THE BENEFITS OF OFFERING EMPLOYEE HEALTH INSURANCE

For employees with more than 50 full-time equivalent employees, or FTEs, offering their workers affordable health insurance options isn’t really an option. However, according to the Affordable Care Act (ACA) small businesses with fewer than 50 full-time staff are not required by law to do the same.

Yet many do. Why is that?

While the costs for these smaller employers can be significant, so can both the direct and indirect benefits for the businesses. Not to mention the benefits for their workers.

So, what are the benefits of offering employee health insurance?

WHY INVESTING IN THE HEALTH AND THE WELL-BEING OF EMPLOYEES MATTERS

There are several aspects of offering health insurance plans to your employees that you need to think through. And money, or financial consideration, is often the most important. While this is definitely a valid factor for business owners, it shouldn’t be the only one to think through.

Here is a short list of factors that a small business owner should consider when thinking of offering health insurance plans for employees:

Known-insurance company with a good reputation: Selecting a plan from a known health insurance carrier that your employees are familiar with is important.
Types of plans: Determine if the policy options include options for HMOs, PPOs, EPOs, or HSA-qualified.
Premiums: The premium is how much the policy costs.
Deductibles: The deductible is the amount you pay before your insurance kicks in.
Co-pays: A co-pay is the amount you pay for a doctor’s visit or prescription.
Out-of-pocket maximums: This is the most you’ll have to pay out of pocket for covered services in a year.
Network size: Ensure the plan has a network of doctors and hospitals your employees can access.
Prescription drug coverage: Determine if prescription drug coverage is included in the plan.

These are just some of the factors that a business owner should consider when considering offering employees health insurance plans.

Most smaller businesses understand that there are few perks and benefits they can offer their valued workers compared to what larger enterprises often do. However, offering affordable and quality health insurance plans is a significant investment in the health and well-being of your employees.

And, along with considering the costs involved and the characteristics to look for in insurance plans, there are very real and substantial benefits that come from offering your employees health insurance.

7 BENEFITS FOR YOUR EMPLOYEES BY OFFERING EMPLOYEE HEALTH INSURANCE

By offering employee health insurance, employers can realize several direct and indirect benefits for both their staff and their business.

For example, here are some potential advantages for your employees:

Access to quality, affordable healthcare: With health insurance, employees can access medical care and treatment when they need it without worrying about the high cost of medical bills.

Improved health outcomes: When employees have access to preventative care, they may be able to detect and treat medical conditions early, improving their health outcomes and reducing the likelihood of serious health problems.

Peace of mind: Having health insurance can provide employees with a sense of security and peace of mind, knowing that they and their families are protected in case of unexpected health issues.

Reduced financial burden: Without health insurance, employees may face high medical bills, which can lead to financial stress and debt. By offering health insurance, employers can help reduce this burden and ensure that their employees have access to affordable healthcare.

Improved job satisfaction: Knowing that their employer cares about their health and well-being can improve employees’ job satisfaction and overall morale.

Access to additional benefits: Many health insurance plans offer additional benefits, such as dental and vision coverage, wellness programs, and mental health services. By offering these benefits, employers can help employees take care of their overall health and well-being.

Improved work-life balance: With access to healthcare services, employees can better manage their health and reduce stress, which can improve their work-life balance and overall quality of life.

Simply put, offering health insurance can provide many benefits for your employees, including improved financial security, job satisfaction, improved well-being, work-life balance, and access to additional healthcare services.

8 BENEFITS FOR EMPLOYERS BY OFFERING EMPLOYEE HEALTH INSURANCE

Of course, despite the increased expenditures that a small employer will have to make to provide health insurance, there are several substantial benefits for you as a small business employer:

Attracting and retaining talent: Offering health insurance can be a valuable tool for attracting and retaining talented employees, particularly in competitive job markets.

Reduced absenteeism: Employees who have access to preventive care and treatment for health issues are less likely to miss work due to illness or injury.

Improved employee productivity: When employees have access to healthcare, they are more likely to take care of their health and well-being, which can lead to improved productivity, lower absenteeism, and reduced turnover.

Increased employee loyalty: Employees who feel valued and supported by you, their employer, are more likely to stay with your company long-term and become more engaged with their work.

Small business tax benefits: Your business will most likely be able to deduct the cost of providing health insurance from your taxes, which can provide a significant financial benefit.

Improved employer brand: Providing health insurance can help your company build a positive employer brand and enhance your reputation as a responsible and caring employer.

Reduced healthcare costs: By offering health insurance, your company can help employees manage their health proactively, which can reduce their healthcare costs in the long run.

Enhanced recruitment opportunities: Offering health insurance can be a competitive advantage when recruiting new employees. Candidates may be more likely to accept your job offer when it includes health insurance, particularly if they have dependents or pre-existing health conditions.

For example, a small company may offer health insurance that covers preventive care, hospitalization, prescription drugs, and other health care services for their employees. The employees can visit a doctor for preventive check-ups, and they can access medical treatments when needed.

As a result, employees may experience improved health outcomes and have peace of mind knowing that they are covered. The company may benefit from increased productivity and reduced healthcare costs.

So, overall, providing health insurance can be an essential investment for companies that care about their employees’ health and well-being, and it can also provide many benefits for the company itself.

J.C. LEWIS: WHEN YOU’RE READY FOR EMPLOYEE HEALTH INSURANCE

At J.C. Lewis Insurance, we want to be your insurance partner and offer quality health insurance plans only from the leading health insurance carriers licensed to do business in the states we operate in.

We are a family owned and operated health insurance agency located in Sonoma County, California. As specialists in finding and managing medical insurance plans for large and small businesses, we are licensed and certified by each insurance carrier we represent.

When you’re considering medical insurance for you and your employees, you will likely have several questions and concerns. That’s great because we welcome your questions about health coverage insurance, and you can be confident that JC Lewis Insurance Services will help you find the right solution.