Why Your Small Business Plan Needs To Include Health Insurance

Why Your Small Business Plan Needs To Include Health Insurance
Your business plan is the solid foundation that puts your mind at ease and gives you the freedom to focus on running your business – even when the unexpected happens.

Business plans help you run your business. Having a good business plan is like having a guide working to help you start and manage things day to day, creating a structure for you to grow your new business. It’s a way to think through the key elements you need for success.

If you need investment funding or to bring on a business partner your business plan is vital. Why? Investors want to be assured that you have a plan that will give them a return on their investment. Your business plan can convince them they are making a smart choice.

The content in your business plan tells your business story — what your company is and why it will be successful. You include overviews and detail information on your products and services. You also include information about your leadership and employees – and that workforce is most often the key to your competitive advantage.

But what happens if you or a member of your team becomes ill or has an accident? Will you be able to stick to the plan?

Make health insurance part of your plan

If your organizational chart lays out who is in charge at your company and show’s how each person’s unique experience will contribute to your venture, it’s sensible to also state how you are helping to ensure these critical people will be resilient and able to work day after day – with the support of health insurance.

Here are just some of the ways you can clearly define how health insurance will help your business:

  • Your team will spend less time worrying about healthcare costs and more time managing your business
  • With out-of-pocket healthcare expenses limited, you will be able to conserve financial resources that could be better spent on building your business
  • You are tangibly demonstrating to your employees that they are valued, strengthening your ability to attract and retain a strong team.

These simple benefits can mean the difference between meeting customer expectations and sales goals – or not. If your team is side-lined by health issues and the worry of out-of-pocket healthcare costs, it could spell disaster.

You and your employees are already covered by your provincial insurance plan that may pay for 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. Your provincial plan coverage also won’t pay for certain preventative services and screening tests. That’s why health insurance can be vital to the health of your business and the health of your employees.

Here are some health insurance funding options to consider

Health insurance funding options

When you are writing a business plan, you may not feel equipped to provide your team with health insurance benefits, but there are funding options to consider:

Establish a small business group health insurance plan

A group benefit package designed for small businesses with 3 to 10 employees can simplify and reduce the cost of offering a health and dental while offering premium stability. The plan can be as comprehensive and affordable as you like – simply choose the health and/or dental plan that best suits your teams’ needs.

Pay for individual plans for your employees

This option may be less expensive than a group plan, but be aware that individual plans may have more limited maximums for prescription and dental benefits.

Encourage your staff to get their own individual health insurance plans

While you may not be able to immediately fund full health insurance coverage for them, you are establishing that you do want to ensure that they will have protection for their health.

At SBIS we offer individual and small group health plan options

Here are just some of the options we offer:

Exclusive access to Green Shield Prism Spectra, Precision and Continuum Plans

Each of these individual insurance plans features different coverage levels so you can select the best option for your 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. And if you and your team left an employer within the past 90 days to start your business, you can take advantage of special guaranteed-issue plan options.

Manulife FlexCare, FollowMe and Association Plans

Employees can customize their health insurance offering with add-on options so your Small Business Health Insurance program is tailored to the unique and specialized needs of your company. It’s an affordable, accommodating way to purchase only the insurance you 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 10 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.

Planning to get started?

If you are ready to write your small business plan and have more questions on how health insurance can help, go online or contact SBIS today.  Our business plan is always to help you with free, no-obligation quotes and information.


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