98 percent of all companies in Canada are small businesses with two to 100 employees. In a survey of Canadian small businesses, 60 percent of employers said they worry about the quality of the health plan for their employees. While 33 percent also said they do not see how a benefit plan helps their business. That is unfortunate because the Canadian Employee Health benefit plan (CEHBP) is a group benefit that guarantees small businesses stable premiums and better benefits for employees. Through the Smart Design Plan, geared directly to small business owners, health care is affordable, available and beneficial. Small business health options program shop.
The Smart Design Plan works in four easy steps. First, unbundle the employee health premium from life and disability premiums. Making that premium its own fund. Second, use the health benefit premium dollars of the current year and subtract the new administration cost. Third, determine the level of funded high deductible insurance desired. In Canada, there are no deductibles on basic health care and co pays are extremely low or not existent at all. Finally, allocate the remaining funds to the tax free health benefit account of each employee. Commence the plan.
The Smart Design Plan allows for more control by the business. The company determines the premiums, not the insurance company. Instead of paying the premium to the insurance companies, businesses are allowed to pay the health care costs to its employees directly as an untaxed benefit. Not only are owners paying less, there pay is tax free and leaves more money in the pockets of employers and employees. The CEHBP also offers at least twice as much coverage in group health benefits to companies using the Smart Design Plan. Small businesses can pay less for health insurance, and get more health benefits thanks to the CEHBP and the Smart Design Plan. Small business health options program shop. Find out more here.