3 Ways that Group Health Insurance Helps Your Business Thrive
Did you know that 4 out of 5 employees prefer benefits or perks to a pay raise (according to Glassdoor’s Employment Confidence Survey)? And if you’re trying to attract or retain fresh talent, you should know that a comprehensive benefits package is even more important to them. Those aged 18-34 (89%) and 35-44 (84%) more frequently value benefits over pay raises, as compared to those aged 45-54 (70%) and 55-64 (66%).
Specifically, group health insurance is one of the most common and desirable benefits sought by workers today. Offering a healthcare plan can also benefit your business in the following ways.
Strengthen employee recruitment and retention. A group health insurance plan is no longer seen as a “bonus” for recruits and employees, but as a “must.” When seeking new opportunities, prospective employees frequently cite health insurance as one of the top three most desired benefits.
And because the majority (about 60 percent) of employers offer some form of group health insurance to employees, you’re at a major competitive disadvantage if you don’t. Beefing up your benefits package with healthcare coverage is one of the best ways to attract top talent, as well as to retain the employees who have been with you for years.
Improving employee well-being and productivity. As you might imagine, healthy workers are happier and more productive. If you’ve ever tried to work through an illness or injury, you know that your performance suffers when you don’t feel well.
A lack of health insurance can also cause financial stress on employees, and stress can have very much the same effects on productivity.
As the saying goes, an ounce of prevention is worth a pound of cure. People who don’t have health insurance often wait much longer before seeking medical attention for a problem. This leads to more sick days and even losing workers to temporary or permanent disability.
Cost-efficiency and tax benefits for the business. Fewer sick days and injuries lowers overhead costs for the business in numerous ways:
- You don’t need to scramble to cover missed shifts.
- You don’t have to pay overtime wages to make up for lost productivity.
- You experience fewer workers compensation claims.
- Your profits don’t suffer from slower or less desirable service or products.
Plus, because you’re more likely to attract and retain the best workers, your employee turnover rate decreases. This helps you to avoid the costs of hiring and training new workers on a regular basis.
Aside from those obvious benefits, you might achieve significant tax savings when you establish a group health insurance plan. All premiums paid by the employer are tax deductible. Small businesses (those with 25 or fewer employees) can qualify for additional tax credits.
Give us a call and we will investigate your group health insurance options together. For almost any needs and budget, there is a plan that will suit your business.