There are many reasons to offer group health insurance. Employee Group Benefits
1. Attracting and retaining the most qualified employees - Offering health insurance benefits along with competitive salaries, profit sharing, bonus programs, pension plans, paid time off, and tuition reimbursement is a powerful tool to attract and retain the most “brilliant” employees.
2. Increasing Profits with more productive employees- By focusing on preventative care, the health insurance plans may improve the quality of life for employees and their families – and this is a return on investment to the business, to employees, and to our communities
3. Avoiding Health Care Reform assessments- Starting in 2015, employers with 50 or more full-time equivalent employees are required to offer affordable, minimum-value group health insurance. If they don’t, they may be assessed government penalties..
4. Gaining Tax Advantages - Employers can deduct 100 percent of their employees' health insurance cost as a business expense. If the business is incorporated, the business owner’s own insurance costs are also deductible.
5. Receiving a Tax Credit - Small businesses with fewer than 25 employees may be able to receive a tax credit if they purchase small group health insurance for their employees and meet other criteria.
6. Passing along the lower health insurance costs to the employees - If you have 50 or more employees, you may find that our large group health insurance rates are lower than individual rates. Your employees may pay less and it makes a great addition to your business’s benefits package
7. Lessening financial worries for employees - With health insurance, employees feel more secure knowing they can pay medical expenses, especially in an emergency. That peace of mind can mean more focused and loyal employees.
8. Making employees feel valued. Employees will go the extra mile if they feel responsible for the results of their work, have a sense of worth in their jobs, believe their jobs make good use of their skills, and receive recognition for their contributions
9. Building higher morale – access to healthcare reduces employee absenteeism, and improves health and morale. Also it helps strengthen an organization’s culture and build employee pride, trust, and commitment.
10. Benefiting the entire society - The potential economic value to be gained in better health outcomes from uninterrupted coverage for all Americans is estimated to be between $65 and $130 billion each year.
If you are shopping for employee benefits, feel free to reach out to us! Our consultation is at no cost! http://www.SFCheapInsurance.com
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