Providing Affordable Medical Coverage to your Employees
Although there are many benefits you can offer your employees, health insurance is the most important. This is the one incentive to help keep your team happy and healthy, providing health insurance to your employees’ signals that you care about their well-being. Affordable medical coverage is of importance to help keep company costs low, find your plan with Aetna and learn about reducing out of pocket costs.
Many business owners agree and offer health insurance benefits when the law does not require them. Why do think these businesses cover their employees through group plans also though the law does not require it of them? It is suitable for their teams and useful for the company. If you are on the fence yourself, here are the top five reasons to offer health insurance to employees:
Health Insurance is Simpler than you think
The great news is, you do not have to do this alone. A health insurance advisor or broker can guide you through the whole procedure. As your go-to agent, your broker will help you select a plan that is suitable for you and your employees, based on your industry and the coverage preferences of all the folks in your company. Setting everything up and keeping you compliant at all times. To avoid answering difficult questions yourself, your broker, can stand as the resident healthcare know-it-all for your employees.
Health Benefits Make Employees Happy
Employees say health insurance is the most important benefit they receive from their employer. That is why employers should offer health insurance as their first company benefit, over time, add on additional benefits. The top benefits that make employees the most satisfied, according to recent studies, are, Health insurance, Pension plans and vacation.
Health benefits often motivate employees to lead a healthy lifestyle, to stay healthy and live happy. If health benefits are a number one priority for your employees, it should be a priority for you too. Companies that offer a valuable health care benefits are more likely to retain their employees.
Save Money on Taxes
Employers and employees spend less on insurance when they purchase it as a group. When employees buy individual health insurance, they have to use post-tax of their finances to buy it. The government taxes that money first, then they take what remains to buy what they need. When employees purchase health insurance as a group plan, they pay for the insurance as pre-tax.
Group plans can save them up to 30 to 45% on their health insurance premiums. Paying for health benefits instead of high salaries can save you money as you are not required to pay workers compensation premiums and payroll taxes on cash used towards health benefits.
Access to more Doctors and Hospitals
Group insurance networks are more substantial than individual systems. That means on a personal plan, you may not have access to the same doctors and hospitals you would on a group plan. The network differences vary by state; in some states, networks for individual policies are typically half the size of group plans. Purchasing a group plan can significantly increase your access to often more and better, doctors and hospitals.
Boost Employee Productivity
More than 60% of employers say offering health insurance has led to higher productivity levels. Employees who prioritize preventive care like regular checkups, get more accomplished at work done.
As an employer, you care and want your employees to focus on performance, being productive and thriving in the workplace. Stressing about health insurance can drain their energy and consume their time efficiency.