Extended health care plans provide additional coverage beyond the British Columbia Provincial Health Plan. They typically include coverage for paramedical services, vision care, prescription drugs, mental-health resources and other medical services.
Every business has the option to offer their employees extended health care coverage. Plans from providers like the Chamber of Commerce Group Insurance Plan offer tailored options for small to medium businesses with as little as one full-time employee.
Extended coverage can include things like chiropractor visits, Registered Massage Therapy, and life insurance. To learn more about life insurance check out our article outlining the difference between whole and term life insurance.
As a business owner, it is your job to choose the best mix of extended coverage for your employees based on their unique needs and the budget available. If you are unsure which extended coverage options to choose, we outline the benefits of your options here.
Extended health care will benefit your business for four main reasons.
You’ll Save Money
In the short term, benefits will cost your business money as employers typically pay 50% of the premiums. In the long term, they will save you money.
Using a wellness plan will help employees solve minor health problems before they turn into major health problems using proactive management options.
Employees Will be Happier
According to the National Bureau of Economic Research, employees who receive health insurance coverage are happier than those without. The study also found that workers with employer-provided health insurance were more likely to report being satisfied with their jobs than those without it. The researchers concluded that this was because people who have access to healthcare tend to be healthier and therefore happier.
They’ll Stay With You Longer
Employees who receive health insurance coverage stay longer at work than those without. In fact, according to a study conducted by the Society for Human Resource Management, workers who received health insurance were more likely to remain employed for an additional year after receiving coverage.
Health insurance is also associated with higher productivity and lower absenteeism. A recent study found that employees who had access to health care stayed on average 11 days more per month than their counterparts who did not have such access.
You’ll Reduce Stress Levels
In addition to reducing stress levels, offering health insurance to your employees helps them stay healthy. Employees who receive health insurance coverage are more likely to take better care of themselves than those without coverage. This includes getting regular checkups, eating healthier foods, and staying active.
Stress has been proven to impair strategic thinking and dull creative abilities. There is a great article by the Harvard Business Review that outlines some of the ways to reduce employee stress. One of the ways stress can be reduced is by improving employee engagement. Benefits help improve engagement by showing employees your company cares and offering them support outside of working hours.
Another important way to reduce stress is to be transparent. Talking to your employees and asking them what support they need from you will help you choose the right benefits and learn what and how an employee is feeling. When managers connect with their direct reports daily those employees were 3 times as likely to be engaged.
88% of HR professionals believe that mental health resources can increase productivity and employee retention. Benefits Canada also cites that 90% believe that mental-health-related benefits can help prevent or limit employee burnout.
Choosing The Right Health Care Plan
Choosing the right healthcare plan is an important part of the process. We outline what to look for in coverage if you are just starting out.
If you’re looking for ways to improve your employee retention rate, consider offering your staff health insurance benefits. Get in touch to learn more about the Chamber Plans’ not-for-profit group benefits plans.