If you’ve ever held a job, you know just how vitally important it can be to have an employer who offers health insurance. Although the Affordable Care Act was designed to help everyone find affordable healthcare insurance, having an employer who offers health insurance at a reduced rate isn’t just convenient – it can also be a huge money-saver for the men and women who help you build your business day in and day out.
The benefits of offering group health insurance for your employees go well beyond your workers; there are plenty of advantages for employers, as well. For instance, by offering group insurance for your employees:
- You can attract employees with the highest qualifications. Today’s employees understand and appreciate the value of work-based healthcare insurance, and that means the best employees are going to look for employers who offer health insurance as part of their benefits package. Plus, offering insurance also helps ensure that you retain your top employees, reducing turnover that can have a major impact on your productivity and your bottom line.
- You gain important tax advantages. Employers who offer insurance can deduct the costs of that insurance as a business expense, and if the business is incorporated, the owner’s insurance costs can also be deducted.
- You may qualify for a tax credit. If you have fewer than 25 employees, your company might qualify for a small business healthcare tax credit equivalent to as much as 50 percent of your premium costs.
- You can increase employee loyalty – and that can lead to greater productivity. Employees appreciate having insurance at lower rates and they also appreciate not having to navigate the healthcare marketplace to find insurance year in and year out. As a result, they’re more likely to be happier while on the job, and that can translate into higher productivity and improved employee morale.
- You demonstrate your commitment to your employees’ health and financial well-being. This last one is hard to measure outside of personal “feel good” points, but offering insurance does position your company as one that cares about its employees – and that can set you far above many of your competitors.
Group health insurance doesn’t have to be costly; in fact, with current tax incentives, offering insurance for your employees can make tremendous financial sense for businesses of all sizes, even those with just a few employees. To learn more about group health insurance and to see how affordable it can be, give us a call and let us review your needs.