Employees are crucial assets to any company. Without them, your enterprise can collapse quickly. Offering health insurance is one of the best ways to attract and retain top talent. When employees feel you care about their quality of life, they will remain devoted to your company. And just like you insure other company assets, you should also consider insuring employees. Here are some reasons to offer health care insurance to your workers.
It’s Easier Than It Looks Like
Providing medical health insurance can seem complicated at first. However, you don’t have to do it alone. You can seek the help of a broker https://expatinsurance.com.sg/group-medical/ or a health insurance advisor to guide you through the process.
This professional can help you choose the right medical insurance plan for you and your employees, depending on the industry and the coverage you want. They can also help you set the insurance up and ensure that you constantly comply.
Attract Top Talent
Every employer wants to have brilliant minds in their company. And you can achieve this by providing employer-sponsored benefits like paid vacation and health insurance. Sadly, not many businesses offer these benefits to their workers.
Although you can save your business some money by not offering such incentives, you risk losing out on top talent. Now, you may ask yourself, why do you need this top talent on your team? Well, such employees have brilliant ideas to fuel your company’s growth.
Small businesses and startups may find it hard to offer many benefits. But of the few they offer, they should include medical insurance. Even if the company only offers a fraction of the total health plan, it is better than providing nothing.
Makes Your Employees Happy
Statistics reveal that many employees value health insurance more than any other benefits employers give. For this reason, companies should offer it as a top priority, and then they can consider having additional benefits.
If your workers feel you care about their health, they will be content with working in your company. And you know that a happy employee is a productive one. Plus, you can keep them in your company for a long time.
Even if you are running a small business that can’t afford to offer many benefits, you can negotiate and create customized health plans for your workers. The goal is to keep your employees satisfied and happy working in your company.
It Saves Money
Did you know that buying insurance as a group saves you and your employees money? Well, if you didn’t, now you know. When workers buy their medical insurance, they use post-tax money to purchase it. So it means that they make money, which the government taxes and they use the remaining to pay for their expenses.
But, when workers buy health insurance via a group plan, they can save about 30-45% with pretax dollars. Employees save money by purchasing this insurance and paying low workers’ compensation premiums and payroll taxes. Paying for medical benefits saves you more money than paying higher salaries. Plus, many employees prefer health benefits over salary.
Provide Excellent Medical Care
Group insurance networks have greater access to more hospitals and doctors than individual networks. Although the networks depend on locations, they are better and more than when someone buys an individual plan. So, you and your employees will have access to better healthcare.
Additionally, it helps with preventive health care. Note that many insurers nowadays focus on preventive health care initiatives, which include regular health checkups, fitness tracking apps, discounts on gym memberships, etc. Such initiatives help your workers to stay active and, ultimately, productive.
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There are many reasons to offer medical insurance to your employees. When your team feels cared for, they will be more trustworthy and loyal to your company.