Employee benefits are essential to ensure your top talent doesn’t jump ship. There are some benefits you are required to provide by law, for example, you must give your employees time off to vote, perform military service, and serve on jury. Nevertheless, to make your company more competitive, it is necessary to offer other perks. Popular options include the likes of retirement plans, gym memberships, dental plans, and health insurance. This post deals with the latter. Keeping that in mind, read on to discover why it is a good idea to offer health insurance to your employees….
Retain and attract employees
Let’s begin with one of the main reasons for offering health insurance to begin with, and this is the fact that you will retain your top talent and attract the most qualified employees. By offering such a perk you are making your company stand out from the competition. When it comes to the crunch employees are going to make their decision based on which company can offer them the most valuable benefits.
Health care matters
When choosing employee benefits you need to think about what is going to be significant to your workforce. Yes, a lot of employees would love a discounted or even a free gym membership. But health insurance is something that genuinely matters, and thus is likely to be held in higher regard. It is considered a necessity, whilst a gym membership is a luxury.
Benefit from tax advantages
In addition to the points that have been mentioned, one of the main gains associated with offering employee health insurance is in relation to tax. You are offering your workforce something that will increase their compensation package; nevertheless, this also presents you with an income tax deduction.
By offering health insurance you are ensuring the wellness of your workers. After all, you are guaranteeing your employees get the care they need when they are feeling unwell. Without this, you can find yourself stung by lengthy employee sickness periods. Plus, some insurances have relationships with companies like Pacific Vision, ensuring eye health for employees, which will boost productivity.
Evade health care reform assessments
Last but not least, a final advantage associated with providing health insurance is the fact that you will escape health care reform assessments. There is a new legislation that has come in under the Patient Protection and Affordable Care Act. This legislation is relevant to businesses that have more than 50 full-time employees, or the equivalent. This legislation means that businesses will be subject to assessment if their workers are receiving premium tax credits to buy their own insurance. Nevertheless, if you provide adequate health coverage you will not be assessed.
All in all, these five benefits of health insurance should easily showcase why this is a perk you should consider offering to your workforce. With the wealth of policies that are available nowadays, you are assured to be able to find one that fits into your budget. Moreover, the competitive edge you will gain is well worth the money spent.