Health insurance is a necessity in today’s world, but unfortunately, its cost has been on a steady rise in recent years. In fact, Americans are facing a 7% increase from last year alone, which is aligned with the increasing inflation that has been experienced since 2022 (source: CNN Business).
The rise in health insurance premiums is a cause for concern for many American employers and employees, especially considering that the annual cost of family health insurance coverage at work has soared to an average of nearly $24,000. Employees are now shelling out an average of $6,575 for their share of the premium, up almost $500 from last year, according to CNN.
While American workers should prepare for premiums to take a bigger bite out of their paycheques in the coming year, Canadians need not be concerned about this matter. This is because employers in Canada do not pay for general healthcare premiums which helps keep overall payroll-related costs down. Most employers do pay for extended benefits for their employees, which covers most or all of the expenses for prescriptions, dental, physiotherapy, eyecare, etc. However, this cost is much, much lower than general healthcare premiums (typically, about $200 to $300USD per month). JobArc is pleased to offer an excellent extended benefit package for our full-time employees. We will take care of all of the details related to employee coverage, so there are no unexpected medical bills and to promote work-life balance.