Why Purchase A Group Health Insurance Plan?
Are you still unsure of whether you should offer employees a group health plan?
According to ACA regulations, companies with 50 and more employees are required to provide health benefits for their employees. The violation of this law will result in huge penalties to your business if you do not provide affordable health insurance coverage to your employees.
The good news is that there are several advantages to offering group health insurance benefiting your employees and your business.
Affordability – Being part of a group health plan allows shared cost and affordability. Since groups that seek a collective insurance plan are drawn together by a factor other than the necessity of getting insured (like work, for example), insurance carriers offer more affordable rates than if you sought out insurance on your own. This works as a benefit for both the employers and the employees alike.
Tax Breaks – For small businesses and business owners, offering a qualified group health plan can provide significant tax benefits. Besides the fact that many small business could qualify for a tax credit, all of them can deduct premiums paid towards health insurance for employees and dependents. In most circumstance, these expenses are completely tax-deductible on both the state and federal level.
Recruitment & Retention – All the top companies in every industry use employee benefits to attract and retain the best workers. Newer companies should do the same in order to keep up and keep your employees happy so that they don't go down the street and work for the competition. In addition to offering a compelling reason to work for a particular company, a good group health plan can reduce the number of hours employees miss from work, as well as improve the overall health, happiness, and morale of workers.