If you’re a new business owner with employees and you’re considering obtaining group health insurance, you’re not alone. This is a very exciting time, as it means that you’re making enough profit to be able to give your clients incredible advantages. Not only will offering group health insurance in Fort Lauderdale encourage employees to apply, but it will also be an incentive to make them want to stay employed with you. At Lewis and Palmer Benefits, we believe that group health insurance is a positive thing that adds to any business, and here are a few reasons why!
- Gives Employees Access to Better Care
Health care coverage benefits not only the employee, but it also benefits you. For example, if your employee becomes sick, you’ll want them to have the proper care in order for them to get better. However, if your employee doesn’t have adequate healthcare coverage, then they run the risk of taking longer to heal, which then leaves you without an employee. As a business owner, chances are you know just how important it is to have all hands on deck. The only way your business is profitable is when everyone is participating and doing their part. Like a well-oiled machine, everyone’s presence and optimal performance are of the essence in order to generate profitable results. By providing healthcare coverage, you can eliminate the scare of losing those you need.
- A More Cost-Efficient Option
Another benefit of group healthcare coverage is that it’s a cost-efficient option for both you and your employees. As an employee, having healthcare through their employer stops them from needing to find their healthcare elsewhere. Chances are it will also cost them less, because of the group discount so many businesses receive. Not only does this save them a headache, but it also saves them time, worry, and additional financial losses out of their pockets, making them happier and healthier employees.
- Tax Benefits
Did you know that offering group healthcare is great for your taxes? An employer, in most cases, can deduct 100% of regular business expenses from their taxes. You can set up healthcare in a way that allows the employee to pay for the premium out of their paycheck, prior to taxes being deducted. This helps the employee with higher pay, and it also aids in how much taxes are then taken out. If you’re a small business, you might be interested in the Affordable Care Act, which can help with this process.
- Keep Your Employees Long Term
As briefly mentioned above, it’s expensive to hire and train new employees. This is why companies do all they can to hire employees they know they can keep. In addition to offering pay, businesses offer bonuses, raises, group healthcare, and free urgent care access on occasion. These are all designed to help keep their employees loyal, avoiding the expensive rehiring process altogether.
- Save Money and Increase Productivity
It sounds strange to think that buying group health insurance could save you money, but the reality is that when you buy insurance, you’re giving your employees access to instant care. You’re less likely to need to pay sick days if they can get their colds and illnesses under control more quickly. Employees are also generally happier when they feel they are well taken care of. This helps to increase loyalty and happiness in the workplace, which in turn, produces a more positive environment and higher levels of productivity.
Lewis and Palmer Can Help! Contact Us Today!
At Lewis and Palmer Benefits, we help to provide benefits for businesses as an extensive employee benefits service. We know how challenging it can be to find healthcare solutions that you feel are both affordable and worth it. At Lewis and Palmer, our goal is to help you better understand the world of healthcare, and how it can apply to your business. In addition to healthcare, we also offer life insurance, long term care insurance, executive bonus deferred comp, key person coverage, and more. Contact a member of our team today at (954) 633-7908.