What are the benefits of providing group health insurance to my employees?

Employers who sponsor health coverage for their employees and their employees’ dependents will realize many associated benefits. Appealing benefits packages can attract and keep top employees, and employee health insurance can play a prominent role in the benefits you offer. Many Americans today are covered by group health insurance. A group plan allows employers to split the costs of their premiums with their employees while granting benefits to the employer as well.

1. An employee health plan can protect all workers regardless of medical history. Group plans base the level of risk on the entire group rather than the individual, which allows them to cover workers and their dependents who may otherwise find it difficult to locate affordable health insurance.

2. Employee plans can provide affordable coverage not just for your employees but also you and your family. If you are currently enrolled in a family or individual health plan, you may be able to realize dramatic savings by switching to your employees’ group plan.

3. You can take advantage of multiple tax incentives by providing your employees with access to insurance. Employers like you may be able to deduct as much as 100 percent of the cost of their share of the premiums when they enroll in qualifying small business health insurance plans. This can reduce payroll taxes and make the costs of insurance more affordable. Even employees can get in on the tax savings by paying their share of their premiums with pre-tax dollars.

Apart from the more tangible benefits of offering health coverage to your employees, there are also certain intangible benefits. Employees with access to preventative healthcare and basic services are more likely to take advantage of them, which means they are more likely to be in better health.

 

 

Source: Los Angeles Health Insurance

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