Benefits of offering employee health insurance

For employees with more than 50 full-time equivalent employees, or FTEs, offering their workers affordable health insurance options isn’t really an option. However, according to The Affordable Care Act (ACA) Small businesses with fewer than 50 full-time employees are not required by law to do the same.

However, many do. why is that?

While the costs for smaller employers can be significant, the direct and indirect benefits to businesses can be significant. Not to mention the benefits to their workers.

So, what are the benefits of offering employees health insurance?

Why invest in the health and well-being of employees

There are many aspects to offering health insurance plans to your employees that you need to consider. The money, or paycheck, is often the most important. While this is certainly a valid factor for business owners, it should not be the only factor they consider.

Here is a short list of factors a small business owner should consider when considering offering health insurance plans to employees:

  • A well-known and reputable insurance company: Choose a plan from a Well-known health insurance company What your employees know is important.
  • Plan types: Determine whether the policy options include eligible HMOs, PPOs, EPOs, or HSAs.
  • Installments: The premium is the amount of the policy costs.
  • discount (discounts: The deductible is the amount you pay before your insurance begins.
  • Co-pay: A co-pay is the amount you pay for a doctor’s visit or a prescription.
  • pocket max: This is the most you have to pay out of pocket for covered services in a year.
  • grid size: Make sure the plan has a network of doctors and hospitals that your employees can get to.
  • Prescription drug coverage: Determine if prescription drug coverage is included with the plan.

These are just some of the factors that an employer should consider when considering offering health insurance plans to employees.

Most small businesses understand that there are few perks and benefits they can offer their valued workers compared to what larger companies often do. However, offering high-quality, affordable health insurance plans is an important investment in the health and well-being of your employees.

Besides considering the costs involved and what features to look for in insurance plans, there are very real and substantial benefits that come from offering health insurance to your employees.

7 benefits for your employees by offering employee health insurance

By offering employees health insurance, employers can realize many direct and indirect benefits for both their employees and their business.

For example, here are some potential benefits for your employees:

  • Access to quality and affordable health care: With health insurance, employees can get medical care and treatment when they need it without worrying about expensive medical bills.
  • Improve health outcomes: When employees have access to preventive care, they may be able to detect and treat medical conditions earlier, improving their health outcomes and reducing the likelihood of serious health problems.
  • Peace of mind: Health insurance can provide employees with a sense of security and peace of mind, knowing that they and their families are protected in the event of unexpected health issues.
  • Reducing the financial burden: Without health insurance, employees may face high medical bills, which can lead to financial stress and debt. By offering health insurance, employers can help reduce this burden and ensure that their employees have affordable health care.
  • Improving job satisfaction: Knowing that an employer cares about their health and well-being can improve employee job satisfaction and overall morale.
  • Access to additional benefits: Many health insurance plans offer additional benefits, such as dental and vision coverage, wellness programs, and mental health services. By offering these benefits, employers can help employees take care of their health and overall well-being.
  • Improving work-life balance: With access to healthcare services, employees can better manage their health and reduce stress, which can improve work-life balance and overall quality of life.

Simply put, offering health insurance can provide many benefits to your employees, including improved financial security, job satisfaction, improved well-being, work-life balance, and access to additional healthcare services.

8 benefits for employers by offering employees health insurance8 benefits for employers by offering employees health insurance

Of course, despite the increased expenses a small business owner will have to pay to provide health insurance, there are several substantial advantages to you as a small business owner:

  • Attracting and retaining talent: Offering health insurance can be a valuable tool for attracting and retaining talented employees, especially in competitive job markets.
  • Reduce absenteeism: Employees who have access to preventive care and treatment for health issues are less likely to miss work due to illness or injury.
  • Improving employee productivity: When employees have access to health care, they are more likely to take care of their own health and well-being, which can lead to improved productivity, less absenteeism, and reduced employee turnover.
  • Increase employee loyalty: Employees who feel valued and supported by you, the employer, are more likely to stay with your company for the long term and become more involved in their work.
  • Advantages of Small Business Taxes: Your business will likely be able to deduct the cost of providing health insurance from your taxes, which can save Great financial benefit.
  • Enhanced employer branding: Providing health insurance can help your company build a positive employer brand and enhance your reputation as a responsible and caring employer.
  • Lower healthcare costs: By offering health insurance, your company can help employees proactively manage their health, which can reduce health care costs in the long run.
  • Enhanced employment opportunities: Offering health insurance can be a competitive advantage when hiring new employees. Candidates may be more likely to accept your job offer when it includes health insurance, especially if they have dependents or pre-existing health conditions.

For example, a small business may offer health insurance that covers preventive and hospitalization care, medications, and other healthcare services for its employees. Employees can visit a doctor for preventive check-ups, and have access to medical treatments when needed.

As a result, employees may experience improved health outcomes and peace of mind knowing they are covered. The company may benefit from increased productivity and lower healthcare costs.

So, in general, providing health insurance can be an essential investment for companies that care about the health and well-being of their employees, and it can also provide many benefits for the company itself.

JC Lewis: When you’re ready for employee health insurance

At JC Lewis Insurance, we want to be your insurance partner and offer only the highest quality health insurance plans from leading health insurers that are licensed to do business in the states in which we operate.

We are a family owned and operated health insurance agency located in Sonoma County, California. As specialists in finding and managing medical insurance plans for companies large and small, we are licensed and approved by every insurance company we represent.

When you are considering medical insurance for you and your employees, you likely have many questions and concerns. This is great because we welcome your questions about health coverage insurance, and you can be confident that JC Lewis Insurance Services will help you find the right solution.


Source link

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *