As a small business owner, you understand the challenges and obstacles that come with taking control of your financial life. Navigating the intricacies of your industry and learning through trial and error, business ownership is high risk with even higher reward. As your business continues to grow and flourish, your team must grow with it. Attracting the right candidates who can help you realize your goals is about providing opportunities and creating a working environment people want to be a part of. Offering workplace benefits in Fort Lauderdale is a great place to start. Here’s why you need group health benefits for your small business.
Employee Retention
Most Americans who currently have health insurance are covered through an employer. These healthcare benefit packages are usually offered to full time employees working 40 hours or more per week after a pre-determined time period. The security of employer-provided health coverage can make all the difference for staff members, especially those who have children.
Some small businesses hesitate to offer group health in Fort Lauderdale because they view it as an additional expense. In reality, workplace benefits are an investment back into your team. By providing your employees the ability to seek medical care as needed or stay on top of existing health conditions, you increase employee retention, thereby decreasing time and costs associated with hiring new people. Taking care of your employees translates to better service for your customers, optimized business operations, and overall business growth.
Lewis & Palmer employee benefit services in Fort Lauderdale can help guide you in finding the best health benefits for you and your business. Our team of experts is committed to working through the unique challenges of small business ownership to find innovative solutions for your needs. We offer assistance with Group Medical, Dental, Life, Disability and Voluntary Benefits. Contact us now for more information.
Business Tax Credit
Providing group health benefits in Fort Lauderdale can provide tax cuts for small businesses. The Small Business Health Care tax credit is available to small business owners who cover health insurance premiums for employees enrolled in a qualified health plan. Qualifying employers:
- Have fewer than 25 full-time employees
- Pay an average wage of less than $51,000 per year
- Pay at least half an employee’s health insurance premium
If you are a qualifying business owner, this tax credit can help to offset business taxes. More information about this employee health benefits credit can be found here.
Flexible Coverage and Enrollment
As a small business owner, you can’t afford to pay for extensive health benefit plans that include unnecessary coverages. Being able to customize the level of coverage on the corporate or individual level is a huge advantage for small businesses. Lewis & Palmer can help you to determine the workplace benefits in Fort Lauderdale that best fit your employee’s needs. We work directly with you and guide you through the entire process, including employee enrollment, payroll services, and more.
