Small Business Health Benefits Alberta

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Small Business Health Benefits Alberta – Employee benefits are non-monetary compensation provided to employees in addition to their wages. These products are becoming the norm in many workplaces, as a few years ago they were no exception. Today, competitive employee benefit packages are flexible and reflect employee values. Your products matter because they can have a significant impact on employee engagement, productivity, retention, and engagement. After all, employees spend most of their day in the office. What are the trends in employee benefits? Canada is one of the most diverse places to live, which means a diverse workforce. As a result, there has been a trend towards the individualization of workers’ compensation. Variety matters. For employers, this means offering benefits and perks that can meet different needs. These flexible benefits allow employees to choose the benefits that work best for them. Examples include telecommuting (choosing where to work), flexitime (when to work), health care bills (how, what and where to spend your health care benefits), and more. Although employee benefits have proven to be effective in boosting employee morale, they still depend on the employer-employee relationship. To provide these kinds of benefits to employees, there needs to be mutual trust. Learn more about the latest trends in employee benefits. Here’s a full list of small business employee benefits: Some benefits may be in more than one category. To avoid confusion, I prefer not to repeat any benefits. Health-related benefits Public Health Canada cannot cover all of your medical expenses. That’s why many companies are implementing employer-sponsored wellness programs for their employees. Here are some options for vision, dental, and extended health insurance: Health Insurance Health Spending Account (HSA) or also known as a private health plan (PHSP) with full coverage ( through a traditional health insurance plan). If this is the case for you, the Health Spending Account (HSA) is a suitable alternative. This is a personalized tax-free benefit designed for you and your employees to cover any eligible medical expenses you choose. Health Spending Account (This is a taxable benefit that determines benefits that employees spend on health, such as gym memberships, meals, sportswear, yoga, etc.). Basic coverage for these 4 products (below) is often placed where employers protect employees and their families in the event of a catastrophic event. Rate plans may vary by provider. Critical illness Travel medical care, emergency medical assistance (group insurance) Life insurance Accidental death or dismemberment Long-term disability insurance may require employees to pay all or part of the insurance plan (voluntary) Personal benefits Maternity, paternity, and adoption leave Employee assistance program for individuals Private counseling services for troubled employees, usually by phone or in person Short-term disability insurance (continued) Reimbursement of Education and training Promotion opportunities Retirement benefits Work Hours and flexible hours Flexible dress code Paid time off/Paid sick leave ideas Benefits/benefits These types of benefits may be available depending on your company and/or industry you work in. Office ergonomics (tables, desks, adjustable seats, etc.) Profit sharing bonuses Free meals Own cars Stock options Parental counseling Paid housing fees Company Specific vacations Grocery discounts Student loan assistance Transportation reimbursement Company Social Events Employee Referral Bonuses Which employee in the promotion group should I suggest? I hope you have learned about some of the types of employee benefits that apply to you. The options are endless. Companies that continue to offer traditional benefits packages may struggle to recruit top talent. After all, employee benefits are an investment. To get the most out of your investment, make sure your employees take advantage of their benefits. Employee benefits are affordable if you choose the right plan and provider. Consider a health care spending account instead of your typical insurance plan. Unlike insurance, the Health Care Spending Account is a tax plan designed to minimize health costs for you and your employees: For more information on employee benefits, see the following article: Important Questions: Is Health Insurance Worth It? Importance of Employee Benefits for Small Businesses 7-Step Process for Unbeatable Employee Benefits What’s in Your Small Business Benefits Package?

Are you a business owner with no employees? Learn how to use your health spending account to pay for medical expenses through your company:

Small Business Health Benefits Alberta

Do you have a company with employees? Discover tax-free medical and dental plans with no premiums:

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What is a health spending account? Health care expense accounts are created by adding after-tax…

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7 Basic Health Care Accounting Rules You Should Know The Health Spending Account (HSA) is a tax-free benefit that allows small business owners and their… With limited resources, small business owners struggle to hire and retain employees. Public companies and large corporations offer a very comprehensive benefits package that is second to none. However, small businesses can offer an equally attractive package by choosing important benefits for their employees. Let’s take a look at the key elements of a successful small business employee compensation plan. What is included in the social package for small businesses? Comprehensive packages include health and dental insurance, paid time off, disability insurance, retirement plans, and sometimes industry benefits. Most employers recognize that a competitive recruiting package helps recruit the best talent, but find it difficult to justify the additional expense. It’s not easy for small business owners to come up with a hiring budget. Small businesses don’t have to struggle though, as there are plenty of affordable and cost-effective options. Retirement Planning Retirement planning is essential for any business looking to hire long-term employees. In Canada, employers can offer defined benefit (DB) plans and defined contribution (DC) plans. In defined contribution plans, some employers create variations by limiting eligible employer contributions to company stock only. While both plans have their strengths, the longer an employee stays with the company, the more beneficial a defined benefit plan will be to them. These plans are usually limited to a certain retirement age, but offer guaranteed annual payments at retirement. Due to the economic and financial instability of these institutions, non-government employers rarely offer defined benefit pension plans. One of the most common benefits of pension plans is contributions to an RRSP, which the employer pays based on a deduction from the employee’s salary (up to a certain percentage). Depending on the employer, this figure can vary from 1 to 10%. With this RRSP account, employees can make their own investment decisions to plan for their future. Medical and Dental Insurance Medical and dental insurance is included in nearly all comprehensive employee benefit plans because employee health is a top priority for both employees and employers. This does not mean that the employer’s budget should suffer when providing insurance coverage. Although companies typically purchase a comprehensive health insurance plan, many small business owners do not have the budget or need for such a plan due to their small number of employees. In Canada, small businesses can use health spending accounts. These plans are a cost-effective way to provide employees with medical and dental benefits. In short, the medical and dental benefits offered by the program are completely tax-free for businesses and 100% tax-free for employees. No premiums, hidden fees, deductibles, co-pays or complicated policies like regular insurance plans. The best part about health spending accounts is that employers can control costs and employees have the freedom to choose how, when and where their benefits are used. How do health spending accounts work? Health Spending Accounts offer flexibility as employees can choose how, when and where to spend their plan funds 100% tax-free. In addition, employers can choose how much and to whom these benefits are allocated. Instead of wasting money on bonuses or deductibles, the plan transfers value directly from the employer to the employee. This saves business money and retains loyal employees. This online program is easy to implement and use: the employer funds the plan with an individual monthly amount. After the employee pays the medical expenses through a personal pay source, the employee applies for reimbursement of the specified medical expenses and receives a tax-free reimbursement of the funds. Employer Funding Account Exempt Medical Expenses Employer/Business Expenses Why Health Expenses Are Better for Small Businesses? Unused program funds will be returned to the employer. No commissions

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