Do you offer company health insurance for your employees? Have you considered how healthy insurance can impact the overall health of your business and not just your staff?
Here are our top ten benefits of company health insurance….
- Tax Savings
Yes – as accountants, this is up there as one of our top benefits for offering your team company-sponsored health insurance cover… Insurance costs can be deducted as a business expense before tax, meaning that offering your staff this benefit will reduce your tax bill – win-win!
- Tax Credits
Another key benefit of providing a company health insurance scheme is the tax credits. When paying for your insurance or premiums you receive up to 35% in tax credits, which can be used to reduce your tax burden.
- Cost Savings
Corporate healthcare is far cheaper than per head then purchasing individual policies, benefitting your bottom line even further. Your business and your employees can therefore benefit from a company secured scheme.
- Boost Productivity
Health insurance is seen as a huge perk when employees are considering who to work for. A happy workforce is always more productive, so by offering health insurance to your staff and considering policies that cover their families too, your employees are more likely to remain loyal and productive at work.
- Health Insurance means a Healthier Workforce
Without stating the obvious, if your team has access to private healthcare through their company health insurance then medical issues can be resolved quicker, ensuring a healthier workforce. Some policies offer regular health checks too, helping to identify concerns and offer early intervention or solutions. Your health insurance provider may even offer additional benefits such as gym membership or discounts, encouraging your workforce to focus on their health and wellbeing.
- Sick Days Decreased
Absenteeism due to health-related issues is reduced when companies provide their staff with health insurance. As well as physical health, mental health is also a common concern for employers and many insurance policies will provide support for mental health too.
- Fewer Grievances
Companies who invest in their staff, via health insurance and other benefits, see a reduction in grievances, strikes and other disruptive situations. Staff feel valued and appreciated, meaning they don’t feel the need to battle with their employer and fight for better benefits.
- Staff Retention Benefits
Employees who feel valued are more likely to remain with that employer. High staff turnover rates can be incredibly costly to businesses, negatively affecting productivity, recruitment and training budgets, staff morale and more. Secure the right staff and then keep them by offering benefits such as a company health policy.
- Company Image
Providing company health insurance can only improve the health of your company’s image. Whether you’re being assessed by potential employees, customers, suppliers or competitors, offering employee healthcare can only been seen in a positive light.
- Company Culture
Vital to the success of your company is its culture. Offering healthcare and other perks that evidence how much you appreciate your team creates a healthy company culture, which impacts every aspect of your business.
We’re here to offer advice on how a corporate healthcare scheme can offer company health advantages as well as employee benefits. Contact Ellacott Morris today to find out more…