Healthy and happy employees offer higher loyalty and productivity. However, it might be challenging for small businesses to provide health insurance benefits. However, since it is a must-have for every company, these micro-enterprises can get health insurance quotes for small businesses.
This type of insurance is cheaper than a corporate medical policy. If you have employees of 250 and below, small business insurance can be of great help.
Healthcare costs are becoming expensive and more people are looking for companies that offer health insurance benefits. This is the reason why healthcare insurance is highly valued by employees nowadays.
Below are some of the reasons why companies offer health insurance:
Health insurance is the most sought-after benefit. A Glassdoor study showed that health insurance gives the highest level of gratification among 54 benefits packages. The study found that 4 out of 5 employees choose benefits over a salary increase.
Additionally, a survey featured by Harvard Business Review in 2016 resulted in 88% of respondents preferring a low-paying job with better benefits than a high-paying job.
Therefore, companies need to include the benefit that top-performing talents want. If they don’t offer what those talents are looking for, specialists might seek other employment opportunities.
Remember that your employees are your most valuable asset because they can determine the success or failure of your company. Healthy, happy, and valued employees will give their best effort in doing their jobs.
Healthy employees have higher productivity and are less likely to have burnout and absenteeism. When your employees feel valued, it will show in their work, such as:
Although offering health insurance to your employees may seem expensive, you’ll also need to remember that it will benefit you and your company in the long run.
When health insurance is purchased as a group, it is less expensive. Companies offering health insurance benefits can deduct some of their contribution toward their employees and get tax advantages. Their contributions are tax-deductible, and their employees’ premiums are also reduced. Paying for health benefits for employees can save money because companies will not pay payroll taxes.
You’ll have healthier and happier workers with health insurance benefits, lowering labor costs. When companies have unhealthy workers, they’ll need to resign or quit early, increasing employee turnover.
Because of health insurance benefits, workers will have quicker recovery due to better access to medical treatment and services. This will decrease workers’ absences and sick leaves.
By providing health insurance, companies can show that they value their employees. When employees feel appreciated, it will promote a positive work culture. So why is positive work culture influential?
Health insurance benefits significantly encourage a better work environment and more efficient communication.
Although health insurance offered by companies can significantly benefit both workers and the company, employees need to understand that some conditions will not be covered. For instance, similar to any other health insurance coverage, pre-existing health conditions will not be covered. For example, health insurance will only cover diseases or medical conditions after purchasing and paying the insurance policy.
If you consider having small business insurance for your employees, know that several factors affect the cost.
Conclusion
Health Insurance benefit is a vital element in acquiring top talents. For example, several studies reported that people are more interested in health benefits and other additional benefits than a mere high salary. However, if you have a small business, health insurance benefits can increase your edge among your competitors.