26 Apr Are you thinking about boosting your employee benefits?
Starting and running a small business is expensive. The prospect of investing more money to offer benefits to employees can feel overwhelming. But offering health insurance to employees can have many benefits including bolstering productivity and profitability. It can also earn you the priceless reputation of being a conscientious workplace that values its employees.
Read on to some of the reasons why investing in health insurance could be your smartest strategy to long-term business growth and success.
Maintain Employee Health
It goes without saying, a company is only as productive as its people. Offering health benefits to employees provides them with the means to access care they otherwise might not seek without insurance. For example, without preventative care or a regular physical exam, individuals might ignore an injury or illness until it becomes a problem that could impact their ability to work, which impacts your bottom line.
Attract Quality Employees
The best people want to work for the best businesses. They look for employers who offer supportive work environments and are invested in the company’s culture. Most people expect to receive health insurance as part of the benefits package. In fact, a study from eHealth reported almost 40% of employees are “very concerned” about their employers’ ability to pay for premiums and out-of-pocket expenses. Providing health insurance could be the difference between a candidate choosing to work for you versus the competition.
Receive Tax Incentives
There’s another reason you might want to invest in small business health insurance—the tax benefits gained from a group plan. Typically, employers can deduct the entire cost of monthly premiums from their federal business taxes. The same is true for HSA contributions. Additionally, certain businesses qualify for the small business health care tax credit. Requirements include:
- Having fewer than 25 employees (the maximum credit goes to businesses with 10 or fewer employees)
- Paying average wages less than $50,000 annually per employee,
- Paying at least 50 percent of qualified employees’ health insurance premiums,
- Purchasing the group health insurance plan through the Small Business Health Options Program (SHOP) Marketplace.
Increase Business Security
The ultimate goal of investing in health insurance is to increase and maintain the security of your business. A lot goes into creating a successful business. Offering small business health insurance can be the cornerstone of a healthy company, both for employers and employees. Your investment helps to set up your company for success now and in the future.
Ready for more info? Reach out to your agent or call 855-494-2667 to talk to a CGHC account specialist or for a quote email firstname.lastname@example.org.
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