Many Canadians have health benefit coverage through their employer which covers services such as dental, vision care and prescription drugs. The employer wants a healthy and effective workforce and is therefore willing to provide coverage for their employees. The employees appreciate the coverage in a defined health benefit plan and feel protected and secure knowing that their families are covered.
In fact according to the sanofi-aventis 2011 Healthcare Survey, 65% of Canadian employees think of their health plan as a strong incentive to stay with their current employer. When offered a choice between taking cash or a having a company sponsored benefit plan, 59% said they would choose a benefit plan over $10,000 in cash! So peace of mind is very important to Canadians.
What if you were able to have peace of mind and choice? You can have just that with a Health Spending Account (HSA) coupled with insurance protection. Your HSA pays for routine medical expenses using pre-tax dollars. You also use those same pre-tax dollars to purchase a low-premium insurance add-on. Providing you with the ability to afford many treatments of your choice and decide when you want to receive them.
With a lower premium, you are able to use the funds in your Health Spending Account to pay for the expenses up to the insurance deductible. Instead of having your employer decide how frequently you should be eligible for new eyeglasses or how much you should spend on each massage or chiropractic visit; you decide…..after all, it is your money!
Health Spending Accounts cover a wide-range of qualified medical expenses and can be the most efficient way for you to receive health benefits from your employer.
Protection + Choice = Healthy, Engaged Employees!
Instinctively I would want to say I would choose the $10,000. I don't use my plan very much, the occasional dentist appointment and chiropractic visit and I could definitely use $10,000 I mean who couldn’t? After thinking it through I start to think, what if I was to get sick? How would I pay for treatments or prescription drugs? I don’t think I could put a price on knowing that no matter what I was going to be ok. Finding out you have cancer, for example, is devastating enough already you don’t need the added pressure of figuring out how you’re going to pay for it.
ReplyDeleteNormally I'm not such a pesimist, but I agree. It's easy to say it woulnd't be me to get sick with a terminal illness, but you just never know. With $10,000 I could have some fun, but you can't put a price on security.
ReplyDeleteInitially, I also thought I would take the $10,000. I don't use my plan that often, and don't have any children as dependents, so the $10,000 seems like it makes more sense. But then I started to think - what if I got sick or had a condition where I need prescriptions and special treatments? The thought of this alone made me realize how important having a great benefit plan is.
ReplyDeleteI don't consider myself to be much of a risk taker but in this instance, keeping in mind that i am single with youth on my side, I would risk a year without benefits for $10,000.
ReplyDelete