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| Health Insurance for Employees |  Do you have a small business? Are you wondering if you really need to provide health insurance for your employees? Are you thinking that many small businesses do not provide any health insurance and the government doesn’t require it so it is the best way to save on cost? If you answered yes to any of these questions, you are not alone. Nevertheless, it is advantageous to both you and your employees to have workplace health insurance. Here’s why:
1. You want to make your employees happy. You value the people that work for you every day and want to propose them health benefits as a reward.
2. You want to hire and keep the best employees. The fact that a company proposes health insurance may be a make it or break it factor when a new employee is selecting between possible jobs or a current employee is determining whether to stay at a job or look for a new one.
3. Increased productivity and decrease in absenteeism. Employees that know they will be covered if anything should happen to them are more likely to go to the work each day and work to their potential. This may happen because preventative care measures are being taken by employees who have health insurance, thus avoiding potentially more critical health problems.
4. Tax deductions. Did you know that 100% of insurance premiums are a business tax deduction?
5. Pre-tax premium contributions. When employees access health insurance through an employer, their share of the premium is taken out of their paycheck before taxes are taken out. This is more advantageous to an individual than paying with after-tax money, which is what they do if they have to purchase health insurance on their own.
6. Cheaper group rates. In New York, group rate health insurance is much less expensive than individual health insurance.
7. HSAs. Health Savings Accounts provide a flexible way for business owners to offer health insurance while keeping their costs at a minimum.
Take another look at your company and your employees. Determine what your specific needs are and find a plan that fits those needs. Insurance companies propose plans for small businesses as small as 2 individuals and as large as 50 persons. Get your business quote today, whatever your reason is for looking into health insurance for your company.
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