BENEFITS

Growing BusinessBENEFITS

The Company Sponsored Health Insurance Plan

QUICK SUMMARY

Your employees are your greatest assets. Health insurance can be critical to helping you attract and retain your best workers and ensuring their satisfaction and productivity.

The fact is employee health insurance is one of today’s most important and sought-after employee benefits. Not coincidentally, it’s also the single most expensive benefit offered by employers, by a wide margin.

An employer-sponsored group health insurance plan offers multiple benefits to both you and your employees. For you, it can mean healthier, happier workers—which can lead to a more productive workforce. So how does health insurance benefit your employees? Let us count the ways…

How Company Sponsored Health Insurance Plans Benefit Employees

An individual without health insurance may be just one major injury or illness away from potential financial ruin. And as healthcare reform continues to evolve and affect individuals’ and families’ lives and finances, group health coverage through an employer becomes an increasingly valuable perk.

Consider these key employee benefits of employer-sponsored health coverage:

  • It can reduce absenteeism. A healthy employee is present and more productive.
  • It can be a recruiting tool. When potential recruits are weighing job offers, a superior health insurance plan can tip the balance in your favor, especially in a competitive hiring environment.
  • It can increase retention. Employees are more likely to stay with a company that offers valuable insurance benefits, as they can be far more costly to replace on an individual basis.
  • It can boost employee satisfaction. Workers tend to place higher value and feel more favorably about jobs and employers that provide good health benefits.
  • It's convenient. When you offer group health insurance, your employees don’t have to look for private health coverage, which can be time consuming and confusing.
  • It can save money. Typically, group health insurance provides employees and business owners significant savings over individual plans, potentially saving them thousands of dollars per year.
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Tax Benefits of Company Sponsored Health Insurance Plans

As an employer offering a qualified group health insurance plan, you can typically deduct 100% of your premiums. And you might be able to cut your payroll taxes as well.

In addition, the Affordable Care Act has created a new Small Business Health Care Tax Credit. It can help you afford health care coverage for your employees, especially low- and moderate-income workers.

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