Health insurance is designed to protect families and individuals from severe financial strain since it covers the cost of healthcare for injuries or illnesses. The US Census Bureau estimates that about 85% of all Americans have some type of health insurance policy. Nearly half of all people in the US who have health coverage receive it through their employer. Married individuals can also use their spouse’s health insurance coverage.
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There are several reasons why it is best for employers to offer quality insurance policies to their team members. It is important that employees are rewarded for their hard work and have access to important resources they need to care for their families. Employee benefits can help employees maintain the family budget and keep them from having to pay expensive medical bills. A great employee benefits package can also show workers how much they are appreciated and attract some of the top professionals in your field.
How Workers Respond to Employee Benefits
If you’re considering a health insurance plan from a reliable company such as Concord Group Insurance, it’s important to know how beneficial this benefit will be to your team members. Research suggests that 49% of workers will begin searching for another position within a year if they are not receiving the benefits they need. However, an overwhelming 78% of employees stated that they are more likely to stay at their current jobs if the benefits package is appealing. It is also important to note that a whopping 400% of a worker’s year’s salary is what it would cost to replace an executive employee who leaves the company and that 40% of employees assert that a company becomes more appealing if the benefits package is tailored to their needs.
As a company owner, offering a benefits package that will help employees care for their families will heighten the morale at your company and increase the chances that your employees will spend the majority of their careers working for your business.
A Boost In Healthcare Competition
Companies that offer health insurance are able to attract more qualified professionals than businesses that don’t have a benefits package. If you’re in a competitive industry, it’s a good idea to offer an attractive benefits package so that more employees will be willing to work for your business than for your competitors.
Lower Operating Costs
When you have a benefits package in place for your employees, your operating costs will likely be lower. If the benefits you offer are especially advantageous for your team members, they will be more likely to accept a lower salary. When workers know they can take care of their family’s health and cover routine appointments and emergency care, they will likely work with more peace of mind which can make your company more lucrative.
Companies that offer health insurance can deduct their contribution to the employee plan as a business expense, which offers a significant tax advantage. The insurance policy and the amount of coverage allotted to employees are also deductible for incorporated businesses.
Usually, a company can get a better insurance rate than an individual can. The more people on the plan, the lower the costs are since the risks are distributed among a larger group of individuals. This is yet another way companies can make employee recruitment more enticing.
Better Healthcare for More Productivity
People often have to come to work when they are sick and should be at home recovering. However, these people may not be able to afford time off so they clock in at work, are not as productive as they could be, and run the risk of making other employees sick. A solid health insurance plan gives your workers the comfort of knowing they can visit the doctor when they are sick. This means they can receive the treatments they need quickly and take time to heal before returning to work.
If workers have access to quality healthcare, they may be less likely to call off work for being sick. Being able to afford regular doctor’s visits and specialty treatments allows workers to be more productive, which benefits your company’s bottom line.
These are just a few reasons why a healthcare plan is one of the best ways to attract and retain top employees for your company. When your team knows how much you appreciate them, office morale will increase and you may experience more overall success in your business.