In running a business, one of the most important things you should pay attention to is the welfare of your employees. Taking care of them can help you succeed in your chosen venture. With the right care, benefit, and incentive, you make them feel valued and appreciated.
Remember, happy employees are like fuel to run your company efficiently. And offering them opportunities such as a health insurance would really benefit you and your business.
- Attract and Retain the Qualified Employees
According to the recent data gathered by MedLife Medicare US Employees, one of the top reasons that made most employees stay in their current companies is because of the health benefits that they obtain from their respective employers.
With the recent concerns and issues on healthcare reforms and slow job growth, the value of health insurances is perceived to increase. Accordingly, most employees nowadays are seen to be much more effective and productive when they are getting the right benefits especially the ones that are in line with healthcare.
- Lower Health Insurance Costs to Employee
If you have a large number of employees and staff, then it’s a real advantage both on your part and on their end. It is seen that health insurance rates are far much lower and cheaper when offered in groups than on an individual.
In addition, your staff and employees may only pay much less. And this is also a great addition to the overall benefits that you could offer to your people.
- Gain Tax Advantage
Another great benefit that you could have when you offer your employees healthcare insurances is you gain advantages on tax. Essentially, employers can deduct up to 100% of insurance costs as a company expense because they are tax-deductible. Not only that your employee’s health insurance but your own health insurance can be deducted too if your company is an incorporated.
Also, your payroll will be reduced by 7.65% due to employee contributions. Keep in mind that you can save much more as well if your employees wanted to focus more on their insurances and benefits instead of receiving higher salaries. Today, 80% of all regular employees are seen to incline more on benefits and insurances than having certain amounts of salaries.
This all means that you lessen your company’s tax payments.
- Receive Tax Credit
As for companies who have fewer employees and staff, you could receive tax credits instead of having cheaper insurance rates. According to legalities, businesses that have 25 employees or lower may be eligible to receive tax credits if they purchase or offer health insurances to their employees provided that they meet certain criteria and requirements.
- Lesser Finance Worries for Employees
Having health issues is very expensive. Not to mention the emergencies and accidents that may happen on a daily basis. These kinds of things tend to bother regular employees because being sick nowadays may require shelling out of huge amounts of money.
But, having health insurances may mean security and peace for your employees. Note that these policies will help your employees with their respective health concerns and issues in terms of the financial aspect. They could receive much cheaper costs and discounted medicines.
As a result, your employees would feel much more secured and at peace knowing that they have something stable to back them up at times.
- Avoid Health Care Reform Assessments
Health care reform assessments are largely inconvenient and expensive as you would be fined and penalized. Now, you will only be subjected to such assessments if you don’t observe the current legislation and bills that have been passed in relation to health care reform.
Patient Protection and Affordable Care Act are the most recent bills. These state that businesses with 50 or more employees must have respective health care insurances. This has become a mandate at the beginning of 2015.
So, if you don’t want to be assessed by the government, you must start offering your employees with the right health care coverage and policies.
In a nutshell, health insurance is very essential. Not only that they help your employees but they pretty much offer you and your company significant benefits too.