What Are My Benefits Working for a Small Business?

Tax tips small business

There is a high quality of living in Canada. One of the biggest reasons people enjoy a high quality of living is due to the health care system. Canadian health care provides high quality care at a low cost. If you want to work in Canada check out the small business health insurance benefits and find out what services are available to you.

Health care in Canada is delivered through a publicly funded health care system, which is mostly free and has most services provided by private entities. The government assures the quality of care through federal standards. Competitive practices such as advertising are kept to a minimum thus maximizing the percentage or revenue that goes towards care. In Canada, there are no deductibles on basic health care and co-pays are extremely low or non-existent.

The Canadian governments role in health care has decreased in recent years, but today the government still pays for about 70%. The largest government health program is Medicare, which is actually ten provincial programs. Almost all government health spending goes through Medicare, but there are several smaller programs. The largest recipient of federal government health care programs are the military and inmates of federal prisons.

Health spending accounts are self-insured private health service plan benefits arranged by employers. Health spending accounts provide a different model for business owners looking for a more cost-effective tax advantaged way to provide employee health benefits. Some HSA health plans the company makes advanced payments, while in other cases payments can be made on a pay as you go basis. Members covered under a HSA have access to a range of health care services, which standard insured health plans exclude or limit.

50% of Canadian businesses are concerned about the level of coverage for their employees. While the government plays a key role in subsidizing health care, a lot of responsibility falls on the private sector. Some 75% of Canadians have some form of supplementary private health insurance, with much of it coming from their employer. Some of the costs covered by the private sector include prescription drugs, dentistry and optometry.

People who want to live and work in Canada need to check out small business health insurance benefits. The private sector plays a key role in the Canadian health care system. Check out what benefits are available to you and start enjoying the high standard of living.

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