How to Pick the Best Small Business Health Insurance
How to pick the best small business health insurance? Are you looking at choosing small business health insurance benefits plans for your company? That makes sense: studies show that small business health plans can increase employee loyalty, attract talent and help decrease turnover. To ensure that you are attracting the best talent for your small business, you need to make sure that you’re choosing the right health benefits plan.
When comparing plans it’s always best to consider your employee demographics and health needs. But even this can only help so much: there are so many options for health plans that shopping for the right plan can leave you confused and frustrated.
Fortunately, there’s help. This article aims to make it easier to help you decide how a small business health plan may be right for you and your company by outlining the components of your benefits plan.
How Grouphealth’s Small Business Group Health Insurance Works
Employee health benefits for small businesses need to be as competitive as plans for large businesses – but they also need to address the unique needs of smaller (and newer) organizations. For example, the costs of providing for employees may be felt more directly on the bottom line at a small business. Plus, relationships between small business owners and their employees can feel much more personal – which makes the impact of poor benefits experience more personal, too.[/caption]
At GroupHEALTH, our benefits strategy focuses on making benefits plans affordable, configurable, and usable for small businesses. Getting each of these right ensures that small business owners are getting better value from their benefits plan, and allows them to focus on their business, not on their benefits.
How Small Businesses Can Use Employee Benefits for Recruitment and Retention
As a small business owner, you know that running a small business takes a lot of hard work. The ones that succeed typically do it with one important resource: the right employees. This is why one of the keys to your success is attracting and retaining the right type of talent.
Small Businesses as Employers
Small businesses have been referred to as the “backbone” of the Canadian economy. According to Statistics Canada, in 2017, almost 70% of Canadians who worked in the private sector worked for small businesses (organizations with fewer than 99 employees).
Finding and retaining the best employees is a challenge – so how can employee benefits help you with this monumental task?
Conquering Small Business Employee Benefits Challenges
Big companies with big budgets and lots of employees have traditionally had the advantage of offering employee benefits and attracting the best employees through them. But that’s changing, as providers like GroupHEALTH make benefits affordable and practical for a small business. Challenges remain, but GroupHEALTH is working with small businesses across Canada to find solutions.
Challenge: Prescription drug costs are rising
Extended health coverage is typically a cornerstone of most employee benefit plans. It accounts for a large portion of total spending on employee benefits, and the costs keep going up. The biggest contributor to extended health costs is prescription drugs. The challenge for you is how to put a lid on rising prescription drug costs, while still supporting your employees with great coverage.
Five Reasons Why Good Employee Benefits Are Good For Business
While you focus on the vision for the company and make the big decisions, your employees are making it happen. Providing employees with health benefits helps ensure that your most valuable resource is being supported, conserved and developed. Investing in the health and wellbeing of your employees is more than just meeting market demand: it’s a way to maximize the investment you’re already making in your business. Here are the top five reasons why good employee benefits are good for your business.
A good employee benefit plan can help you grow your small business
Even the largest corporations in the world had to start somewhere. One day, way back when, they too were a small business. They worked hard, struggled past roadblocks, adapted their offerings and persevered. They grew. For most small business owners, growth is an important goal.
The Goal: Growth
When it comes to business, there are a number of different ways a company can grow. Each of the elements are intertwined and when one area grows, another is almost certainly affected. If you are like many small business owners, you may attempt to grow by:
4 “Must-Haves” for a Small Business Employee Benefits Plan
As a small business owner, you know that a lot of hard work and determination are required in order to succeed. Your core group of employees are invaluable, and you want to both reward and support them. You think that now might be the right time to sponsor an employee benefits plan. So what next?
Benefits can support your small business
As a small business owner, you always look to balance quality with cost containment. You don’t have a lot of room in your budget to spend money carelessly, but you recognize the need for investing in your business by investing in your employees. There are a number of ways that an employee benefits plan can support your small business.
Don’t pay too much for far too little in your benefits plan
Running a small business requires hard work, patience and – of course – money. You want to make sure that all of your costs make sense, but there are some expenses – like your employee benefits plan – where the cost structure might seem too complex to find savings.
But it doesn’t have to be! Here are three ways for you to not only save money with an employee benefits plan, but get more out of it.
Employee Benefits in Uncertain Times
With the second wave of COVID-19 hitting Canada hard, life feels uncertain. For small business owners, the future may seem uncertain. When operating in unprecedented conditions, your employee benefits are just one more thing that you may be uncertain about. Can you afford them? Should you get rid of them to cut costs? What’s the best move for you and your company?
Does a perfect employee benefits plan exist?
Many small business owners are wondering whether it is possible to have an employee benefits plan that fits the needs of both employers (who need to carefully watch their bottom line) and employees (who need effective coverage).
While there is no one-size-fits-all benefits plan, the good news is that you can work with your broker on creating the “perfect” employee benefits plan to suit the unique needs of your employees and your business.
How to pivot your employee benefits strategy effectively?
As one of 2020 will be marked as one of the most challenging years for small businesses. As you are shifting towards new business strategies, it’s crucial to shift your employee strategy as well, including your employee benefits.
When is a good time to implement an employee benefits plan?
It’s taken a lot of hard work to get your small business to where it is today. You probably haven’t done it alone: in many cases, your employees have been right there working with you, and your family has sacrificed for their success. Now you are considering implementing an employee benefits plan to support them, but you want to be sure: what’s the right time to provide an employee benefits plan?
Re-Opening the Economy and Your Employee Benefits
Restrictions and public health directives related to the COVID-19 pandemic have been very challenging for small business owners across Canada. As some parts of the country begin to re-open, many small businesses are trying to figure out what the future will look like. For some small businesses, the effects of the closures and restrictions mean they are now operating in “survival mode.” There are more challenges ahead as the economy re-opens. As a small business owner, you’re making a lot of changes, and you may wonder if you should make changes to your employee benefits program as well.
6 Questions to Ask About Every Employee Benefits Plan
Are you considering changing to a new provider for your small business health insurance? If so, you’ll want to think carefully before switching to just any plan.
The reason is simple: launching a new employee benefits plan is no small undertaking. Switching to a new provider or insurer usually takes a lot of time and effort. You have to do your due diligence to choose your new provider; you have to do the work of selecting the plan; finally, you have to communicate with employees, and roll out the plan. All of this takes time and money; both of which you could instead be using to grow your business.
So, before making the switch, there are 6 questions you should ask about every benefit plan
How Much Should Your Company Spend on Employee Benefits?
As a small business owner, you’re always thinking of ways to bring in and retain great talent for your business. It can be difficult to compete with larger enterprises that offer comprehensive compensation, employee benefits and more features to their employees. As a small business, how do you make your total compensation attractive to prospective and current team members?
One of the most important factors to consider is keeping employee satisfaction high with an efficient benefits plan. As a small business, you need to be able to compete with larger organizations, but you can feel particularly vulnerable to financially unsustainable plans. Unfortunately, many businesses end up overspending and wasting thousands of dollars on their employee health benefits because they haven’t implemented flexible options for employee benefits coverage that will keep your employees healthy, protected and satisfied, without waste and inefficiency.
Benefits for Small Businesses
We know that small businesses are the engines behind our economy, so we’ve tailored our benefits for companies like yours that are driving Canada forward. We haven’t forgotten the late nights and hard decisions that went into growing our business.That’s what’s helped us provide benefit solutions that work for over 3,000 small and medium sized Canadian businesses.
So, before making the switch, there are 6 questions you should ask about every benefit plan
Smart Plan for Small Businesses
The Smart Plan for Small Business helps Canadian small businesses balance excellent benefit coverage with cost containment.
The Smart Plan is designed specifically for businesses that:
Have three or more employees, including the owner.
Don’t currently have an employee benefits plan.
Are concerned about containing their costs, and need cost transparency.
Need flexibility and configurability to not pay for benefits they don’t need.