In 2017, 8.8% of the country’s population, or 28.5 million people, didn’t have health insurance. Unfortunately, not every company can or chooses to offer their employees health coverage. Without realizing it, this can cause you to miss out on talent or lose employees over time.
With these five benefits of group health insurance, you can improve employee recruitment and retention.
Interested? Keep reading to learn more about group insurance benefits.
1. Better Access to Care
When your employees have access to group health insurance, they also have access to the medical care they need.
This will allow your employees to use preventive services, thereby allowing them to avoid serious health issues in the future. Without access to this care, however, you might find employees maxing out their sick days. When flu season rolls around, a single employee could infect the entire office.
Access to better care will keep your entire seam safe and sickness-free.
When an employee doesn’t have health care and falls ill, they’re less likely to see a doctor. Instead, there’s the risk they’ll come into work sick because they’re afraid to use sick days. Over-the-counter medications don’t always help.
This can cause a single sneezing employee to infect every member of your team.
Having easy access to the care they need will encourage your employees to visit a doctor. As a result, they’re more likely to maintain their health over time. Otherwise, they won’t choose to request the health services they need if your employees can’t afford them.
2. Manageable Costs
The benefits of group health insurance help individual members of your team as well as your company as a whole.
Health coverage also makes it easier for your team to manage the costs for health care services. When your employees have health coverage, they’re financially protected. Otherwise, they might experience burdensome debts as a result of an injury or illness.
If they can’t afford health care coverage on your own, the injury or illness can get worse without treatment.
Meanwhile, some employees who already have health care might experience a sudden price increase. In these cases, your employees might decide they can’t afford (or don’t want to pay) for insurance. As a result, your team members could get sick and decide not to get help.
They might also leave for a company that does offer health insurance.
With group health benefits for employees, you can keep your entire team out of debt. Group health insurance will make it easier for your employees to manage the cost of health insurance. With manageable costs, your team is more likely to get the help they need, when they need it.
3. Tax Incentives
As an employer, the expenses you incur that are related to health insurance are 100% tax-deductible. These expenses are considered ordinary business expenses for both state and federal income taxes.
Outside of this rule, however, the taxes get more complicated.
An employer can help their employees by completing the proper paperwork. You can ensure your employees are able to contribute to the cost of health insurance as a pre-tax. This will help your employees save money (while keeping them happy).
This allows you to deduct the cost of the premium from your employee’s paycheck before state and federal taxes. As a result, your employees will notice an increase in the money they tax home. This will also lower the employee’s taxable income.
If you’re a small business, the Affordable Care Act offers healthcare tax credits. This can also help offset the cost of insurance for your company.
These small business healthcare tax credits were first made available in the 2010 tax year.
4. Happy Employees
For a business to run effectively and efficiently, you need a team of happy employees. Otherwise, productivity will experience a stall. You might also start to notice a fast turn-around with employees.
When you create a positive work environment, however, you can encourage people to stay. In fact, your employees are also more likely to work harder for a company they love.
One of the benefits of group health insurance is you’re able to foster an environment of happy employees.
Offering your employees healthcare will show them you appreciate their commitment to the company. When employees feel appreciated and valued, they’ll care more about their employer and their job. As a result, your employees will want to improve the work environment, so everyone else is happy too.
Within a year, people in the U.S. will suffer 1 billion colds.
When we get sick, we tend to feel miserable. One unhappy employee can spread their misery like the plague. If they’re sick, chances are they’ll spread their illness like the plague, too.
Offering benefits for employees will keep your entire team happy and healthy.
When your employees are happier, it shows. Potential employees will take notice and want to work with your business to become a part of that happy, productive team.
5. Higher Retention
When employees feel like they’re appreciated, they’re also more likely to stay in the same business. On the flip side, unhappy employees are more likely to leave and find work elsewhere.
Low retention can impact your company’s productivity.
When you have employees cycling in and out of the company, you have to take the time to train them. This becomes both time-consuming and costly.
Healthcare reduces absenteeism. It also decreases the risks associated with long-term health issues. If your employees wait to get treatment, they’ll get sicker. Then, they’ll stay home and miss work or go on disability.
With group health insurance, you can retain your team and continue growing your company.
Ramp Up Recruiting: 5 Benefits of Group Health Insurance
When your team is happy and healthy, people will start to notice it. With these benefits of group health insurance, you can retain and build your team. More people will want to work for your company.
Meanwhile, your happy employees will stay and build your business in the future.
Want to offer these benefits of group health insurance to your team? Schedule an appointment with us today to get started!