While there are a number of benefits that you can offer to your employees, there is one common winner that gets its status as the king of all employee benefits: health insurance. Even in today’s rapidly changing employment structure and workplace model, employees still prioritize health insurance as a benefit they would like to see offered by their place of work.
The rising costs of healthcare and the medical security provided by health insurance are a few reasons why health insurance is prioritized by employers around us today. Many small business owners recognize the importance of health insurance as a motivator and offer it to employees around them.
Roughly one in four companies with 50 employees or less offer health insurance, and 22 percent of the rest have plans to roll it out soon. This means that almost 50 percent of all small businesses will be offering health insurance in one form or the other within no time.
If your business hasn’t thought about offering health insurance as a benefit yet, you really should. In this article, we look at some of the benefits of offering health insurance to employees today and why you should go for it in your workplace.
Health Benefits Make Employees Happy
The primary objective of employee benefits is to make your employees happy and satisfied. And, what better way to do so than by offering health benefits to them. Employees in a recent survey said that health insurance is one benefit they crave to have. Since health insurance is a top priority for your employees, it only makes sense for it to be a top priority for you as well.
Saves Money on Taxes
Believe it or not, but offering health insurance saves money for you on taxes. You get the following tax savings when offering health insurance to employees:
- Employer contributions are tax-deductible
- Your employer-worker compensation premiums are significantly reduced
- Employer taxes on the payroll are reduced by almost 7.65 percent
It Helps Boost Employee Productivity
A recent study conducted by MetLife Insurance found out that 60 percent of all employers saw a drastic rise in productivity after they offered health insurance as an employee benefit. Also, employees who prioritize healthcare due to their health insurance tend to perform better at work and remain more productive.
As an employer, your primary focus should be on getting your employees to be at their very best, and health insurance does that for you.
We at JS Benefits Group have worked with a number of organizations to discuss the importance of health insurance as an employee benefit. You can get in touch with JS Benefits Group to discuss and devise a strategy.
