When it comes to benefits and premiums, there’s one undisputed winner; health insurance.
Not only does it keep your employees healthy and happy, it also conveys that you genuinely care about them. This is important, especially considering the fact that feeling wanted and appreciated can often have the final say as far as employee retention is concerned.
Here are a few reasons why we believe employers should always offer health insurance.
1. Improves Job Satisfaction:
If numbers posted by Glass Door are to be believed, then health insurance has the highest correlation with the overall satisfaction of employees. To put this in perspective, employees appreciate health coverage more than they do vacations and paid leaves.
Therefore, health insurance should always be the first benefit that you offer your employees. What’s great about health insurance is that not only does it improve job satisfaction, it also helps improve workplace morale because when your workers know that they’re being taken care of, they work better.
2. Boosts Productivity:
While health insurance and increased productivity may sound like two different things, it turns out, they’re more linked than you’d think.
A recent study conducted by MetLife concludes that 60% employees believe that their productivity has increased after they were promised health insurance.
Furthermore, according to the Centers for Disease Control and Prevention, employees should prioritize care over everything else. The CDC argues that organizations that offer regular checkups do a much better job of preventing viral infections from plaguing the workplace, which results in high productivity.
3. Reduces Taxable Income:
From a financial standpoint, offering health insurance guarantees savings of thousands of dollars in taxes.
Simply put, organizations that offer their employees a Section 125 cafeteria plan can effectively reduce taxes that they’re liable to pay. This is because the premiums they pay for health insurance reduces their income. With reduced income, they fall into a lower tax bracket, which results in substantial savings!
In a nutshell, by offering your employees health insurance you can reduce payroll taxes by 7.65%, while your employees stand to save anywhere between 30 to 45% on their medical coverage! So, any way you look at it, it’s a win-win.
It’s because of all these reasons (and many others) that we believe that all employers should offer health insurance to their employees. Doesn’t matter if you have five people working for your firm or 500, the savings on offer are simply too good to pass up on, and that’s without mentioning the other advantages of health insurance.
If your HR department needs help with health insurance plans pertaining to the ACA Healthcare Reform, we at JS Benefits Group would love to be of assistance. We have years of experience under our belt and can help you come up with employee benefits plans that benefit both you and your employees. Contact us today to learn more about our amazing services.
