Saturday, June 19, 2021

Why offer health insurance as a benefit?

It is so important to be a company that offers this health benefit because it is good for the teams and good for the company. If you’re on the fence, here are the top five reasons to offer health insurance:

It’s easier than you think

The first thing is: you don’t have to do this alone. A health insurance broker or advisor can guide you through the entire process. As your agent, they will help you select a proper group health plan for you and your team based on your industry and the coverage preferences of everyone in your company.

In addition, they will configure everything and keep you in compliance on an ongoing basis.

Employers must offer health insurance as the company’s first benefit and add additional benefits over time. If health benefits are a priority for your employees, it should be a priority for you. The offer can help with recruitment and encourage them to stay in your company longer.

You save money on taxes

Employers and employees pay less for health insurance when they buy it as a group. Here are all the tax savings you receive when offering the plan:

  • Employer’s contributions are tax-deductible;
  • Taxes on employers’ wages are reduced by 7.65% of employee contributions;
  • Employers’ compensation premiums are reduced.

Paying for health benefits instead of higher wages can also save money because you don’t pay payroll taxes and workers’ compensation premiums on the money used for health benefits.

In addition, your employees may prefer benefits over salary.

Can provide access to more doctors and hospitals

Group health insurance networks are generally larger than individual networks. This means that, on an individual plan, you do not have access to the same doctors and hospitals that you would have on a group plan.

Doctors and hospitals that do not accept individual plans generally charge more for their services and are more sought after by patients. Network differences vary by state, but individual plans are typically two-thirds the size of group plans.

So, buying a group health plan can increase your access to more doctors and hospitals.

This helps to increase employee productivity.

Offering health insurance leads to higher levels of productivity. Employees who prioritize preventive care, such as regular checkups, are more successful and better quality of life.

As an employer, you want your employees to focus on being the best they can be. Worrying about health insurance is an issue that drains energy and time. This is because they are usually too expensive to purchase individually.

From building a healthier and happier team to saving money, there are many reasons to take a dip and offer health insurance for your team. Offering health benefits indicates that you care about your team, creating a culture of trust.

 

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