There are a number of expected and unpredictable illnesses that can affect us at any time. Every cold season, the flu can be debilitating and require intense treatment. You also cannot predict when you will need surgery, physical therapy, or inpatient services. These treatments can cost more than you realize, and having a health care plan that adequately covers you is crucial.
For Canadians, the publicly funded health care system affords them solid care, thanks to the Canada Health Act of 1984. This act ensures that each province and territory in the country conforms to specific health care guidelines in order to receive federal aid under the Canada Health Transfer. This money is used to help citizens get the care they need, and businesses to receive the financial assistance they require to offer quality health insurance plans to their employees.
A large percentage of small businesses in Canada work hard to provide their employees with the best small business health insurance benefits possible. Since 98% of all companies in Canada are small business, employing anywhere from 2 to 100 people, quality health care is a major concern. Even though the public health care system does cover a number of procedures, there are select medical problems that are not, and about 30% of all health expenditures come from insurance or out-of-pocket payments. For this reason, about 75% of Canadians purchase supplementary private insurance, typically through an employer.
Health care spending accounts are often part of small business health benefits. A health spending account offers employers a way to secure a certain amount of money that can be allocated for medical purposes. The money can be used to pay for medical expenses in advance on behalf of employees, or payments can be made as needed. HSA plans add a certain number of credits to an employer’s account every year, and as long as the medical need meets the eligible criteria, these credits can be used to cover employee medical expenses. Some of the eligible medical expenses covered in a health care spending account are dentistry, optometry needs, and general physician visits. A health care spending account is also a great way to help employees get coverage for a wide range of medical services that standard insurance plans do not cover. For someone who is chronically ill, this can save them from costly medical bills, and provide them with reassuring care.
With the many pressures that life can bring, health care should be the least of people’s worries. It is worth the money to invest in supplemental insurance, so that you can be covered by both Canada’s public health care system, and also your own private insurance. You never know when you will need it. Good refereneces.