Are you wondering whether to provide health insurance to your employees? Well, as a small business owner, you need to embrace health insurance for your employees. This is because it doesn’t only benefit your employees but it also has great benefits to your small business in many ways.
Hence, you need to include your employee’s health insurance plans when making your business’s budget. Following are the amazing benefits of employee health insurance to your small business.
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You Get Access to Low-Cost Premiums
When you are buying insurance premiums for your employees, you can buy in packages for the entire team which tend to be at a low cost. Group health insurance packages tend to be at lower prices than individual packages. You can get a comprehensive health insurance plan for your employees and their family members. Also, you and your family members will enjoy this insurance at a lower cost than what you would have spent individually.
Group insurance saves you from unplanned expenses. You may incur if an employee gets a health problem at work yet you don’t have any health insurance plan for him or her. You may have to pay exorbitant health bills.
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Increases Employee Loyalty and Retention
Employee loyalty to your business is very important because it boosts employee retention at the workplace. When your employee understands that you care for them and their health as a priority with small business health insurance plans, they are motivated to stay and work with your business.
Moreover, your employees won’t think about leaving your business for another since they are contented with the way to care about them including their health. Boosting employee loyalty saves you from turnover costs in which you have to hire and train new employees now and then.
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Boost Employee Productivity
A healthy employee is more productive because his or her health is always in perfect condition. When an employee understands that their health is insured, they work harder because there’s a guarantee that any sickness can be treated. It also reduces workplace absenteeism because any health issues your employees may have been treated on time before they get worse to put an employee on the sickbed.
More so, your sick employees are given the best treatment on time which enables them to get back to their feet quickly and handle their tasks. This boosts the productivity of your business because not much time is lost when an employee is sick.
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Leads to Favorable Tax Incentives
Your small business earns tax advantages from providing your employees with health insurance. You are allowed to deduct 100% of your monthly insurance premiums from your federal business taxes.
It also helps in minimizing your business’s payroll taxes because insurance premiums are allowable and aren’t taxed. You can check out the allowable given by your tax authority and it will show you how to deduct the insurance premiums from your balance sheet to save them from taxation.
Ensure Your Employees Health
Embrace small business health insurance plans to boost the relationship between your employees and your business.
