In Canada, health care is guided by the provisions of the Canada Health Act of 1984. One of those provisions stipulates that basic health care is to be provided to citizens of Canada at the cost of the taxpayer. In short, unlike the United States, Canada has a universal health care system in which people do not have to pay out of pocket for health care services.
Importantly, about 72 percent of small business owners in Canada are concerned about the cost per employee of health care plans. Health care plans are just one of the benefits for employees found in employee benefit programs. Even though Canadian citizens are provided health care by the government, many companies still add supplemental coverage as a part of an employee benefits package, when they can.
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 overall costs. In addition, there are no deductibles on basic health care and co-pays are extremely low or non-existent.
The Canada Health Transfer, or CHT, is the Canadian government’s transfer payment program in support of the health systems of the provinces and territories of Canada. Even though the government provides basic health care, many business are still interested in small business health options program shopping.
Fortunately, small business health options program shopping is a great thing to do for businesses. There are still supplemental coverage options companies in Canada can invest in, and many employers would be surprised to find low premiums and a high quality end product.