There is no secret that modern employees expect their employers to demonstrate care and privileges. For this reason one of the best methods of doing so is offering your workers extended health care benefits and plans to ensure that all of your employees are satisfied and healthy to perform their duties. But more and more people today talk about the benefits of group health insurance for companies. In this article we addressed this case and tried to find the most valuable reasons why group health insurance can be beneficial for your business.
1. Means of attracting awesome people
You remember that once you offer some health care privileges to your employees or candidate, you already put your business one step ahead of the competitors. According to the professional and successful business owners, group health insurance can pronounce the edge even further. First of all, it provides your employees a possibility to focus on their work instead of worrying for their health and insurance needs. Secondly, when you hire a new person and offer him or her personal insurance you waste his or her as well as your time for getting into insurance plans and choosing the most appropriate one. With group health insurance a newcomer simply joints the existing system once officially hired.
2. Means for retaining awesome people
With the help of extended health care benefits and plans you will be able to retain your employees for longer time. Just do the math. On average replacement of an employee will cost you around a half of the yearly salary of that employee; this means that if you business is only in the beginning of its development, there is simply no possibility to waste such money and valuable workers. According to statistics provided by one Canadian magazine, around 80 percent of workers say that a comprehensive package of health care benefits and plans is one of the most important things that influence whether a given candidate stays at the current company.
3. Money-saving strategy
Getting a group health insurance or go for extended health care benefits and plans is one more secret weapon for your business if you are in need to lower the costs. Now let’s have a look at how it works.
Since you are offering group health insurance for employees as one of the business expenses, you are eligible to apply for tax deductible procedure for this insurance. Furthermore, the amount of money that your team will pay toward the premiums is done on a pre-tax basis, which as a result provides lower taxable payroll earnings. Consequently, your payroll taxes will get lower too.
On top of those benefits your employees also get a possibility to choose the benefits of extended health care before taxes are taken out. In this way you can also save a bunch of money for your business. Even if you have only 10 people in your company and on average each of them makes $40,000, with group health insurance you could see as much as $1,836 a year in savings.
