One benefit that many businesses offer their employees is group health insurance. It allows employees to enroll on a health plan paid-for in part, or whole, by the business. Recent changes in health care law have actually imposed penalties on businesses that do not offer this coverage if they’re over a certain size. Therefore, more and more Americans are able to obtain their coverage through their employers.
In many ways, offering health insurance provides a benefit for employers. Take a look at some of the ways group health insurance can benefit the business.
1. It Helps Avoid Tax Penalties
The Affordable Care Act requires businesses over a certain size to offer health insurance to most of their employees. If they fail to offer the right benefits, the employers might face tax penalties, resulting in large expenditures. Many businesses find that offering benefits outweighs the cost of these potential charges. If used correctly, offering this coverage can be a form of financial savings.
2. Group Benefits Create Healthier Employees
If someone has health insurance, they are more likely to go to the doctor and receive routine medical care. This can help them stay healthier. They won’t have to go without the care.
Businesses can also reap the benefits of healthier employees. Employees who come to work in good health are more likely to perform optimally, miss fewer days and feel better while they work. This can help the business maximize productivity and profitability.
3. Insurance Might Boost Retention and Recruitment
When interviewing for jobs, many prospective employees want to know what benefits are available to them. Should your business offer health insurance, it’s often a good sign for incoming talent. They might feel more secure taking a job if they know it offers good insurance.
4. Aid for More than Just Employees
Most employees can also enroll spouses and dependent children in their group plan. This means that group insurance can serve as a convenient, often cost-effective way to insure the entire family. Families often have a much better chance to coordinate medical costs under these plans. Not least, enrolling families in a group plan provides a valuable source of security for families.
If you need group insurance, talk to us! We can help you choose a plan that will best serve both the business and employees. Don’t hesitate to offer this benefit, as it may prove very worthy for you and your employees. Call McFarlin Insurance Agency at 410-312-7800.
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