5 Reasons to Offer Health Benefits to Your Employees
As a business owner, it probably seems obvious that offering a healthcare plan to your employees would benefit them in a number of ways. But did you know that enrolling in a group healthcare plan can actually provide certain perks to you and the business overall? Consider these five facts.
You can earn certain tax incentives. The IRS allows you to claim health insurance premiums as a deduction. You could also reduce your payroll taxes this way. And if you establish health savings accounts for your employees, those contributions can also serve as tax deductions. You might also qualify for certain tax credits, depending upon the size of your business and a few other factors.
You will recruit and hire top talent. These days, a group healthcare plan is considered essential, or at least highly desirable, to job candidates searching for a new position. Enrolling in a plan will help your company attract the most competitive workers.
You can improve company loyalty and employee retention. Just as new hires are looking for a comprehensive benefits plan, current employees are less likely to look elsewhere for employment when they feel valued by the company. As a business owner you know that the cost of frequent turnover is great. But because a group healthcare plan helps your employees to stay healthy and support their families, they are more likely to feel loyal to you and satisfied with their current positions.
Healthy employees are productive employees. As we all know, none of us can perform at the top of our ability when we’re under the weather. A healthcare plan helps your employees stay healthy or recover quickly when they do get sick. The payoff for your company is improved productivity.
Lower the cost of sick days or extended time off. Healthier employees take fewer sick days, and are less likely to require extended time away from the workplace due to serious illness. This translates into lower costs for you, due to the need to replace workers or offer overtime to cover missed shifts.
And the best news of all? Due to all of these benefits, offering group healthcare plan coverage to your employees might be more affordable than you think. Call one of our insurance specialists to discuss the options available to you, and we’ll help you evaluate the potential savings.