Benefits are always a welcome part of any hiring package. Besides the monetary benefits it also shows the workforce that you care about their success and well-being. Whether you own a startup business or an established enterprise, choosing the right plan and group health insurance company to get your coverage through is one of the most important decisions you’ll have to make. The following are some of the top reasons why you should consider getting group health plans.
Recruits and Keeps Top Talent
Providing health insurance makes job offers more attractive and is an important tool to attract top talent. It saves the employees money and gives them better coverage as compared to an individual plan.
Additionally, health insurance is a complex issue and you are relieving your employees and new hires from having to navigate this on their own.
Group plans also do wonders for employee retention. Replacing an employee can get very costly both in money and time. Depending on the size of your business, excessive turnovers can become a make-it-or-break-it issue.
Group Plans Offer Tax Advantages
Group plan contributions and expenses are considered a business expense and as such are tax deductible for both federal and state income taxes.
The amount your employees pay into their premiums is done pre-tax as well. As a result, their taxable earnings are lowered and they get to take home more pay.
If you qualify, there are even tax credits available for your small business premium payment. An experienced broker can show all of your options for premium costs and tax advantages
Group Plans Build Community
Offering a group health insurance plan reinforces a sense of togetherness in the workplace because everyone is equally insured. It shows that you, the employer, are genuinely invested in the long-term health, happiness, and well-being of the staff, which will boost employee morale. This translates to increased productivity and profit.
Be careful when choosing a group health insurance company for your group plan though. Some may not provide suitable options and costs can range widely. This is where someone with experience in the industry, such as a benefits broker, can be immensely helpful and assist you in making the right decisions
Sources:
Health Coverage Guide, HealthCoverageGuide.org
How Small-Business Owners Can Win the Health Insurance Game, Entrepreneur.com
