5 Reasons Why Your Business Should Invest in Group Health Insurance
In 2020, roughly 28 million Americans were without health insurance coverage. As a small business owner, you have the power to prevent your employees from becoming part of that statistic.
Many employers are hesitant to offer health insurance because they’re uncertain whether they can afford it. Group health insurance offers several benefits that make the cost worthwhile.
What is group health insurance? Simple — it’s a health insurance policy that an employer offers that covers all of their employees.
Keep reading to learn five major benefits of investing in group health insurance for your company.
1. Health Insurance Is a Big Draw
Hiring isn’t a one-way street. Candidates need to convince you to hire them, but you also need to sell yourself to potential employees–what can your company offer that other companies don’t?
Small group health insurance offers a compelling answer to that question. Health insurance is a huge benefit that many employers don’t offer. When you can provide great health coverage, people will want to work for you.
2. Maintain Top Talent
The benefits of health insurance don’t stop at hiring. Taking advantage of your group health insurance options can improve your company’s employee retention rates.
Losing health insurance is a frightening prospect for many employees. When you offer good health coverage, your workers are more likely to work hard and get invested in their jobs so they don’t risk losing their health benefits.
3. Improve Morale
Offering insurance sends a clear message to your employees: you care about them and their well-being. You want them to be healthy and safe; they’re a part of your family. That fosters positive feelings in your workers.
Teaming with a company like Pernell Insurance lets your employees know that you’re there for them, bringing you all closer as a team.
4. Save On Taxes
One of the major factors companies have to consider is health insurance cost. It’s one reason so many businesses avoid insurance altogether–they fear that the costs will be too high.
Not only is group health insurance affordable, but it can also save you and your employees money on taxes.
Health insurance premiums are taken out of your employees’ salaries before taxes, lowering their taxable income and your payroll taxes.
5. Access Better Care
The healthcare services that your insurance covers are determined by the healthcare insurance companies you choose to partner with. That’s as true for small group health insurance as it is for individual coverage.
There’s one important difference, though: group health insurance networks tend to be larger. They’ll often give you access to a wider array of doctors and hospitals than individual health insurance plans would.
Enjoy the Benefits of Group Health Insurance
Offering group health insurance gives your company a distinct edge. Good health insurance makes you more attractive to prospective employees and keeps your current employees happy and healthy.
It’s also surprisingly affordable and can even save you money on taxes!
Are you looking for more ways to upgrade your company? Visit our business blog to find advice and articles about raising morale, boosting sales, improving your marketing strategy, and more!
