SmallBiz Employee Benefits – “My spouse has benefits.”

When I have asked the question, “Do you have a Benefits Plan?”, some of the Small Business Owners say, “Yes.” because their spouse has benefits. This is absolutely perfect logic for some SmallBiz Owners to not set up a benefits plan.

Having said that, there are a few good reasons to set up a SmallBiz benefits plan even if the SmallBiz Owner’s spouse has benefits:

• The spouse’s plan may not cover everything!
  • Depending on the Plan Design of the spouse’s plan, such items as Orthodontics, Vision Care, 80% or 90% Reimbursement levels, or even Paramedical Maximums may have the SmallBiz Owner reaching into their pocket to pay for uncovered expenses. Setting up a Health Care Spending Account can be a tax-effective way to fill in the gaps of a spouse’s plan.
• The spouse’s plan will only cover health and dental!
  • If the SmallBiz Owner is looking to have some Disability coverage or additional no-medical Life insurance, then implementing a SmallBiz benefits plan could be the answer. Traditional Group Insurance provides Disability coverage as an optional add-on.
• The SmallBiz Owner can opt out!
  • Sometimes, the SmallBiz Owner comes to the conclusion that they want to implement a benefits plan but the cost of the plan they want for their employees is cost-prohibitive. Depending on the number of employees, if the SmallBiz Owner opts out because they have coverage elsewhere, the benefits plan cost could be reduced by as much as 50%! Just another reason to implement a SmallBiz benefits plan.
• The Spouse’s employment situation may change!
  • The SmallBiz Owner may have set up a benefits plan and opted out of the Health and Dental but if their spouse loses their job…and their benefits…it is very easy (no medical information required) to seamlessly enroll themselves onto their SmallBiz benefits plan. There are many different questions that a SmallBiz benefits plan provides answers for.

Located in Cambridge, ON Sharkey Group Insurance  has been providing independent Employee Benefits advice & counsel to Small Business Owners across Ontario since 2013.