As a third of Ontario's workers lack medical benefits, one of the best ways to attract the best talent is to offer health insurance.
Health insurance for a small business in Ontario isn't hard to get. However, deciding on one is the hardest step in the process.
Here's what you need to do to get the ball rolling.
Understanding the Qualifications
Since residents of Ontario already qualify for OHIP coverage, many residents don't need to have coverage. However, OHIP coverage has its limits when it comes to coverage for vision, dental, and other vital elements of health care. If you can offer your employees a better plan through group insurance, they might be excited about that.
Small business owners should contact insurance companies to see what they're willing to offer as a deal. With plans suited for small businesses of every size, there's a lot of potential for pleasing everyone with a group business plan.
Thankfully, there are no real qualifications to meet when you're trying to offer health insurance to your employees. There's no minimum number of employees to apply, but of course, you get a better deal when you have a larger pool of employees to cover. You don't need to worry about being in business for any specific number of years before applying either.
It's a serious win-win situation for business owners of all types.
Talk to Your Employees
Before you choose a plan, you need to get some input from your employees. Without their input, you could put in all the effort to offer a plan that no one feels like opting into. If you don't listen to your employees, you won't be able to offer the services you're looking to offer.
Have your employees fill out an anonymous survey to see what kind of services they need from insurance. You don't want to go poking around their personal lives, but you should ensure you're offering something valuable to them. Have a few meetings where you look at different plans and see what works for them.
Be open with your employees and they'll appreciate the effort. When you invite employees into decisionmaking like this, you make them feel like they're a part of building the company with you.
Talking to employees ensures you pick the best plan out there, get a high opt-in rate, and ensure that your employees stick around for years.
Looking for a Small Group Insurance Plan?
If you've avoided group coverage in the past, one of the reasons is probably the cost. If you don't have the budget for what some larger companies pay for group insurance, that doesn't mean you have to leave yourself and your staff uninsured.
Look through all the different plans available until you find one that suits you. When you offer health benefits to your staff, you need to ensure that they opt-in. The best way to do that is to ensure that you're paying the right amount every month.
You can decide whether you want to bear the weight of premiums or if you want your employees to. In some cases, employers offer to split the cost of the plan, which takes a lot of weight off of the shoulder of employees. It also ensures that they get a plan that they can actually make use of.
You might have to go back and forth with a few different brokers for a while, but in the end, you should be able to find something that suits what everyone is looking for. Be straightforward with your broker and remember that just about everything in life is negotiable, so talk that rate down.
Retain Your Employees
When you offer a great insurance plan, it's what attracts people to your job. While the day to day drudgery may get them down, a benefit like a great group insurance plan isn't worth passing up. It also works as a selling point when you're looking to attract talented people.
Ask most employed people and job seekers and you'll find that they say again and again how important health benefits are. They like to have the peace of mind for themselves or their family and the opportunity to go to the doctor of their choice without worrying. Health care costs are stressful and when you alleviate that stress, your employees appreciate it.
If you want to protect your employees and show them you care, you can add insurance without any major expense. Make your plan available to employees who want it and look for a way to extend your health insurance plan for those who leave the company. You protect your health, employees, and finances when you get the right insurance plan.
Get to Know What to Cover
Make sure you know the basics of what your employees are going to want when it comes to coverage. If you don't give them what they're looking for, they're going to struggle to meet their basic needs. If they can't meet their needs, they'll need to call out when they're sick and spend their workdays worried about what they need.
Make sure you're getting something that covers dental visits and vision care. People are also worried about paramedical expenses, emergency expenses, and the equipment associated with it. Even prescription medication costs are now through the roof.
If you have staff that travels often, get them some travel insurance to help them stay safe when they're out of town.
Health Insurance for a Small Business in Ontario Is Cheap
If you get health insurance for a small business in Ontario, expect to have your staff interested in the process. Let them know what they can expect and you'll build interest and excitement in anticipation.
For a better understanding of why good care matters so much, check out our guide to preventative care.