Today, the most reputable and successful firms in the United States provide health coverage to their employees. Currently, about 156,199,800 Americans receive employer-sponsored health insurance. As an employer, you can also offer health coverage to your employees and their families through group health insurance.
Why is Group Health Insurance Becoming Increasingly Popular?
As you know, healthcare in the US has become progressively expensive and unaffordable for ordinary citizens. Every American is looking for health insurance to cover their medical expenses if they get ill or injured.
However, the cost of family and individual health coverage is too expensive for most Americans. Based on 2021 data, about 27.5 million Americans do not have health insurance since they cannot afford monthly premiums.
As a result, most people prefer securing health insurance through their employers. Often, group health benefits take different forms, including:
- Basic Health Benefits- The employee and their dependents get inpatient and outpatient coverage.
- Comprehensive Benefits- The business health insurance covers immunizations, routine checkups, and mental health support.
- Popular Additional Benefits- This package comprises dental, vision, and maternity coverage.
As an employer, you should consider group health insurance for the following reasons:
1. It Saves Money
Today, it is costly for employees to obtain family or individual health insurance. This means they may take a particular position at a lower salary as long as health insurance is provided. By providing employer-sponsored coverage, you will save a lot of money in the long run.
2. Larger Risk Pool
If you take business health insurance, you can negotiate for better rates. Also, since there are more people in the pool, everyone gets health coverage at a lower price. In other words, risks are spread across everyone, significantly lowering insurance costs.
3. Tax Advantages
As an employer, you can benefit a lot from group health insurance. For instance, you qualify for tax incentives. In this context, the government may refund part of the money you pay out toward health insurance as premiums. Also, the money you pay towards your employees' health plan is deducted when calculating your monthly tax dues.
4. Improved Morale and Productivity
Offering health insurance to your employee is one of the most effective ways of showing that you value and appreciate them. It significantly boosts their morale and productivity. It also helps shape positive company culture. More importantly, it creates a positive reputation, which is vital in attracting and retaining talent.
Deciding to offer group health insurance is one of the best decisions you will make as an employer. This insurance benefits not only employees but also employers. Why not try it today?
For more information about group or business health insurance, contact an insurance professional in your area.