Did you know that around 72 percent of small business owners in Canada are concerned about the cost per employee of health care plans? In spite of the fact that the government covers a sizable amount of basic healthcare coverage in the country, there are often holes and shortcomings that need to be covered by additional small business health plans. If you are a small business owner in Canada and you are worried that your employees do not have enough coverage, here are a few important facts you should know before investing in health spending accounts.
Health care in Canada is delivered through a publicly funded health care system. Because of this, it is mostly free and has most services provided by private entities. In fact, the Canada Health Act, or the CHA, is a piece of Canadian federal legislation which was adopted in 1984 to make this health care system possible. This bill specifies the conditions and criteria with which the provincial and territorial health insurance programs must conform in order to receive federal transfer payments under the Canada Health Transfer. Because of the rigid nature of the bill, not all healthcare concerns are covered often making additional small business health insurance benefits necessary.
A recent survey conducted by Strategic Counsel found that 91 percent of Canadians prefer their healthcare system instead of a United States style system. This is unsurprising since small business health plans are no where near as affordable in the United States since more than supplemental services are needed.
Under the Canadian health care system, preventive care and early detection are considered important and yearly checkups are encouraged. Early detection extends life expectancy and quality of life, and also reduces the overall costs for HSA Canada.
Helpful sites: www.myrhsa.com