Canadian firms can create a group health care strategy that works. It also provides many business advantages such as reduced health care costs, enhanced productivity, reduces downtime, and offers tax benefits. Many kinds of group health care plans are readily available. Many different firms offer them. Most employers will provide a range of plans for families and individuals.
Aetna
Aetna provides the most popular kind of group health plan. This plan includes the best premiums and deductible rates with the least complicated administration and claims management. For example, the company can change benefits at any time. Also, employees are covered with two kinds of employee benefits: A high deductible health plan (Agency) and a low premium preferred provider organization (PPO).
Aetna allows its members to define pre-existing conditions. It provides flexible treatment options such as medical leave without prior notice and pay for qualified assistance. An Aetna member can select physicians, surgeons, and specialists. In addition, the Aetna disability income benefit provides cash incentives to employees caring for themselves or their families. If an employee’s condition worsens beyond a predetermined point, they may be eligible for a disability payout.
Another option is a Canadian firm that creates its own benefits plan. In these plans, the employers fill out the forms and submit them to the insurer. The insurer then sends the paperwork to the employees. The premiums are usually lower than in an Aetna policy. However, it requires more detailed reporting by the employees about their health.
Versapay
Versapay is another company that offers a group benefits package. Employees can choose from three different levels of coverage: Essential, Preferred, or Extra. The rates for each level vary. For instance, if the employee wants an Essential plan, he pays more than preferred.
There is another option for small businesses with low-dollar benefits packages. Some insurers have created a program called Constant Contact Health. Versapay is one of the companies that participate in this program. The group plan is similar to a group plan created by a large insurance company. However, there is no enrollment fee, and there is no benefit expiration date.
Every year, Versapay works out a benefit schedule for its employees and asks those covered by the plan to renew their coverage at the start of the New Year. The monthly premiums will remain the same, no matter the size of the family or the number of employees. The local advisor can call any employee at any time and make arrangements for coverage. Additionally, the local advisor can send a personalized online rate quote to each firm at any time. The local advisor is available for advice on many topics, such as starting a limited liability corporation, choosing an employee health benefits plan, and enrolling in any insurance coverage.
Premiums
Many employers have a problem with group health plans because of their low monthly premiums. There are several options available that may reduce premiums for employers. Many employers who offer group health plans have a discount system where employees are automatically enrolled in the plan. Employees can also purchase a secondary plan independently if they have questions or need to make adjustments. However, if you have questions or concerns, your best option is to consult a local small business advisor.
Advantage of group health insurance
One advantage of group health insurance coverage is that the plan typically offers prescription drugs at a lower rate than the cost of individual coverage. Your local advisor can help you assess which pharmacies give the lowest rates on prescription drugs. If you have a pre-existing medical condition, several options are available to you, including an Assisted Living Home, an in-home care aide, or a nursing home.
Because of our aging population, the numbers of people suffering from chronic illnesses like diabetes, heart disease, cancer, and Alzheimer’s are rising. Many of these people do not receive coverage through their employer, and they are forced to purchase the coverage independently. The group health insurance coverage offered through local disability associations covers most of the costs associated with critical illness coverage. If you or someone in your family has a pre-existing condition, this type of coverage can be a lifesaver.
Group health benefits for small businesses provide medical expenses and lost income and payroll tax benefits. These small business owners often find that they pay less per employee than many large corporations. Local disability organizations provide information and assistance regarding these benefits.
