When people think about benefits at work, health insurance usually comes to mind. But these days, more businesses are designing plans that also include dental, vision and even pet insurance.
If you’re reading this article, it means you’ve stumbled across a blog post about the pros of offering employee benefits. You might be asking yourself: Should my company offer employee benefits? But before you answer that question let’s see why having health insurance benefits can save your company financially.
Help You Find & Keep Great Employees
Employees who feel like their employer cares about them will be more loyal.
They’ll also be more productive because they’re less likely to experience burnout. Other employees will notice, too, and that can have a positive effect on your company’s culture.
If most of your employees are receiving the benefits you offer, it shows that your company cares about its workers.
You don’t have to offer the same benefits to everyone, either. If you have both full-time and part-time employees, you can offer different benefits to each group. Part-time employees might be offered a dental plan, for example, while full-timers might receive health insurance.
Health Insurance for Employees Can Help Retain Talent
Health insurance is likely one of the first things on your employees’ minds when they are looking for a new job. When employees know that the benefits you offer are the same as what their friends and family receive, it makes it easier for them to stay put. Most employees don’t want to switch jobs constantly.
They want to grow with their companies and advance their careers.
When they know that you offer benefits that are equal to or better than what their other friends and family receive, it makes it easier for them to stay put, that’s why most websites say that it is a must.
Save on Taxes
Health insurance is typically an employer-paid benefit. So, if you decide to include it in your benefits package, the cost of your coverage will be deducted from your employee’s paycheck.
But, if you offer your employees health insurance as a taxable benefit, it can be deducted from your company’s gross income. That could save your company a lot in taxes.
Also, if you have a group health insurance plan and your employees’ share of the premium is tax-free, your company can deduct the entire cost of the coverage from its taxes. Employer-provided health insurance is a legitimate business expense that can be deducted from your company’s taxable gross income.