Why should I provide group health insurance to my employees?
You may be a business owner without health insurance coverage for yourself and your family because of the high cost of individual plans. You might be pleasantly surprised to learn that as a business owner, you may be eligible for lower rates for your family insurance than through the individual market, while still receiving the same level of benefits.
Research has demonstrated time and time again that the only thing employees appreciate more than monetary compensation is the health insurance coverage offered to them by their employer. There are numerous reasons to offer group health insurance benefits to your employees, not the least of which is the ability to offer competitive benefit packages that will naturally attract and retain the best workers for your company. Another consideration is the fact that various tax incentives are available to both you and your employees for participation in a group health insurance plan. For example, as a business owner, you can deduct 100% of the premiums you pay annually on qualifying group health plans. Yet another benefit is the reduction of payroll taxes as a direct result of including health insurance as part of comprehensive employee benefits. Finally, your employees will have the opportunity to avoid tax penalties when paying their premium percentage. Consideration of these incentives is imperative to effectively determine the affordability of a specific health insurance plan.
Small Business Health Insurance FAQs
- Am I eligible to enroll under a small business health insurance plan?
- Are there tax benefits that accompany buying group health insurance?
- Does my company qualify for group health insurance?
- How do I choose the best group health insurance plan for my company?
- How much of the employees’ premium is the employer required to pay?
- Is dental coverage automatically included?
- Should I only include employees who want insurance?
- The only two employees in our company are my spouse and me. How should this information be entered?
- What are the different kinds of group health insurance?
- What is a benefit rider?
- What is a Health Maintenance Organization (HMO)?
- What is a multi-plan?
- What is a Point of Service (POS) plan?
- What is a Preferred Provider Organization (PPO)?
- What is an Indemnity plan?
- What is the process for obtaining small business coverage?
- Why do you need to know my zip code?
- Why should I provide group health insurance to my employees?
- Will my final group health insurance costs be the same as the rates on my initial quote?