Purchasing a Group Health Insurance Policy Helps Grow Your Business
As a business owner, growing your business is a top priority. Many business owners, from start-ups to established businesses, no matter their size, do not consider purchasing a group health plan an opportunity for business growth. Arguments abound against the idea and range from expenses to complications to personnel issues. Some business owners even provide more expensive options, like paying employee medical bills outright, as an alternative.
The truth is, purchasing group health insurance for your employees is a great investment in the growth of your company. In addition, group health insurance is significantly less costly than paying medical bills directly and facing penalties if this arrangement is not completely legal.
Let’s explore the benefits to you and your team members of purchasing a group health insurance plan for your business.
...offering a quality group health insurance policy helps you recruit and retain the most talented team members.
First of all, purchasing a group healthcare plan for your employees provides better access to quality healthcare, ultimately improving their health with preventative care. This benefit is two-fold, not only do you have healthier employees, but also more productive employees with less absenteeism for illness, meaning bigger profits and the enhanced ability to grow!
Next up in the benefit column, is you help manage costs, not only for the company, but for your employees. Plus, this is a great incentive to employees, present and future! In addition, by offering a group health insurance plan, you can avoid the expense of assessments related to the latest Health Care Reform.
Third, you gain tax benefits for you and your employees. There are tax credits for small businesses who help employee’s pay premiums, while being a 100 percent tax deductible business expense. If your company is incorporated, your insurance costs are deductible, too. Additionally, your employees can opt to have their healthcare insurance premiums withheld from their payroll checks pre-tax, increasing their take-home pay’s bottom line.
Finally, and possibly most importantly, offering a quality group health insurance policy helps you recruit and retain the most talented team members – loyal, focused, and productive.
As a business owner, providing benefits like a group health insurance policy is truly an investment and can increase your ability to grow your company successfully in more ways than one!