If you own a business you’re concerned about your company’s overall wellness. That concern should include thinking about the wellbeing of everyone in your company and taking steps to ensure they can take better care of their health. To make this possible, you should seriously consider providing your employees group health insurance coverage.
More and More Companies Want to Do Good for Their Workforce
While it’s true that the law does not require a company with less than 50 employees to provide health insurance for their workforce, many businesses are considering offering them anyway. In fact, in a Guardian Workplace Benefits Study, 40 percent of companies have said they want to be able to strike a balance between doing what they can for their employees and being able to generate as much savings as possible. The good news is, getting group health insurance allows you to do both.
In fact, when you provide health insurance for employees in your company, you’re not just proactively putting their well-being first, you’re also helping boost your bottom line and productivity. Additionally, your contributions are classified as business expenses and are tax deductible.
Here’s some of the reasons why you should seriously consider health insurance coverage for the employees of your business:
It’s Good for Employees’ Income
You’re not the only one getting some financial benefits with a group health insurance plan. Because the contributions to the premiums will be deducted from your employees’ salaries before taxes, it lowers their total taxable income as well.
It Helps Retain People
Employees today are very particular about what they want from employers. For starters, they prefer to stay with a company who actually cares about their people. The Guardian workplace study also found that as many as 80 percent of employees have admitted that a comprehensive benefits package is one of the crucial things that influences whether they would stay working for their current employer.
It Helps Attract Key Hires
If you’re a small or medium sized business and you want to attract highly competent people, you have to be able to show that you can compete with some of the bigger companies out there. Aside from providing a competitive salary package, this usually means having group insurance coverage for all of your employees.
If you have long been looking for a way to be of better assistance to your employees, here’s one of the best ways to help them. Oftentimes, they simply can’t afford a good healthcare package on their own. By providing group health insurance coverage, you are not just sharing the blessings with your staff, you’re also doing your business a big favor.
Sources:
Pro and Cons: Offering Employee Benefits, smallbusiness.findlaw.com
The advantages of offering health benefits to small business employees, benefitnews.com
THE GUARDIAN WORKPLACE BENEFITS STUDYSM: THIRD ANNUAL, guardianworkplace.com
