When I’m sitting down with a Small Business owner for the first time to talk about adding a Benefits Plan, the conversation usually starts off with, “I want a plan that covers Prescription Drugs and Dental.”. This is understandable because these are the benefits that most of us are reaching into our pockets the most often for when it comes to Health expenses.
Unfortunately, the Insurance companies typically don’t set up a Benefits Plan with only Prescription Drugs & Dental and the reason for this is that they make their money on the “Life” Benefits…Basic Life; AD&D (Accidental Death & Dismemberment); and Dependent Life. They tend to view Prescription Drugs & Dental as “Money-In, Money-Out”. So, for a “Traditional” plan, most Carriers will make at the very least, Basic Life and AD&D mandatory benefits and others will add on Dependent Life…then you can add Health and Dental coverage.
While that may not have been the original expectation for the Owner, some of them like the idea of Basic Life and AD&D being made mandatory because some employees don’t have Individual Life Insurance coverage. The Owner feels like they’re also providing some “Peace of Mind” insurance.
And… if the Owner still wants to stick with implementing a simple, Prescription Drugs & Dental Benefits Plan, then you can easily set it up through a Health Care Spending Account arrangement.
Every SmallBiz Owner has their own view on what their Benefits Program should look like and we do our best to get them what they are looking for.
Located in Cambridge, ON Sharkey Group Insurance provides independent Employee Benefits advice & counsel for Small Businesses across Ontario.