Owning and managing a business is more than simply making a profit. From filling out paperwork to conference calls, both you and your employees have their hands full. As a business owner, it’s important to provide your employees benefits for all of their hard work, one of which being health insurance.
Keep reading to learn four reasons why your business should offer health insurance.
The Premiums Are Low
These days, health insurance is one of the least affordable necessities. For businesses, however, it’s kind of a different story. Businesses can incorporate a group insurance plan for the employees to help cover the cost of medical care. Group plans are often cheaper in price, which is a huge plus for the business.
Gives Employees Incentive
Many employees consider health insurance to be the best benefit an employer can give them. For this reason alone, it should make it all the more important to implement a health insurance plan for both long-term and new employees.
Not only does offering health insurance give your current employees an incentive to keep working with you, it also gives new recruits incentive to work for you. As time goes on, you can start to incorporate other benefits for your employees like paid-time-off (PTO).
Businesses, large and small can benefit at tax time. Providing insurance for your employees can reduce the amount of taxes you have to pay, which is the goal for businesses. However, there’s more to this than just simply not paying as much on your taxes. There is a slew of benefits to be had such as your premiums being exempt, easier premium-only plans (POP) and you’ll be able deduct any contributions you make. In addition, you also won’t have to pay as much tax when it comes to payroll, which benefits both you and your employees.
Better Access To Quality Doctors
Compared to the individual insurance plans, group insurance plans have a much larger network. This network allows you and many other businesses to have access to different doctors as well as hospitals, when necessary. However, you need to remember that the network heavily depends on what state your business is located in.
While managing your business is a top priority, you should always make sure to keep your employees well-being in mind. Providing affordable health insurance coverage reduce employee turnover and reduce the number of sick days as well. Again, the whole process does vary from state to state, so be sure to check the laws and regulations before anything.