Did you know that a Strategic Counsel survey found that over 90% of Canadians prefer their healthcare system to a system like that of the United States? Throughout the world, Canada is known for its comprehensive healthcare system. Canadian healthcare is mandated by the government and paid for by taxpayers and government funds. It helps to cover basic healthcare, such as hospital and doctor visits, and for some Canadians, it will completely cover prescriptions, such as for the elderly and indigent. However, not all services are covered under public healthcare, so many Canadians looks to supplemental health insurance through their employers to stay healthy.
What sorts of plans do these small businesses offer? The most typical of these is small business group health insurance; with approximately 98% of Canadian businesses having between 2 and 100 employees, this qualifies most of them for a small business group health insurance plan. However, there are other types of supplemental benefits that an employer may choose.
Group health insurance is a term used to describe plans that are specific to a set of employees. For example, a company would use an insurer to administer their small business health benefits. The rates and coverage that those employees receive under their employer’s plan would be group benefits. Employers can choose the level of coverage they would like for their employees when they select their small business group health insurance plan. In Canada, at least 50% of employers are concerned with the level of coverage that their employees have, and 72% report that they are concerned with the cost per employee. These two issues are very important when selecting group benefits.
Another popular form of benefits for Canadian employees is the health spending account. Health spending accounts allow employees to place 100% pre-taxed dollars into an account for use for any kind of healthcare spending, including up to 100% of out of pocket payments. These plans can be used for anything health-related, even those procedures that aren’t traditionally covered or deemed medically necessary. These funds can cover anything from mental health spending to lap band surgery costs.
The Canadian healthcare system can help citizens get the medical care they need, but it’s not without its flaws. Many Canadians say that their biggest worry is the long wait times for medical procedures — even those that are considered life-saving. However, there are plenty of options for getting long-term care and choices concerning how healthcare funds are spent with a health spending account or other employer plan.
Have questions on Canadian health insurance? Leave a comment below. More research here: www.myrhsa.com
