Group Medical Insurance
Health coverage is one of the most important benefits that employers can provide for their
employees. Employers that sponsor group health plans enable their employees and their
families to take care of their essential medical needs, ensuring that they can devote their
energies to productive work. Because of the importance of good health, employer-sponsored
group health plans benefit employees, employers, and society as a whole.
Health insurance protects an individual or family from financial loss due expenses from sickness or injury. About 85% of Americans have health insurance and 50% of those get it through their employer. From purely a business sense, there are a number of beneficial reasons for an employer to offer their employees.
High employee turnover is becoming a prevailing problem among millennials, studies show that providing health benefits is a key part of employee retention. 59% of employees say that health benefits is important for increasing loyalty to their employer and is the 4th most prevalent reason that an employee would consider leaving to another company. Employees now expect that when working for a company they will have access to quality and affordable health benefits. Businesses that offer health insurance as part of their benefits package are more attractive to applicants than those who don’t. This reigns true especially for industry competitors of the like size in the same general area and the importance of attracting and keeping quality employees is key the success of a company.
Reduce Operating Cost
Employees who are provided employer sponsored health insurance are more likely to take a lower salary. This is because individual or family health insurance generally will cost more to get than an employer-sponsored plan. Therefore, making the difference in a lower salary negotiable.
Gain Tax Advantages
Businesses are able to deduct a portion of their contribution toward their employee plan as a business expense, and thus reduce the amount of taxable income for their business. Incorporated business can deduct the business owner’s insurance and the coverage paid for the employees.
Lower Insurance Costs
Businesses generally get lower insurance rates (premiums) than individuals or families. This is because as more people are insured under an insurance policy the greater than risk is spread out. Therefore it’s in a business’s interest to extend coverage to employees.
Increase Job Performance and Raise Morale
Simply put, a healthier workforce is a more productive workforce. Employees with health coverage are significantly more likely to utilize medical services, especially in a preventative manner to stay healthy. Employees with health coverage take fewer sick days and continue working. A study found that healthy workers were three times more productive than unhealthy employees. Also, workforce morale is generally higher.
Despite the advantages many businesses, especially smaller ones with less than 50 employees, still do not offer health coverage. A California-based study found that most businesses know relatively little about about regulatory protections, tax deductibility of insurance premiums, and market options. And a substantial reason for not providing health insurance is because they think it will cost them more than they are willing to pay.
Find The Right Policy For Your Business
Are you a business that currently doesn’t offer medical insurance and is on the edge about implementing an employer-sponsored health plan? Or do you currently offer medical insurance but the premiums are simply costing your company too much money? Let us take the wheel. We will work to make sure your business is able to offer the medical insurance you desire for a premium you can afford.
From our initial consultation we will find out what type of benefits you want. We will then diligently shop the open market for plans most fitting for your business for a price within your budget. At your convenience, we will present the plans for you to understand in a descriptive yet simple manner so you know exactly what you will be getting. After you select the plan(s) you desire, our professional dedicated service team will work to make sure your business gets on-boarded and your employees get enrolled in the most efficient and seamless manner possible.
On-top of it all, we also manage and service your business’s policy so you can focus less on your insurance and more on running your business.