Canadians are fortunate enough to have a public health care system that will cover basic needs. However, for most people, this system doesn’t always cover everything, so many people need to sign up for supplemental health benefits.
In order to evaluate your needs for health care, or the needs of your employees, check out this list of common types of health care for Canadians to find out just what you are getting.
The public plan covered by the CHA and the government is what just about all Canadians use for their basic health needs. While this plan can cover doctor and hospital visits for everyone, other services are not generally included under these funds. Additionally, the elderly and infirm can receive their medications through this plan for free, but other Canadians may have to enroll in supplemental insurance in order to avoid paying high fees. In general, public funds typically don’t cover mental health spending, lap band surgery costs, and other services that are deemed elective or non-essential.
Small Business Health Plans
Because public health care doesn’t always cover everything, many Canadians will opt for additional group benefits for small business employees. These small business health plans will cover additional services and may have special allowances for vision and dental plans also. Approximately 98% of all businesses in Canada are small businesses with 100 employees or fewer. Therefore, these small business health plans are often tailor made for small or medium-sized enterprises. Rates can vary widely for this type of coverage.
Health Spending Accounts
Finally, another option that is becoming increasingly popular is the use of health spending accounts, or HSAs. HSAs offer a tax advantage to employees by allowing them to place pre-taxed dollars into a personal spending account for their health care needs. For employers, they are relatively inexpensive to administer and simple to set up. HSAs are becoming the preferred method for paying for out-of-pocket costs and for certain types of medical supplies.
Have more questions about finding the right health care options for yourself or your employees? Leave a comment below. For more information, read this website.