Why Your Employees Should Be Insured
Get The Best Employees And Keep Them
There are many reasons why you should provide health insurance to your employees. First and foremost, a good healthcare plan helps you attract and retain highly qualified and skilled individuals in today's increasingly tight labor market. While health benefits are not usually the sole reason a person will accept your job offer or choose to remain in your employ, they do play an important role in the decision process. Oftentimes benefits receiving equal consideration with other factors such as salary and location. In many instances, prospective employees will not even consider accepting a position with a company who doesn't cover themselves and their families, making the level of coverage the primary issue rather than whether or not there is any health coverage at all.
Receive Tax Deductions
As an employer, of course you are concerned with the cost of providing insurance to your employees. Don't forget that you are entitled to receive an income tax deduction for the contributions you make toward your employees' insurance costs. This results in your out-of-pocket expense being far less than the value of the insurance benefits to the employee.
Increase Employee Attendance
In addition, by ensuring the wellness of your workers, the cost of insurance benefits can easily be offset by the decrease in sick time and other medically related work problems. Losing a skilled employee, even for a few days, can result in excessive costs for a company that far outweigh the costs of the health premiums themselves.
Increase Employee Loyalty
Finally, employees appreciate a company who provides insurance for them. By obtaining coverage through their workplace, individual employees are able to obtain group purchasing power resulting in lower rates. It also provides them with additional support because the company acts on their behalf when they have to make use of their benefits. This can be extremely benefitial when they are ill and unable to spend time and energy sorting through paperwork and other necessities. Overall, it has a very positive effect on employee morale.