Getting a small business off of the ground is no small feat. It’s an even bigger accomplishment when your small business grows to the point of needing to hire new employees. That, of course, means that applicants and new hires will be curious about the types of benefits that your business offers.
One of the most common benefits asked for is health insurance, but how do owners of small businesses find the resources to cover the premiums? The answer to that question is small group health insurance! Read on to learn how it can benefit you!
1. Attract More Quality Employees
One of the best ways to make your small business really take off is to hire people who are incredible at what they do. This fact is, of course, not a secret, and there’s going to be a ton of competition out there. With that in mind, your small business has to have something that makes it stand out amongst all others.
Offering a decent salary helps, but a lot of candidates are more interested in the total compensation package. Providing health insurance is a major way to signal to potential employees that you’re serious about their talent and their wellbeing, too.
2. Improve Company Culture
There’s a reason why working for companies like Google is on so many people’s employment bucket list. It’s because the benefits they offer help foster a fantastic company culture.
Demonstrating that you care about your current employees helps improve employee morale, and that boosts their overall productivity. Your employees won’t be stressed about getting sick, so they’ll have more mental energy to dedicate to their work. Speaking of productivity, offering health insurance also means less time away from the office because of medical issues.
3. Tax Benefits
If you’re looking for a benefit to offering small group health insurance that’s a little more tangible, then here it is. Thanks to the Affordable Care Act, small businesses that offer health insurance to their employees may be eligible for the small business health care tax credit.
In order to be eligible, you must have fewer than 25 employees. Their combined annual salaries must be less than $50,000. In addition, your business must pay at least 50 percent of the cost of the plan.
The total benefit your business will receive is based on a sliding scale of up to 50 percent of premiums paid. The remaining cost of coverage can be deducted as a business expense.
Are You Interested in Small Group Health Insurance?
Small group health insurance may be a financial investment, but it’s one that brings your business numerous benefits. Not only will you attract some of the best talent around, but you’ll enjoy improved productivity and employee happiness as a result. If you want your business to be staffed by the best, then you should look into small group health insurance ASAP!
Do you need assistance with all of your questions about signing up for health, dental, or life insurance coverage for your employees? FutureWise is here for you. Contact us today to learn how we can help you.