While there are many benefits that your company can offer, health insurance is the top employee benefit. It helps to keep your employees healthy and happy. Also, it shows that you deeply care about their health.
1. Offering Health Insurance Is Easier Than You Might Think
First, hire a broker or an advisor in health insurance to grasp it. They’ll be your agent of choice. You and your team can help choose the right plan based on their industry and the coverage preferences of everyone in your company. In addition, you will be able to organize everything and stay compliant on an as-needed basis.
2. Employees Will Be Happy If They Have Access To Health Benefits
Glassdoor’s survey found that employees consider health insurance to be the most important benefit received from their employer. Employers should provide health insurance as the first benefit to their employees and then increase the benefits over time.
According to Glassdoor’s research, these are the top three benefits that satisfy employees most:
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Insurance for health
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Vacation and PTO
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Pension plans, 401(k), and other retirement plans
3. You Save Money On Taxes
Offering health insurance is one of the employee benefits in the consulting firms. One of the advantages of availing health insurance is you can save a big chunk of money on your taxes.
These are the tax savings that you can get from offering group health insurance:
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Contributions from employers are tax-deductible.
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Employer payroll taxes are lowered by 7.65 percent of employee contribution
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Premiums for workers’ compensation are lower for employers
You can save money by paying for health benefits rather than higher salaries. Your employees might prefer benefits to salary. Nearly 80% of workers surveyed by Glassdoor said they would choose additional benefits over a raise in their pay.
4. You Can Have Access To More Hospitals And Doctors.
Many group insurance networks are more extensive than individual ones. Although network differences can vary from state to state, California’s networks for individual plans typically are two-thirds larger than those for group plans. A group plan will allow you greater access to better doctors and hospitals.
5. Employee Productivity Can Be Boosted By Providing Health Insurance
MetLife’s study found that 60% of employers believe offering health insurance has resulted in higher productivity. According to the CDC, employees who emphasise preventive care, such as regular checkups, are more productive at work.
Health Compass has a wealth of knowledge about the intricacies of Health Insurance. Contact them at 800-709-0515 or send them an email at solutions@healthcompassconsulting.com.
