Why You Should Offer Group Health Insurance
Small business owners in the state of California are required to offer a group health insurance plan if they have more than two employees. Even business owners who don’t meet this mandatory requirement should take advantage of the great benefits this insurance plan will offer to your employees.
Top 5 Reasons to Offer Group Health Insurance
- Employee Satisfaction – A health insurance plan offered by an employer is another added perk to the job. Offering employees this benefit shows them that you, as an employer, care about their safety and well-being as well as their family. Not to mention, employees are more likely to stay with the company the better the health insurance plan is, reducing possible high turnover.
Offering the basic health care plan is a good start, but the more important your employees are to you, the more you have poured training into them and the more they have produced for you, why wouldn’t you want to reward them? Try selecting a HMO or a PPO plan to give them more options in their care. Take on some of the responsibility to help them out and they will greatly appreciate your effort.
- Increased Performance – By increasing the employee satisfaction you ultimately increase their performance. There are also studies that show a healthy employee makes for a more productive and effective member of the team. A great health care plan both keeps employees happy and increases your bottom line.
- Staying Competitive – Finding good workers these days can be a cutthroat process. Many employers are selling their health care plans to prospective employees, even more so than the bonus packages. Offering a well-established health program can give you the edge to you can take the wind out of your competitions’ sails. By marketing your health care plan, you will attract the best employees you can.
- Tax Benefits – When you own a small business you are legally allowed to write off all of the premiums that you pay for your group health care plan. 100% of that money comes back to you in the form of a tax break to help you even out the costs each year. Health savings accounts also offer the tax benefits to employees because the money is deducted pre-tax, and that could move them into a lower tax bracket while giving them more money than they are paying out.
- Teamwork – Showing your employees that you care will help you build the relational bond with them, allowing them to trust you to make sound decisions. The biggest thing to remember when starting a new health benefits plan is to let every employee know about their new benefits as well as if those benefits change in the future.
If you are still unsure which type of plan to choose, ask them what their preferences are and why. It might give you an idea of what exactly they are looking for in a plan, since you already know what you are looking for in an employee.