Entrepreneurship & Small Business

Benefits purchase for family, self employed.

  • Last Updated:
  • Sep 5th, 2017 6:34 pm
[OP]
Sr. Member
Dec 17, 2013
637 posts
311 upvotes
CALGARY

Benefits purchase for family, self employed.

Hello, I own a small business and my wife works for me. We have 2 kids and I recently quit my full time job where I used to get all the benefits. Now I am looking to buy one for myself and family. What are the decent companies that I can look to buy? Here in Alberta, Blue Cross is pretty famous and fairly cheaper. Does anyone has experience with it? How much does it cost for a family? Are there other better alternatives?
3 replies
Deal Fanatic
User avatar
Nov 19, 2004
7197 posts
982 upvotes
Cambridge, ON
Brock Health is good as a PHSP when you are self employed.
Deal Addict
Feb 29, 2012
2662 posts
1395 upvotes
Richmond
You and your wife with dependents are probably too small a pool for most small business benefits insurers to be interested. That will limit the number of companies that will even give you a quote, and those quotes will probably be much higher than they would offer larger companies with a large pool including lots of young single employees who don't use the benefits.

You should ask yourself what benefits you are really after. It's understandable that you might want some protection against catastrophic low-probability occurrences like death/disability/critical-illness etc., but for routine benefits like health care/dental/eye care/pharmacy you have to assume that the insurer is simply going to charge you at least twice what it costs them. Paying an insurer to provide those benefits is a net loss.
Sr. Member
Dec 6, 2002
902 posts
45 upvotes
I recently look into as well as a self-employed and looked at Brock health (which is the best for PHSPs), blue cross, and manulife. Ultimately, I did wanted to go with something with abit of insurance component in case my health changes or something more catastrophic happened. So I found a small firm ImmixGroup out west in BC, and they had the best coverage-to-premium ratio compared to the above (for me, it depends in what you are looking for...).

At 44 yrs old, I pay $75 / month for basically everything: drugs, glasses, dental, massage, physio, chiro, travel medical . and of course i can write the premiums off as taxable expense

they actually had another plan which I thought was interesting that would cover things like even yoga classes and gym memberships (but it was more for small businesses with groups) , and that was not my thing...

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