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The Best Employee Benefits Come From a Group Health Benefit Plan

Health insurance

The benefits of being an employee in Canada continues to dwindle. The presence of employee benefits, once the mainstay of long term employment often leaves the employee scratching their head. Employee benefits including an employee health benefit plan may soon be the exception and not the rule.

Know Yourself, Know Your Group Benefits

It only makes sense that as an EMPLOYEE you want employee benefits and protection in case of a health related emergency. But the bigger issue is to ensure that the EMPLOYER knows how to better protect their employees as well. The answer to both issues may come in the form of the Canadian Employee Health Benefits Plan and the employee benefits that result.

In terms of employee benefits there may be a new dawn on the horizon. The Canadian Employee Health Benefits Plan or CEHBP is a group health benefit plan using what is called a SMART PLAN DESIGN which guarantees small business with stable premiums and better health benefits for their employees. The worker who is becoming more responsible for ensuring their own protection in the workplace with affordable health insurance now has a viable choice. And the employer has an affordable option to offer employees with regards to a health benefit plan.

Smart Plan Design in Four Easy Steps

The concept of the Smart Plan provides just what the name implies. A SMART plan. You simply unbundle the employee health premium from life and disability premiums. Then use the health benefit plan premium dollars for the current year and subtract the new administration cost. You then determine the level of funded high deductible health insurance desired. And finally, you allocate the remaining funds to each employees tax free health benefit plan account and commence the plan.

This is good news to many a small and midsize business as the CEHBP was designed to provide a common sense alternative to the group benefit plans offered by big insurance companies in Canada.


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