Employee Benefits and Health Plans: An Important Investment

By AMA Staff

Revenue isn’t the only barometer of success for your small business. It’s also about the quality of life it provides you and your employees, both on and off the job. One way to protect that is with employee health and benefits plans. Kris Hird, manager of life and living benefits at AMA Insurance, breaks down the options for safeguarding your business’s biggest investment—your workers.

Why invest in an employee benefits program?
One of the best things you can do for your company is look after your people, and yourself. Investing in the health and wellbeing of your employees gives them peace of mind and helps protect their financial wellbeing by alleviating out-of-pocket expenses and minimizing time away from work, which builds trust and loyalty. And that makes good business sense for you. A solid benefits plan can also tip the scale in your favour when trying to attract top talent to your company. We also recommend talking to your accountant as a portion of your premiums may deductible as a business expense and may also be a non-taxable benefit to your employees.

The basics of protecting your business

What should I consider when setting up a health and/or benefits plan?
You need to evaluate what’s important for your specific company, whether for owners or employees. It’s possible to assemble a package that includes retirement benefits, life insurance, dental, and/or extended healthcare to cover things such as chiropractic treatment, massage therapy and physiotherapy. No matter the size of your company, AMA Insurance can help create a plan that’s tailored to your budget and the needs of your employees.

I only have five employees. Is a health or benefits plan still worthwhile?
Having a health plan is worth it even if you’re the only employee of your business, as it offers peace of mind should you need medical services that aren’t covered by Alberta Health Care. If you have employees other than yourself—even just one other person—a more fulsome benefits plan can make your company more attractive to work for, and shows that you care about the wellbeing of your workers.

Why should I choose AMA?
Because we work with several life, health and dental providers, including Manulife and Sunlife, we’re able to compare products and pricing from a variety of plans. Our advisors will spend time getting to know you, your people, your business and your budget so they can make sure you get the best benefits plan for your company.

Three Alberta small business success stories

What can I expect from an appointment with AMA Insurance?
When we meet with a business owner they’re generally exploring this issue for the first time; most of the companies we deal with have from two to 20 employees. At the initial meeting, we lay out the available plans—to get an overall idea of what you’re looking for and what your budget is. From there, we usually go through two or three iterations before ending up with the best plan for your business.

To learn more, make an appointment with an AMA life insurance advisor by calling 1-844-255-6556 or visit AMAInsurance.ca/LifeAdvisor