelance workers. These plans are tax-deductible too.
Myth #2: There are no options for part-time or contract workers
Usually part-time and contract workers don’t qualify for coverage if you offer a traditional group health insurance plan. Group insurance rules for very small plans state that the plan only covers all full-time employees – so part-time employees don’t get coverage. But did you know there are great options available for everyone? Individual health and dental plans really work well if your business is just getting started, or you depend on contract, part-time or freelance workers. These plans are portable, so the person insured may carry the plan even between contracts or if they change jobs (or even after they retire). The plans are tax-deductible too.
Plans are available to anyone up to age 75. A simple health questionnaire is required and it’s easy to complete online. If the person has a pre-existing condition, they may still qualify for full Health Plus coverage for an adjusted rate that includes their existing medication.
And here’s another surprise. Health Plus plans have the same low rate for all ages.
Myth #3: Employee benefit plans aren’t affordable for small business
Because you have a small group to insure, you might worry that if your plan members use their health insurance, you’ll be faced with increased premiums. Here’s some stress-relieving news for you: Health Plus plans offer excellent coverage and keep rates low, and stable. You can also decide who will be covered and how much your business will contribute to the cost of the health insurance.
Health Plus plans provide comprehensive health, drug, dental, paramedical, travel health coverage, and more
PRIORITY is a basic plan perfect for covering all your health and dental needs for a low rate.
OPTIMUM 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.
With all Health Plus plans you get:
- High coverage maximums, including $30,000 for prescription drugs
- Routine and major restorative dental coverage, including Crowns, Bridges, and Dentures
- Higher maximums for healthcare practitioners and no low per-visit limits
- 100% coverage for semi-private hospital and private nursing
- 100% out-of-country emergency health travel coverage for up to 60 days per trip so you can enjoy peace of mind on longer trips without having to buy any more travel health insurance.
Myth #4: The administration of employee benefit plans is a lot of work
Not all healthcare costs are covered by our government health plans – and that means out of pocket expenses for you and your employees. Health Plus plans cover healthcare costs that government health plans don’t, so when the unexpected happens your employees can get the care they need and the coverage they deserve.
As a small business owner, you may not have a human resource professional to take on the task of administering a health insurance plan for your employees. Don’t worry! While traditional group insurance plans require a fair amount of paperwork, including enrolment of employees, choosing a Health Plus plan you can get quality benefits and leave the administration to us insurance experts.
Myth #5: Health insurance isn’t that important anymore because employees want new perks such as remote work
While it’s definitely true that today’s workers care about holistic benefits, not just a pay cheque, health insurance is still highly valued. In fact, for many small businesses offering health insurance is even better important than offering a raise. Health Plus also includes three professional Health and Wellness Resources at no added cost, no claims required, customized to you and your employee’s needs whenever you need them.
LifeWorks Employee and Family Assistance Program (EFAP)
Life, work, and relationships can present challenges and questions. Health Plus gives your employees access to the Employee and Family Assistance Program (EFAP) for confidential counselling and resources. They can use EFAP when they simply want a sounding board or professional view on a health, financial or relationship matters, from day care options to career moves, or the times when they are facing a serious situation.
The EFAP is available 24/ 7 by phone, email, or text, in many languages and there is access to an on-line library for hundreds of resources on dozens of topics.
Custom HR Advice
Whether you’re solo, employ staff, or work for someone else, you may have questions about contracts, compensation, policies, or other workplace concerns. With Health Plus, you can call an experienced HR professional for answers, suggestions on best practices, even policy templates — without the cost of hiring a consultant.
Pharmacogenetic Testing
A personal pharmacogenetic test is new science that helps a doctor prescribe the right prescription drug in the right dose for a person’s unique DNA, so they have fewer side effects and a faster route to wellness. This simple test is done privately at home and can help reduce adverse / allergic reactions and avoid the ‘trial and error’ process it sometimes takes to find the right meds for physical or mental health concerns. In some cases, it can be lifesaving. Test results are interpreted by the Health Plus consulting pharmacist who reviews them with your employee (and their doctor if they choose) and The pharmacist may also suggest non-pharmaceutical treatments too.
Ready to discover if Health Plus is right for your small business?
With SBIS, you can get Health Plus protection today, so you and your team have the healthcare cost protection for tomorrow. If you have any questions, would like more information, or need assistance selecting your plan, please do not hesitate to call us Monday to Friday 8:45 a.m. – 4:45 p.m. ET at 1-800-667-0429 or 416-601-0429.
