As a small business owner, you may be wondering whether you should offer health insurance to your employees or if financially it makes sense. Deciding to offer small business health insurance can be a big decision for any company, and you may have questions about why you might provide health coverage as one of your employee benefits. Here are some reasons to consider.
- Lower premiums – Group plans tend to be cheaper on average than individual plans.
- Tax incentives – Businesses can deduct the cost of premiums from their federal business taxes, and some small businesses may qualify for a tax credit.
- Improve hiring and recruiting – A robust benefits package can appeal to both new hires and current employees alike while setting businesses apart from competitors.
- Employee loyalty and retention – Offering group health insurance can help small businesses keep their top employees for the long term.
- Employee job satisfaction – Having happy employees who are content with their jobs and health benefits can make for happier employers.
- Healthier, more productive employees – When workers take fewer sick days and absences, they can retain focus and achieve more while having access to health care resources when needed.
- Foster a healthy company culture – Show your employees that their health is important to you by promoting a positive culture, encouraging wellness initiatives, and offering health coverage.
- Pre-tax benefit for employees – Another benefit of providing small business health insurance can be more after-tax money available for workers.
- Place health coverage within reach of employees – Employers offer group health insurance is to make medical coverage more accessible and affordable to their employees
Deciding to offer small business health insurance can be a big decision for any company, and you may have questions about why you might provide health coverage as one of your employee benefits. This is why you need a company to help guide you. We can help.