HERE'S WHY YOUR SMALL BUSINESS SHOULD OFFER HEALTH INSURANCE
Only medium and large firms who fail to provide health insurance to their employees face substantial penalties under the Affordable Care Act. But, you'll still find some small businesses offering health insurance to their employees even though it is not required by law, just because there are several benefits attached to including a healthcare plan in employees' benefits packages.
If you're still thinking about whether to offer your employees health insurance benefits or not, you should. And in this article, we'll give you five reasons why.
5 REASONS TO INCLUDE HEALTH INSURANCE IN YOUR EMPLOYEE BENEFITS PACKAGE
1. Your Employees Are Happy
Employees indicated health insurance is by far the most significant benefit they receive from their company, according to a Glassdoor survey. Employee satisfaction rises when healthcare benefits are provided, making them happier and more engaged. Make health insurance available to your employees as their first workplace benefit to show that you care about them. Knowing that you care about their well-being fosters loyalty and gratitude. And guess what, Black Insure is always there to help you find the best insurance company. You can research and compare rates to determine what is best for you and your employees. But hold on a minute, how does the happiness of your employees help your business? Oh well, check the next point.
2. Your Employees Are Productive
A happy employee is a productive one, no cap. Look, buying life insurance can be a hassle sometimes. If your employees have individual plans, they have to take up the responsibility of setting up and managing them. And so, time and energy that they would have channeled to work would be spent worrying about health insurance. Now we don't want that, do we? You want your staff to concentrate on becoming their most productive and successful selves at work as an employer. That's another reason why you should offer them health insurance. Knowing that their dental and medical insurance is covered by the firm takes one concern off their shoulders. Plus, they know that many employers do not provide these benefits, and their gratitude motivates them to work harder. That's one.
Two, providing employees with health insurance can mean fewer sick days and absences, plus more productive and focused personnel. Better physical and mental health management leads to increased productivity and a more pleasant working environment. Think about this. If an employee has a health problem that prevents them from working, they may be compelled to miss weeks or even months of work before seeking treatment. However, if they are insured by the Group Health Insurance coverage your small business offers, they can arrange private care as soon as they receive an official diagnosis and referral. They can also plan treatments around their schedule because of the flexibility of private care.
Preventative care is available through insurance plans, which can help keep employees healthy and productive. You could end up with more employees out for long periods with serious illnesses if they do not receive preventative treatment and yearly physicals. Your guess is as good as ours. The chances your employees will go get preventive care is slim if they do not have insurance.
3. You Retain Your Employees Effortlessly
Maybe not effortlessly, but you get what we mean. Employee loyalty is typically a critical concern for a small business, and providing small business health insurance may be an efficient strategy to keep your company's best employees. A group health plan will not only show that you value your employees, but it would also motivate them to stay with your firm in the long run. These advantages aren't limited to your current employees. They're also useful for attracting fresh people and defining standards for your company. A good health insurance plan will help you recruit and retain high-quality employees.
4. You Stay Competitive
Guess who everyone will want to work for? Because top employees contribute so much to the bottom line, they have a lot of options when it comes to employment. And these people choose those who offer the best benefits packages.
Here's what. Workers are becoming more concerned about their quality of life when they pick a job, and nothing improves the quality of life at work like a comprehensive health insurance package. Other businesses in your industry may have offered your potential employees better pay, but the truth is they'll still come running to you if other companies are unable to match your unique health insurance package. You already know the main factor in staying competitive is your workforce, yeah?
5. You Enjoy Tax Breaks
You can claim the cost of many employee benefits as a tax deduction. Even if you provide your employees a component that enhances their salary, you are entitled to certain tax benefits, as a small firm. You can offer your employees something that boosts their compensation package while also allowing you to deduct the contribution from your taxes, reducing your out-of-pocket costs to less than the amount of the benefit received by your employees. Plus, your employees may choose benefits over pay. In fact, according to Glassdoor, nearly 80% of employees said they would prefer new or additional perks over a pay raise.
There you go. There are numerous advantages to offering health insurance to your employees, ranging from creating a healthier, happier staff to actually saving money. Yes, hiring and training employees could be expensive but it's far more expensive to lose them and have to hire them again. So you might want to put a firm grip on them by offering them a good health insurance package.
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