Canadian healthcare is known for its “universal” accessibility when compared to many other developed nations, but for most Canadians it is really more complex than that. The Canada Health Act of 1984 paved the way for healthcare reform in the country by stipulating the guidelines for basic care in Canada. In fact, the CHA actually covers basic healthcare for Canadians. However, it doesn’t take care of everything, and this is why it’s important for small business owners to be able to find affordable small business health insurance plans for their employees.

Throughout all of Canada, approximately 30% of healthcare spending is out-of-pocket or through private insurers. Additionally, around 75% of Canadians have some form of private health insurance, typically through their employers. Health insurance for small business owners can vary in price, but most importantly, it needs to offer employees what they need for their individuals healthcare needs.

Just what do private insurance plans and small business health insurance plans cover for Canadians? Here are some of the benefits of this type of private insurance:

1. Health Spending Accounts: HSA plans in Canada allow employees to use pre-tax funds for their healthcare, giving them the option of how the money is spent. This money covers out-of-pocket healthcare costs. Because traditional health insurance involves paying co-pays, deductibles, and other fees or costs of services ineligible under these plans, an HSA is a popular option because it gives Canadians the flexibility to use these payments for any service or to cover these additional fees.
2. Medications: In Canada, pharmaceutical medication costs are covered for the elderly and the infirm by public funds. Other Canadians, however, must rely on their private insurance to pay for some or all of their medications. Corporate and small business health insurance plans help to take care of these costs for many employees, either as supplemental insurance or through a health spending account.
3. Special services: Many procedures and services are not covered through the Canadian provinces’ basic healthcare. For some, this includes dental services and vision coverage. In other cases, some surgeries are not covered, such as elective surgeries that will have longer wait times. Also, seeing a specialist sometimes requires additional coverage in order to take care of the costs.

Having a great small business health insurance plan isn’t just good for employees’ health. It’s also beneficial for the company as a whole, with more employees taken care of and fewer employees calling in sick. Do you have questions about health benefits for small business? Contact an insurance provider and leave a comment below. Find more on this here.