Do you own a company and wanted to offer the employee health insurance policy to your team? But, you may think about the need of doing that when you are not legally bound to cover your employees.
Yes, many small and large businesses are offering employee health insurance policy to the team. Availing a group health insurance plan is good for you team as well as the business. How? Let us get to know some major reasons to offer employee health insurance.
1. It’s easier than you think
You don’t need to do anything on your own. You can get in touch with one of the representatives of a group health insurance company and get started. You can also opt for an employee health insurance plan online and save time and efforts. Either by opting for a representative based group health insurance plan or doing it online, you should be aware that you will:
- Be able to select a plan that works great for your team and the business, based on the industry type and coverage preference of your employees.
- Set everything up in the order and keep you compatible and compliant on an ongoing basis.
2. It will keep you employees super happy
According to a survey conducted by many leading survey companies, employees are of the opinion that health insurance is the most vital benefit that they can get from their employers. As a result, employers should make it a point to offer the team with a group medical insurance policy. As they move forward, they can go ahead and opt for add on or extra benefits over time. The leading benefits that make employees super happy and confident about their employers are:
- Health insurance
- Pension plans and other retirement plans
3. You can save your money on taxes
Employers and employees pay less for health insurance when they do it as a team or group.
Savings for employees
When employees opt for a health insurance plan on own, they make money, the Government taxes the amount, and they take the remaining figure to buy as they need.
On the other hand, when a company buys health insurance for a team, they pay for insurance with pre-tax benefits which can help them save 30-40% on their health policies.
Savings for employers
The tax benefits that you can enjoy by offering your team the group health insurance policy are:
- The contributions from employers are tax deductible
- The employer payroll taxes get reduced by 7.65% of employee contributions
- The workers’ compensation premiums are also reduced
Many recent surveys also state that more than 70-80% of the employees prefer new or extra benefits such as a health insurance policy and more to a salary increment.
4. It can boost employee productivity
When employees are sure that their needs during a medical emergency will be covered, they are free from all burdens, and that leads to higher productivity.
The Bottom Line
If you are an employer who is still thinking of enrolling for an employee health insurance policy, you are now aware of reasons to offer it to your employees.
You can compare all plans online and pick one that offers best covers as per your budget.