Business owners have a lot on their plate. There is the constant push to do better, increase profits, stand out from the competition, expand the business, and attract and retain top talent. With so much going on, it’s easy to overlook other important considerations and issues that can help to benefit the company.
If you’re a business owner who doesn’t currently offer group health insurance to employees but has been thinking about it, it’s well worth taking the time to do some research. There are several ways it can benefit the company as a whole. Here are some of the top reasons to go ahead and offer employees group health insurance.
It Increases Employee Satisfaction and Happiness
The first thing you’ll find by offering group health benefits is that it increases employee job satisfaction and happiness. And what’s great about this is that the results will be immediate. Employees feel less stressed about medical and doctor visit costs/bills and they have peace of mind. Eliminating something stressful in their life is huge.
Did you know when employees are surveyed, many respond that they would prefer health insurance benefits over a raise? That’s how much of an incentive it can be.
It Can Increase Employee Productivity
When you offer health benefits, employees have the opportunity to make use of the coverage in terms of preventative health and basic health needs. When they are healthy and feeling great, you can bet that employee productivity will increase. Increased productivity is something that many employers struggle to achieve, so this is a simple solution.
Take Advantage of Tax Credits
Any time a company can take advantage of tax credits is a good thing, and health insurance can offer just that. You can look into your employer contributions to see if they are tax-deductible and what that means to the bottom line.
It Doesn’t Have to Cost the Company a Fortune
A big reason why companies don’t offer group health insurance is the cost. Employers are often worried that it will cost too much money, resulting in a hit to the bottom line. There are a few solutions to this problem.
Before choosing any plan, it’s a good idea to gather health insurance quotes from top providers from a site such as Zenefits. This allows you to compare the cost of plans and what the plan includes, making it possible to choose one that fits with the budget. Employers aren’t usually aware of all the providers out there and just how much they could potentially be saving on the coverage.
You can also have employees pay a portion of the plan. This will bring down the cost for the company and still work out cheaper for employees who would otherwise be paying all their medical costs out-of-pocket.
Recognizing the Benefits
Offering your employees a robust group health insurance plan can result in all kinds of benefits. It’s something that any sized business can and should be thinking about, especially as the cost of healthcare services and procedures continues to rise.
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