Do entrepreneurs really need benefits?
Are you ready to explore the world of health benefits and discover how they can revolutionize your self-employed journey? As an experienced Calgary accountant, I'm here to shed light on health benefits in Canada, why it's crucial to invest in them, and how prioritizing your well-being directly impacts your business success. So, grab your pen and paper, and let's dive into the realm of health benefits for Canadian entrepreneurs!
Health Benefits for Self-Employed: A Shield for Entrepreneurs in Calgary
Being your own boss comes with its share of challenges and rewards. While you enjoy the freedom to chase your dreams, it's essential to protect yourself along the way. Health benefits for self-employed individuals act as a powerful shield, providing you with financial protection and peace of mind in Canada’s competitive business landscape. By investing in these benefits, you're securing a safety net that ensures you're prepared for any unexpected health issues that may arise.
Determining Your Need For Benefits
It’s true: not every small business owner *needs* benefits. But after you sit down and do the math on what you’re currently spending on medical-related expenses, you may soon come to realize benefits are worth it.
Common health care-related expenses for an individual include things like prescription drugs, dental, eye care (have you seen the cost of glasses?!), massage, physiotherapy, and chiropractic care. Don’t forget to extrapolate those expenses to each member of your family if you have a partner or dependents!
How Much are you Currently Spending?
It’s easy to push this number-crunching off to the side when you have an entire business to take care of. So, consider this a formal invitation to practice self-care in the form of getting your ducks in a row! Let’s look at a few easy examples to help determine how much you’re spending on healthcare expenditures vs. how much a benefits plan can save you.
Benefits Breakdown
In a one-year period it’s reasonable to assume you take advantage of a couple massages at around $100 each, a dental cleaning (assuming you don’t need major work) at around $400 per visit and prescriptions as they arise. Annually, you may already be spending about $1000 for massage, dental and prescriptions alone.
Plans like Alberta Blue Cross* offer monthly options from $79.85 for individuals that cover a percentage of multiple benefits like massage, basic dental preventative care, emergency dental care, unexpected hospital visits including ambulance rides, physio, therapy/counseling, vision (eye exams and glasses), travel insurance and life insurance.
Paying into a benefits plan may make sense if you’re looking for additional coverage and peace of mind knowing you have some level of protection during unforeseen circumstances.
*This example is for illustrative purposes only. Source: Alberta Blue Cross Quick Quote for an individual plan with level A extended coverage for 18-29-year-olds. I encourage you to shop around different benefits providers to find a suitable option that fits your budget and medical needs.
I highly recommend the folks at Captivate Benefits - they have access to health and dental benefit plans that are perfect for small business owners not available elsewhere.
Don’t Hustle until it Hurts
The hustle catches up to all of us - trust and believe. That equipment you haul around takes a toll on your body, the late nights and early mornings impact your mental health, and if you don't stay on top of your personal well being it can begin to impact your business. Don't fall into the trap of neglecting yourself in pursuit of entrepreneurial success!
Remember, you are the backbone of your business, and taking care of yourself is an investment worth making. So, don't hesitate to ask me anything. I'm here to provide guidance, share insights, and help you make informed decisions that will empower you as an entrepreneur!
Ready to take the next step? Read this blog on building habits around organizing money within your business so you can confidently invest in yourself!