While it’s estimated that close to 90% of mid-sized and large companies offer some form of health insurance for employees, only half of smaller companies (with less than 50 employees) choose to do so.
While smaller companies may not be obligated under the American Care Act to provide employee healthcare, they definitely should.
Providing employee health insurance can benefit your employees, your business, and your bottom line. Here’s why.
1. It’s a simple process
Getting company healthcare insurance is definitely easier than you think. It’s often as simple as hiring a health insurance advisor or broker to navigate the process for you. Alternatively, you can use a site such as PolicyScout to compare coverage across multiple providers.
There are also countless options which cater to every business. You can opt for a company-wide plan or you can incentivize individual employee insurance. You can read more about individual health insurance plans on this page if that’s the route you wish to go down.
2. Employee health insurance attracts talent
Naturally, you want to attract the best talent to your company. One of the best ways to broaden your appeal is by advertising your employee benefits health insurance plan.
Studies have shown that talented workers are much more likely to consider a company that offers health insurance over one that doesn’t. If you want to have access to the widest talent pool possible, you need to offer employee healthcare.
3. It keeps employees happy and productive
It’s no secret that happy employees make for better workers. There’s no denying that health insurance makes employees feel more committed to their company. This, in turn, boosts productivity as workers feel happier and more loyal.
What’s more, employees with health insurance are less likely to get sick. Employee sickness costs companies billions in lost productivity every year. Avoid this pitfall by keeping your team healthy and happy.
4. You can retain employees
Recruitment is a costly process, in terms of both capital and time. Employee insurances have been proven to improve retention rates significantly.
This means that you can invest in your most valuable asset, your employees, for the long term.
Companies which choose not to offer healthcare are much more likely to experience a high turnover of employees. This will impact your output, efficiency, and resources. Insured employees make for loyal employees, so consider a plan today.
5. You can save a lot of money
This one is a big one, yet one that employers don’t often consider. While many think that providing insurance will be costly, the opposite is often the case.
For one, there are dozens of lucrative government tax incentives available for companies that offer insurance.
The vast majority of expenses that are related to health insurance for employees and their dependents are 100% tax deductible, meaning you don’t have to worry about your bottom line.
Your employees are your most valuable asset. Employee health insurance is just one way to keep your team happy, loyal, and healthy.
To learn more about the best ways to cultivate a dream team of workers, read our comprehensive guide on keeping your employees happy today.