The Importance of Company Health Insurance
It’s no secret that health insurance can be expensive for business owners, but don’t let the cost convince you not to offer it to your employees.
Around 60% of people say that perks such as benefits play a huge part in deciding whether or not they accept a job. The most important benefit? You guessed it — company health insurance.
Health care benefits for employees can have a big impact on your business. Read on to find out why it’s so important.
1. Improves Employee Satisfaction
Health insurance is a top priority for a lot of people, whether they’re looking for a job or happily employed. If you make sure that your employees’ top priorities are also your priorities, people will be happier to work there.
Providing employees with benefits will also show that you value their health, along with their family’s.
If an employee is not satisfied with their perks, they might try to find a job that offers them everything that they’re looking for. Good employee benefits can help with this issue, encouraging employees to stay with your business for a longer duration.
2. Saves Money on Taxes
You might pay more up front for health insurance, but you can actually save money on taxes in the end.
When you pay as a group, both employers and employees will save more on health insurance. For employers, those contributions that you make to employee health insurance plans are tax-deductible, reducing the amount in taxes you have to pay.
Your payroll taxes are also reduced for the employees who are contributing to their own health insurance costs.
3. Helps with Focus and Productivity
Stress can be detrimental to our health. If your employees are stressed about how to pay for their healthcare bills or their financial situations in general, their worries could be physically affecting them. Maybe they’re losing sleep or grinding their teeth without realizing it.
Removing such a huge worry can help employees become more focused and productive at their jobs. Plus, it goes without saying that healthy people do better work!
4. Gain Access to More Care
Finally, with a company health insurance plan, everyone involved can gain access to care in more locations. The network for a group insurance plan is likely to be bigger than the network for an individual, which means that you have more choices when it comes to your doctors and hospitals.
Plus, some places will charge more for individual plans — and the care might not even be as good.
Don’t Go Without Company Health Insurance
The Benefits team at GIGA works closely with business owners to implement top-notch employee benefit programs. After a brief information gathering session, they will reach out to a variety of insurance providers for a business, matching them with only the best benefit packages.
The GIGA Benefits team can also identify cost savings and administrative efficiencies in the areas of services around benefit administration, education, implementation, and benefit enrollment.
Not only can you supply your business with employee benefits, but they can also be managed for you.