Top Reasons To Offer Your Employees Health Insurance
The decision of whether or not to provide Health insurance benefits to employees is a dilemma many small businesses face.
In the past, most small businesses did not offer health insurance to their employees, but now more small companies are opting to provide health insurance.
The Affordable Care Act (ACA) has made it easier and more affordable for businesses to offer health insurance to the people who work for them. Here are some reasons why you should offer health insurance to your employees.
Employees are Happier with Health Benefits
82% of workers say that health benefits are very or extremely important to them. That means that if health benefits are a priority for your employees, they should be a priority for you too. When offering health benefits works to keep your employees happy, they stay with your company longer and are more loyal. It also helps with recruiting new employees. When job seekers are evaluating employment offers, they place heavy emphasis on the benefits an employer would give them.
Offering Health Insurance Boosts Employee Productivity
When employees are happy and healthy, they are much more productive. A study by MetLife concluded that workers who were happy were more engaged, more loyal and more productive. Employees who put a priority on preventive health, spend more time at work and less time at home due to serious illness. Health insurance plans for employees are commonly referred to as group insurance plans. Group health insurance is a plan that provides coverage for all employees. Premiums are dependent upon a variety of factors including your location, the number of employees covered and the ages of your covered employees.
Getting Health Insurance for Employees is Easy and Affordable
Even if you decide not to contribute anything toward your employees’ health insurance, you can offer them the opportunity to obtain group rates through your business. The ACA offers the Small Business Health Options Program (SHOP) for employers who have between 1-50 full-time employees. If you’re considering offering health insurance to your employees, this might be the program you’ve been looking for. Here’s how SHOP can benefit your company.
Offering employee benefits can help increase employee attendance in many ways. The main causes of absenteeism are health issues, finances, and family commitments. While you can’t prevent your employees or their families from getting sick, you can support their wellness and contribute to an environment that is conducive to a healthier workplace.
Health Insurance Coverage Flexibility
SHOP lets you decide if you want to just offer one insurance plan or if you’d rather allow your employees to choose between a few different plans with a variety of options. It also lets you decide how much to put towards the premium. To help navigate your best options, work with a trusted EZ Health Insurance broker who is knowledgeable about small business health insurance options, defined contribution health plans, and health care reform.
52% of employees who aren’t satisfied with their benefits want more of a benefit they already have, and 14% want different benefits altogether. You can work with an EZ Health Rates SHOP-registered health insurance agent or broker to help you enroll and compare prices.
Even though companies aren’t legally required to provide health insurance, many can still benefit. Choosing a high-deductible plan may help you pay less in premiums, but requires your employees to cover more of their costs out of pocket. The health-care tax credit might still apply in 2019. By offering health insurance to your employees through SHOP, you may be able to claim a tax credit. The IRS offers a Small Business Health Care Tax Credit to businesses that qualify. Speak to one of our agents today to see if your company can qualify for this benefit.
Not only can you get a credit from the IRS, but employers who offer health insurance get a percentage off their payroll tax.
When you’re a small business owner you have to watch your costs you might not have an HR department to manage benefits for your employees. SHOP allows you to organize and compare choices and affordability when choosing a health insurance plan for the people who work for you. By offering health insurance benefits to your employees, you will have happier and healthier staff.