In this recent article, we addressed the Employer Mandate, which requires that employers with over 50 fulltime employees offer a group medical insurance coverage plan. There are actually a lot of other benefits to offering your employees a group health insurance plan aside from the fact that you can avoid penalties if you don’t. Here are some of the benefits to consider.
Hire Better Employees
Over the last few years, insurance reform and massive changes to federal health care issues have made prospective employees much more concerned about health insurance issues. A company that has a rock solid group health insurance plan in place is more likely to attract more qualified employees and keep them onboard.
Experience Significant Tax Benefits
There are several significant tax benefits to providing health insurance to your employees and not just avoiding tax penalties. For instance, the premiums for your employees’ group medical insurance are 100% deductible. If your business is incorporated, then you can actually deduct 100% of what you pay for your own insurance as well.
Be More Productive and Profitable in Business
In most cases, a group health insurance plan offered to 50 or more employees is less expensive per individual than if those individuals were all to go out and get individual insurance coverage. Having a group health insurance plan means it is more affordable to work for you than for other companies, which ultimately will buy employee loyalty. It is not too much of a stretch to say that when you have more loyal employees working for you, your business will be more productive. When your business is more productive, the natural result is more profit.
Have Healthier and Happier Employees
According to a 2014 Gallup poll, one-third of all Americans have put off medical treatment because of healthcare costs. By offering a robust group medical insurance at your business, you are helping employees get the essential healthcare they and their families need. When your employees are healthy and happy, there will be increased employee morale and fewer sick days.
These are just a few of the reasons why your business needs a strong group medical insurance plan in place. If you have any questions about the best health plan for your company and what features to include, give us a call to review your best options.