Is Employee Health Insurance a Good Investment for Small Business Owners?
No matter the size of a business, employee benefits are often a very important part of the package when hiring applicants. Healthcare benefits are one that many employees prefer when looking for a new job, and will often look forward to the most, alongside holiday and financial perks.
Since health benefits are one of the most in-demand type of employment benefit today, it makes sense for small business owners to seriously consider offering them. Not only is it beneficial for employees, but it can also help your small business attract and retain the best staff. GNA Partners discusses employee benefits insurance offers, but here are some of the main reasons to consider offering health benefits to your small business employees.
Healthy employees are often more productive, will take fewer days off sick, and are generally happier and more content in the office or workplace. Offering health coverage to your employees allows them to get any health complaints seen to without the need to worry about paying out of pocket or getting into medical debt, which is likely to encourage more employees to get regular checkups or see a doctor about something that has been bothering them.
Less Employee Stress:
Stress and anxiety about medical bills can be debilitating. Offering health coverage to your employees gives them peace of mind, which in turn leads to a calmer, more stress-free workplace overall. Employees who know that they can simply use the health coverage provided to them by their workplace if they are sick or injured are likely to experience lower stress levels and have more energy to focus on being productive at work.
You can also improve the reputation of your small business overall. An increasing number of employees are interested in working for companies that offer health insurance benefits and tend to look favorably on those that do. In turn, companies that have a good reputation for what they offer and how they treat their employees tend to attract not only the best employees but also the best clients.
Reduce Employee Turnover:
Many employees will choose to work long-term for an employer who provides them with health insurance benefits, reducing turnover. For example, for employees who are hoping to start a family or have a new baby, whether your company offers them health benefits could be the difference between whether they will continue working for you as they increase their household or find work somewhere else.
Employers who provide health benefits to their employees can also benefit from tax breaks. Each year, the value of the health insurance provided by employers to employees is the largest tax revenue foregone by the government, with a huge total of around $250bn. As a result, offering health insurance can help your company reduce turnover costs and save on tax.
For small business owners, offering health insurance plans as part of an employee benefits package will have benefits for all involved. Employees benefit from peace of mind regarding their healthcare, and employers enjoy a more loyal, productive, and healthy workforce.