Canadian Medicare has a history of being cost effective largely due to their administrative simplicity. However, in spite of the fact that the Canadian Health Care Act has provided for provincial and territorial health insurance programs since 1984, as many as 75 percent of Canadians still choose to receive supplementary health insurance in some form or another, usually some form of employee health benefit plan.
However, health benefits for small businesses can be a bit more tricky than those of larger companies. This is as a result of the CHA and the restriction of health benefits to those delivered in hospitals or by physicians. In an effort to provide an easier insurance benefits alternative, CEHBP was designed specifically to simplify small business health coverage.
1. They started by unbundling the employee health premium from life and disability premiums.
2. They have implemented a new plan to use the health benefit premium dollars of the current year and subtract that form the new administration cost as a way to save that is not present in most group health plans.
3. The employee is then given the option to determine the level of funded high deductible insurance which they desire.
4. Finally, the remaining funds are allocated to each employees tax free health benefit account.
Because of the fact that preventive care and early detection are considered important as a way to extend life expectancy, quality of life, and cost to the insurance company, things like braces and dental implants can fall by the wayside. The Canadian Employee Health Benefits Plan is here to pick up the slack.