As an employer, there are several benefits you are able to provide your employees. The one benefit that trumps them all is health insurance. This will not only keep your employees happy and healthy but show them that you are invested in them as your team and overall, their well-being.
Many small business owners while not required to provide health insurance, still do. Why you may ask? For the reasons stated above. By investing in your team, there is a higher probability of keeping them happy, healthy, and productive.
If you’re still on the fence about providing health insurance for your employees, then continue reading, as in this article we are going to review 3 reasons why your business should offer health insurance.
It’s Easy To Set Up
When it comes to providing health insurance options and benefits, you’re not alone. A health insurance advisor will always be available to walk you through the entire process and help you figure things out. A good advisor will help you select the perfect plan for your team by reviewing your industry and the coverage preferences of your team while keeping you updated and compliant on a consistent basis. Your advisor will also be available to answer any and all questions your team may have about their new health insurance policies so that you don’t need to worry about it.
Your Employees Will Appreciate It
When reviewing the benefits offered by employers, health insurance is the highest beneficial option an employee can receive. Studies have shown that employees are happier when they are provided health insurance through their employer and if you’re considering providing benefits, then health insurance should be the first you offer and if needed, add others later on.
Save On Taxes
As a rule, when you buy in bulk, there are significant savings. The same goes for when groups of individuals purchase health insurance together, the business and employees all save.
As an employee, purchasing health insurance on their own will require the use of post-tax dollars. However when going through an employer for health insurance, employees are then able to not only buy as a group but they pay for their health insurance with pre-tax dollars, allowing a solid savings of 30 to 45 percent on health insurance plans.
On the flip side, for employers, there are a number of tax saving benefits by offering a group health insurance plan to your employees.
- Contributions are tax-deductable
- Payroll taxes are reduced by over 7 percent of employee contributions
- Worker compensation premiums are reduced
- Employees may prefer benefits over increased salaries
Overall, it’s a win-win for providing health insurance to your employees. As an employer, it’s your role to take care of the business, and the best way to go about this is to care for the employees that keep everything working smoothly. Providing benefits to your employees not only encourage long-term employment but also make employees happier and boosts their productivity. The tax saving benefits are just an additional incentitive for those businesses seeking to save money.