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 are 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
