When you're a new company or a small business, it's tempting to want to try to cut costs by not offering certain employee compensation. Since small businesses with under 50 employees aren't required to offer their employees health coverage, many simply forgo the additional expense. In reality, though, it can save you money in the long run to provide employee health insurance.
Here are three reasons why providing health insurance can save you in the long run:
Here are three reasons why providing health insurance can save you in the long run:
Healthier employees - The research shows that individuals with health coverage rated themselves as being physically and mentally healthier than their uninsured counterparts. With health coverage, your employees will use less sick time to get preventative health care, than if they get sick frequently due to not taking care of their health. Healthier employees make your business more money because they are less likely to miss work and generally more productive.
Attracting and retaining employees - Health care is a top priority for employees when looking for a new position. By offering health care, you'll be able to attract top talent in your industry, and your top employees are less likely to leave the position for an employer that offers health coverage. High employee turnover ends up being more expensive in the long run for companies, as it costs money to retrain each new employee.
Save by bundling health insurance - As a small business owner, you may plan to buy your own health coverage through the Affordable Care Act, but you can get a less expensive plan per person by buying group small business insurance. In addition to making your employees healthier and happier, you'll save yourself money on your own coverage!
We help businesses with the financial and bookkeeping aspects of their business. Contact us for help with developing a plan to afford health coverage for your employees.
Attracting and retaining employees - Health care is a top priority for employees when looking for a new position. By offering health care, you'll be able to attract top talent in your industry, and your top employees are less likely to leave the position for an employer that offers health coverage. High employee turnover ends up being more expensive in the long run for companies, as it costs money to retrain each new employee.
Save by bundling health insurance - As a small business owner, you may plan to buy your own health coverage through the Affordable Care Act, but you can get a less expensive plan per person by buying group small business insurance. In addition to making your employees healthier and happier, you'll save yourself money on your own coverage!
We help businesses with the financial and bookkeeping aspects of their business. Contact us for help with developing a plan to afford health coverage for your employees.
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