The Benefits of Providing Health Insurance and the Easiest Way to Do It
Running a business is expensive. There are lots of things to think about: salaries, market performance, how to promote, and how to make a profit. With all this going on, thinking and planning the employees' health-insurance seems like a complicated and expensive task. If you are a corporation with over 50 employees, providing basic health coverage is the law. However, there are many benefits to providing your workers with a good health package that goes beyond the basics.
Let's start with the obvious one. A healthy, secure workforce is a productive one. A study conducted by the University of Warwick found that health benefits play the most significant role in worker satisfaction, closely followed by paid vacation and paid family leave. The study also found that satisfied workers performed 12% better than average while stressed and unsatisfied ones, who performed 10% worse.
According to the US Bureau of Labour Statistics, employment has been at a high in recent times. In order to be competitive in the marketplace, a company must attract the best and brightest. When it comes down to choose between jobs, benefits outweigh salaries. A survey conducted by Clutch found that over 60% of people said they would take a job with a lower salary but better benefits. In contrast, 16% people indicated turning down job offers or leaving because of inadequate benefits. The way to attract talent then, is through competitive health packages. The law requires most companies to provide basic health insurance to their employees, but this does not usually cover things like dental, vision, or intensive care. An excellent option for companies, especially smaller ones, to give these are supplemental health insurance providers such as AFLAC and State Farm. It is not much of a financial burden as it costs about and at the same time, it gives employees some peace of mind.
One of the easiest ways to find the right fit for your company and its needs is to use Carepay™. Carepay™ is a platform that helps in locating affordable healthcare options near you, negotiating on your behalf and also educating you about the pricing. It has also partnered with supplementary health insurance providers, including AFLAC, to ensure that its members get the best care at the best price.
It is quite expensive to get an individual or family insurance for a person, and so having health-care taken care of would be a huge relief in terms of financial burden. An added advantage of providing health insurance is that it enables a company to deduct their portion of the contribution towards their employee plan as a business expense and get a tax benefit. Further, because the risks spread across a more significant number of people, the insurance costs are relatively low for businesses.
Finally, people are the very soul of a company. Keeping them healthy, happy and secure should be a priority, and providing health-insurance is the best way to do so.