As a business owner with other staff on your team, one of the many important decisions you may have to make is whether you should offer Group Health Insurance to your employees. You may think of this as a major expense but having Group Health Insurance as an option for your employees can be a major benefit for your business. Here are 3 reasons why you should consider Group Health Insurance for your employees:
1. Group Health Insurance is a tax benefit to your business.
Contributions that you make to your employees’ Group Health Insurance are tax-exempt. This means that the money you put toward their health insurance can be fully deducted as a business expense. This is a valuable incentive as it can lower your tax payments significantly.
2. It helps with retention.
One of the most important things that people consider when accepting a job is if the company offers benefits, including health insurance. If health benefits are a top priority for your employees, then it should be a top priority for you as a business owner. It can help with recruiting new staff and keeping the current staff that you have. If an employee must pay for his or her personal insurance, they must pay for it after taxes are taken out of their paycheck. However, when employees participate in group health insurance programs, they pay for it before taxes are taken out. This can save employees up to 45% on their health insurance premiums
3. Your employees are healthier.
Providing Group Health Insurance makes it easier for employees to schedule doctors’ appointments and to stay on top of their health. Employees will have a larger pool of doctors to choose from when scheduling appointments. If your employees are healthy, they will perform better at their job and will have to take fewer sick days. This will help with productivity and hopefully keep your business running smoothly.
Offering Group Health insurance shows your employees that you care about them and their health. This will help build trust in your organization and keep your employees happy and hopefully encourage them stay longer.
If you are an organization looking to purchase Group Health Insurance, contact Darr Schackow Insurance for a free quote. We have Group Health, Dental, Vision, Short-Term Disability, Life, and Voluntary Insurance available for you. Call us at (888) 337-9322.