Optimax Benefits > Group Benefits Planning > Why Provide Benefits

Why Provide Benefits

REASONS TO PROVIDE HEALTH BENEFITS

Group benefits are an essential investment, providing security for your team and your business.

While providing employee benefits may cost a bit more initially, long-term advantages largely outweigh those costs and add to the overall success of your company. Your business will be in a better position to acquire talent that will stay with your company in the long run.

EMPLOYEE MARKETPLACE COMPETITION

  • There is a growing concern for comprehensive health coverage, and employees and looking for options that will cover the costs that are important for them.
  • Government cutbacks on medical coverage have created an increased demand for health insurance coverage.
  • The employee marketplace is competitive; employees are choosing to go with companies that have more comprehensive benefits rather than those without that competitive edge.

WORKPLACE PRODUCTIVITY AND PERFORMANCE

  • With health coverage, employees have the financial resources to look after their physical and mental well-being. Employees are more likely to seek medical attention earlier if it is required, getting them back to work faster.
  • Showing employees that they are valued is a sure way to inspire loyalty to your organization, and encourage employees to take their job more seriously.
  • By providing adequate benefits, you can keep employees happy.

TAX ADVANTAGES FOR SPONSORS AND EMPLOYEES

  • Employer contributions to Extended Health Care, Vision Care, Dental Care, and Health Spending Accounts are tax-free.
  • Without a benefits plan, employees must pay for health and dental care expenses with after-tax dollars. Benefits plans can be strategically designed so that these expenses are paid with pre-tax income so that your employees keep more money in pocket

PEACE OF MIND AND SECURITY – FOR EMPLOYEES

  • Protect employees’ families from financial hardship in case of death
  • Enable employees to meet financial needs when injured for prolonged periods
  • Provide employees and their families with coverage when outside Canada