Owning a business requires a lot of work, and that means you’re not only managing operations, but also making sure that every person is safe and protected. A great way to do that is by providing your employees with group health insurance.
The employer usually gives group health insurance to the employees to protect them, their spouse, and children. If you don’t provide your team with the right benefits and health coverage, this could become a massive misstep for your company, regardless of the size.
However, some business owners are still confused about insurance and are unsure about what policies their business and employees need. Thankfully, abbot insurance brokers can help you with this so that your team stays covered and protected, especially when the unexpected happens.
Considering getting group health insurance for your employees is the first step. Right now, our job here is to convince you to follow through, and we can do that by sharing with you the biggest reasons you need to get group health insurance.
1. Costs much less than individual plans
Health care reform has been a hot topic for the past decade, and almost every politician has had this term on their lips, regardless of their political party. Thus, the Affordable Care Act was signed, and insurance, including group health care insurance, has become more affordable and accessible than individual health insurance.
Fortunately, over the years, level-funding plans have been growing in popularity since it’s ERISA-compliant and is a more flexible plan for employers. This type of plan has almost no risks and offers various reputable insurance carriers, giving you a nationwide network of healthcare organizations to choose from.
Additionally, employers are ecstatic about this plan because it gives them 10%-15% lower premium costs and a return of premium potential. This means that if your employee doesn’t submit a large number of claims, the company may have a substantial amount of money returned.
2. Attract new employees and retain existing ones
One of the biggest priorities of job seekers is looking for a company that offers benefits and insurance. At the very least, seekers are looking for companies that can provide full or partial coverage for their healthcare needs. If your company doesn’t offer health care for full-time workers, this could be a huge red flag for potential employees.
When you provide group health care insurance for your employees, this shows them that you respect them as human beings and care for their safety and well-being. When you do this, your employees, new or old, will continue to go further with your company.
If you’re unsure of what group health insurance can do for your employees, you can speak to abbot insurance brokers, and discuss its inclusions, policies, and more.
3. Sustain tax benefits
Finally, one of the biggest benefits you get from providing group health insurance to your employees is that it could give you a welcome tax write-off and added tax benefits for your employees as well.
The payments made to group health insurance premiums, health savings accounts, and reimbursement plans are usually eligible for tax advantages since they can be considered pre-tax contributions.
Besides caring for your employees and ensuring that they remain covered and protected, you can also get a few hefty perks when purchasing this type of insurance for your team. If you’d like to learn more about group health insurance, seek assistance from Abbot insurance brokers, and ensure that your team is well-protected, safe, and covered. In general, insurance can be quite daunting, and because of the plethora of options, you might have difficulty choosing the right one. Fortunately, experts like Abbot Benefits Group can guide you through the insurance process, from learning about the different insurance types, like group health insurance, to submitting your application and maintaining your plan. Learn more about our services today!