Group Medical Insurance
Health coverage is one of the most important benefits that employers can provide for their employees. Employers that sponsor group health plans promote employee health by enabling their employees and their families to take care of their essential medical needs, ensuring that they can devote their energies to productive work. Because of the importance of good health, employer-sponsored group health plans benefit employees, employers, and society as a whole. Health insurance protects an individual or family from financial loss due expenses from sickness or injury. About 85% of Americans have health insurance and 50% of those get it through their employer. From purely a business sense, there are a number of beneficial reasons for an employer to offer their employees.
Increase Job Performance and Raise Morale
Simply put, a healthier workforce is a more productive workforce. Employees with health coverage are significantly more likely to utilize medical services, especially in a preventative manner to stay healthy. Employees with health coverage take fewer sick days and continue working. A study found that healthy workers were three times more productive than unhealthy employees. Also, workforce morale is generally higher.
Increase Appeal & Lower Turnover Rates
Studies consistently show that providing health benefits is a key part of employee retention. 59% of employees say that health benefits is important for increasing loyalty to their employer and is the 4th most prevalent reason that an employee would consider leaving to another company. Employees now expect that when working for a company they will have access to quality and affordable health benefits. Businesses that offer health insurance as part of their benefits package are more attractive to applicants than those who don’t. This reigns true especially for industry competitors of the like size in the same general area and the importance of attracting and keeping quality employees is key the success of a company.
A 2018 survey of 388 employees showed that health insurance was the most valued benefit chosen by 55% of respondents.
Gain Tax Advantages
Businesses are able to deduct a portion of their contribution toward their employee plan as a business expense, and thus reduce the amount of taxable income for their business. Employees may also have their portion of their health insurance premium deducted from their taxable income.
Find the Right Medical Benefits Package
Despite the advantages many businesses, especially smaller ones with less than 50 employees, still do not offer health coverage. A California-based study found that most businesses know relatively little about about regulatory protections, tax deductibility of insurance premiums, and market options. And a substantial reason for not providing health insurance is because they think it will cost them more than they are willing to pay.
Are you a business that currently doesn’t offer medical insurance and is on the edge about implementing an employer-sponsored health plan? Or do you currently offer medical insurance, but the premiums are simply costing your company too much money? Let us take the wheel. We will work diligently to make sure your business is provided with the most optimal health insurance solution for your business at the most competitive rates available.