Medical insurance – are there two more dreaded words that can be spoken to a small business owner? However, small business medical insurance offers numerous benefits and tax advantages that make it well worth the cost of premiums.
We get it … Health insurance for employees of small businesses is a hot button issue. Approximately 45 million U.S. residents do not have health insurance. Of those, about 20 million are employees or a family member of an employee, of a small business that has 50 or fewer employees. For small businesses, only about 43% of the workers have health insurance.
What accounts for this phenomenon? We have all heard over and over again that employee health insurance is one of the biggest expenses that a business owner faces. What exactly, though, are those expenses? The business owner is required to pay a percentage of the employee’s individual premium. Typically this percentage ranges between 25% – 50%.
If coverage is extended to the employee’s family members, the employer cannot elect, but is not required, to also pay a percentage of those premiums. In addition, small businesses typically must pay larger premiums than businesses with more than 50 employees. State requirements that certain conditions, treatments and providers be covered by the group health insurance policy is another reason that small business medical insurance can be quite costly.
Despite the costs, small business healthcare insurance truly has very real benefits. When a business is able to offer health insurance to job applicants, that company is able to attract a more talented pool of candidates to choose from. As we are repeatedly reminded each day in the news, quality medical insurance, especially with the ongoing global pandemic, is pretty much an essential employment need for every human being. Other huge benefits of small business medical insurance include increased employee retention, and the truth that a healthy employee is a more productive employee.
The arguments in favor of small business health benefits are persuasive. Finding affordable medical insurance for employees is possible. It all starts with carefully researching the group plans available to your business, as well as ensuring that your company is working with a legitimate, reputable medical insurance company.
When shopping for small or medium sized group medical insurance, visit Abbot Benefits Group at https://www.abbot benefits.com and 281.374.7577. For over 40 years Abbot Benefits Group has helped small and medium-sized Texas businesses to provide employee benefits!
Business truth is that every business can reap a number of benefits and receive a strong return from offering employee benefits.
Contact Abbot Benefits Group today at https://www.abbot benefits.com and 281.374.7577 to learn more about how offering health insurance for your employees really is an investment in your business!