It's our experience and expertise working for you.
Ask almost any employee or anyone looking for a new job what their number-one most preferred employee benefit would be, and health insurance is easily going to be the top answer. And given the high costs of healthcare and the constant risk that going uncovered poses, it isn't hard to see why.
Businesses also do well to take advantage of their employee's desire for quality, affordable health insurance - it's the most valued of all benefits in your employee benefits package. Realize that around 50% of all Americans who have health insurance get it through their employer or their spouse's employer. You can't afford to be the company top talent leaves in search of a company that offers health insurance.
Here are some of the most important reasons why you should offer quality health insurance to your employees:
It Boosts Your Competitiveness In The Job Market
Offering flexible health insurance options to employees will attract highly qualified applicants and help you retain top talent once you have it on your team.
If other companies of a similar size and in the same general industry offer no insurance, poor insurance, or costly insurance (and you offer quality, affordable insurance), it's not hard to see who's going to win the competition for workers.
Plus, many times people are willing to take a job with a somewhat lower salary if good health insurance is included in the deal. It will often cost an individual more to buy a non-employer based policy than the salary difference, so this only makes sense.
Businesses Can Get Health Insurance At Reduced Rates
A business that buys health coverage from an insurer for its employees will normally get a substantially discounted rate. The larger the number of employees you sign up, the bigger will be your group discount.
Thus, you not only want to offer insurance but also want to sign up as many of your employees as possible to get the biggest possible discount - which means you, your employees, and the insurer all benefit.
Finally, another way the cost is reduced is by tax deductions. Any portion of your employees' health insurance your business pays for can be written off as a business expense when you file your corporate taxes each year.
Your Employee Morale and Productivity Will Blossom
Finally, the third major area in which offering good, flexible health insurance to employees pays off is in employee morale.
It's simply a fact that employees with employee-based health coverage have fewer sick days and absentee/late days. They also tend to be far more productive and more satisfied with their job.
Both the motivation to not lose their insurance and the fact that they can afford to see the doctor and stay healthier precisely because they have insurance, contribute to this heightened morale and productivity.
There are too many competing companies out there offering good health insurance to their employees to be competitive in the job market without offering the same or better as part of your employee benefits package. Group discounts, tax advantages, and boosted productivity will make this benefit more than pay for itself anyway, so there's really no good reason not to offer it.
To learn more about how to craft a solid employee health insurance program and overall employee benefits package, which will make your company more competitive in the marketplace, contact Summerlin Benefits Consulting today!