Why Health Insurance Benefits Are Profitable for Small Businesses
From finances to management and employee retention strategies, getting a grip on the ins and outs of running a business is no easy feat. One great way to establish an incentive for strong, dependable employees to remain working for your company and to attract additional high-quality workers is providing employee health benefits.
Health Care Laws
Businesses throughout the state of California and Sonoma County that have 50 or more employees are bound by the federal Affordable Care Act, which legally requires these companies to provide their workers with good and reasonably priced health insurance. However, if your business employs less than 50 people, then providing employee health benefits may still be beneficial to the advancement of your company, even though it may not be required by law.
Reasons To Offer Health Benefits
There are several reasons why offering health benefits is likely a good idea for your business:
They help to maximize the wellbeing of your employees.Benefits packages can be advantageous for employee recruitment.Better benefits can boost employee morale and attitude.Some benefits allow for tax deductions.
Happy, healthy employees make more valuable and constructive workers for your company. Financial incentives are always a good motivator, and good affordable health insurance is no exception. Providing employee health benefits can enable your workers to get the proper medical help they require should they get sick or have medical concerns that need seeing to. This gets them back to work quickly and leads to maximum productivity.
Health Package Options
There are different options available when it comes to putting together a health benefits package for your small business employees. Two of the main choices for employee health benefits are a defined contribution health plan and a group health insurance plan.
A defined contribution health plan allows you, the employer, to fix your monthly rate for the package. Slightly different from an insurance policy, this is more like a sum of money provided for employees to spend on their health insurance free of taxes.
On the other hand, a group health insurance plan is a set of almost identical policies that are designed to cover employees and their families. This type of plan is also called “employer-sponsored” insurance.
Contact Details for Reliable Services
For more information on how your small business can begin offering solid benefits packages for employees, contact Sackett Insurance at 707-823-3689. Interested in connecting online? Like us on Facebook, find us on LinkedIn, and subscribe to our blog today.
