The Importance of Healthcare Benefits if You’re Self-Employed

Leaving the corporate world and working for Me Inc. is an increasingly popular choice among Canadians. A recent Statistics Canada Study found that 15% of the workforce is self-employed, and more than 500,000 Canadians are entering the ranks of the self-employed every year. There is also an even larger number of Canadians supplementing their regular income with the “on demand” or “gig economy”—for example: working at Uber, Etsy, Fiverr, independent-contracting or freelancing. This sector is projected to continue its sharp rise in the coming years.

While there can be a great upside to freelancing or starting your own business, one thing that is often left behind during that transition is the security of dental & healthcare benefits offered by corporations.

Adding cost and expenses when you’re in the early stages of becoming self-employed can be daunting. This is where BenefitDeck can help. Nearly all of BenefitDeck’s self-employed clients can attest that the pros drastically outweigh the cost. A benefit plan can lower your future financial risk for out-of-pocket expenses, allow you to promptly address healthcare issues preventing missed work time and can provide you with the peace of mind of being covered in the event of an unexpected cost. The average Canadian household now spends $2251 on out-of-pocket health and dental expense each year, with the self-employed being increasingly vulnerable to these costs.

It’s no secret that taking care of your physical and mental health results in higher productivity at work and drastically reduces downstream medical costs. This is why many top-tier companies are putting an increasing emphasis on better benefits for their employees to utilize. At the bottom line, they are good for you.

BenefitDeck often recommends a layered approach to benefits to those who are recently self-employed or those who have been putting healthcare on the backburner. The process starts with what makes sense for you and your budget, reevaluating and adding elements to your plan as your business grows, as your family grows, and as you grow and get older (sorry, it happens to the best of us). Clients of BenefitDeck are also quite surprised to find out there are some great tax advantages with some health and dental insurance packages. If you qualify, the deductions can be a valuable tax break for your business.

If you are self-employed or are thinking about making the switch and have more questions about how healthcare benefits can work for you, give us a call, text, or e-mail via the link below and ask for Alex.

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