Can offering health insurance enhance your ability to recruit and retain employees? The short answer is yes! It can also be helpful to your bottom line.
Here are three great reasons to offer group health insurance:
- Benefits, Premiums, and Networks
Group Health Insurance Plans will often be more affordable to the company and employees than individual plans. When you have multiple employees in a plan, the insurance company has a larger risk pool, thus making the average coverage cost lower and more stable. Group Insurance may also offer better benefits and a more extensive network of hospitals and doctors for employees to access. - Tax Incentives
Businesses can deduct 100% of their monthly premium costs on their federal income taxes. In addition, if the company contributes to each employee’s Health Saving Account, those contributions are tax-deductible. - Applicants and Employees Value Health Insurance
Here is the latest research:- Harvard Business Review noted that 88% of survey respondents said they might take a lower-paying position if the organization offered health insurance over a higher-paying job with little or no health insurance coverage.
- A Glassdoor survey revealed that 57% of candidates said that benefits were their top consideration when taking a job.
- According to Lending Tree, 33% of applicants, when offered a job, turned it down due to a lack of benefits.
- 27% of employers plan on integrating voluntary benefits such as Life, Dental, and Vision Insurance into their group plan, according to the 2022 Buck Wellbeing and Voluntary Benefits Survey.
Our Take
“It’s important to offer good benefits packages that include healthcare. Programs such as health savings, health reimbursement accounts, and ancillary benefits can be tailored to each group’s needs,” stated Jeff Novak, President of Advanced Insurance Designs Inc.
“For entrepreneurs and small business owners, we offer group plans through our local chambers of commerce,” Jeff shared.
AIDI is here for you
Ready to offer group health insurance to your employees? We can help you weigh your options. Fill out our form, and we will get back to you within one business day to set up a face-to-face meeting or phone or video consultation. We can provide you with a no-obligation quote at the end of the meeting or call.
