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Benefits of Offering a Solid Group Health Plan
Posted on: August 31, 2015 by Newmark Insurance
While the recent implementation of the ACA has created a financial need for employers to provide medical insurance to employees, there are other incentives to provide TX Group Health Benefits Insurance. Let’s now take a closer look at the top 5 benefits of this package.
Tax Deductibles- The costs incurred from offering group health coverage are tax-deductible as a business expense. This serves as a great financial write off for your business.
Lower Premiums- High deductible plans that are associated with a health savings account (HSA) are accompanied by lower premium rates. According to Venture Beat, funds contributed the HSA be the employer or employee accumulate tax-deferment funds that can be used for a variety of medical-related expenses. What’s more, there are options available to add coverage to your employee policies to include coverage for life-threatening diseases. These options won’t take away from cash flow as they are covered under a low deductible plan.
IRS Grace Period- For small businesses who are struggling to implement health insurance coverage using health reimbursement accounts, the IRS has granted a longer grace period to comply with ACA standards.
Wellness Discounts- If your company provides incentives for employee’s good health habits and wellness discounts, your group health premium rates could be reduced by up to 30 percent.
Worker Productivity- Health plans help to promote team uniformity. Studies have proven that workers who feel they are part of a team are more likely to be productive and maintain job satisfaction. In turn, employee retention is improved.
Shopping around for the best rates can help accommodate a growing business, regardless of the size. It is essential to find a group health policy that suits the company’s culture, employees, and values. As an absence of coverage can lead to tax penalties, providing group health coverage will be beneficial to both your employees and your business.
At NewMark Insurance Services, we are here to assist in finding a group health insurance package that suits your employees and your company. With various partnerships with insurance companies, we are able to provide competitive rates for a broad scope of healthcare varieties. For more information, contact us today at (855) 777-6549.