A Guide to Group Health Insurance for Employers
Did you know group health insurance is one of the most critical benefits employees look for when applying for jobs? Most potential employees will look at it as an essential part of any compensation package as it is the most basic way many people protect themselves and their families.
As an employer, it’s important to consider the benefits of group health insurance. Here are five reasons group health insurance is right for you and your employees.
Improved Employee Satisfaction and Retention
When individuals are applying to jobs, many seek out employers that offer health insurance coverage. A workplace that provides group health insurance will see employees less stressed by potential healthcare costs and improved satisfaction with the company.
Employers can directly benefit from several tax benefits in exchange for offering their employees group health insurance. In particular, small businesses can claim the small business healthcare tax credit. This tax credit is available to employers that offer their workers insurance and pay a portion of the insurance premium. So, rather than paying higher salaries with no health insurance, offering slightly lower salaries with good group health insurance coverage will benefit the employer and employee in the long run.
More Productive Workers
Not only will insured employees be happier and less stressed, they will typically be more productive on the job. An employee with health coverage is more likely to take advantage of regular checkups. As a result, these individuals will be healthier and take less time off.
Comply with Federal Healthcare Policy
When it comes to ensuring your company is in line with the Affordable Care Act, you may be required to offer healthcare coverage that meets specific predefined requirements. As an employer, it’s crucial to stay on top of the current healthcare requirements as policies and conditions are subject to change. However, employers with 50 or more full-time employees (or the equivalent in part-time employees) must provide health insurance to their employees or pay a fine.
Protecting Those That You Depend Upon
Offering group health insurance ensures your employees are protected. Especially for a young, small, and growing business, these employees become integral parts of your success and your growth. That’s why it’s essential always to make sure their health is a top priority by offering them the best healthcare coverage.
If you’re still unsure whether or not group health insurance coverage is right for your business, reach out to Schechner Lifson. We’re eager to review your situation and recommend a suitable health insurance plan for your employees. Get in touch with us today!