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Posted: 1 Feb '22
As a small business owner, you may often as yourself wondering, “Should I have health insurance for my small business?” Indeed, your employees enjoy the benefits of health benefits. But what does it mean for the rest of your business? Deciding to have health insurance for your small business is a significant decision and one best approached with the full benefits of health coverage for employees in mind. Call us today for expert advice.
Enrolling for a group health policy is more cost-effective than getting individual health insurance. On average, group plans cost less per person than individual plans because the risk is distributed among many people. Not only are group plans cheaper, but they also have more stability in premium prices.
Small businesses enjoy tax incentives from group health plans. First, your employees don’t have to add the premiums to their income if the employer is paying the premiums. Second, your small business can benefit from reduced payroll taxes and deduct health insurance contributions from business taxes.
Health insurance for small businesses serves as an essential talent recruitment and hiring strategy. Job seekers are more inclined to apply for jobs that offer health coverage. Many workers use health benefits to decide if they should pick a job. Also, talented employees can turn down jobs without health insurance.
In addition, it can be challenging to attract the best talent in the market. Offering health coverage is an excellent way to stand apart from other employers who don’t.
Health insurance forms part of an employee’s compensation and motivation to stay. Offering health benefits shows that you care about your worker’s wellbeing and want your workers to stay in your company long term.
Employee loyalty is important because employees are less likely to find other jobs. Retaining employees also means that you don’t have to incur the costs of losing an employee. These include:
Without good health, employees cannot be productive. Health coverage for small businesses ensures that your employees can seek treatment when they are unwell. Seeking medical attention on time also reduces absenteeism and supports productivity. In the long run, it costs less to retain a healthy employee than an unhealthy one.
As Albertans, we are supported by our provincial health care coverage, but it does not cover everything. Fill in the cracks for your employees with private health benefits. Speak to a Vistaplan advisor today about the best health insurance for your small business.
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance products they are purchasing, so they can make the right choices for their budgets, plans, and futures. CONNECT WITH ME ON LINKEDIN