You may be deeply worried about what small business health insurance might do to your bottom line. Yet it’s more affordable than you think, and it offers a lot of benefits you might not be considering. Some of those will give you personal financial boosts that you may not be taking into account.
Yet finances aren’t the only reason to buy business health insurance. Here are five reasons to start exploring your small business health insurance options.
1. It’s the most cost-effective way to get high-quality insurance for both you and your spouse.
Once upon a time, small business owners would think about getting group health insurance just for themselves and their spouses. They could structure the plan to exclude their employees because it was a business owner’s plan.
The ACA changed this. You can still purchase health insurance for yourself and your spouse, but if you do, you have to make it available to your employees too. It’s certainly possible to split the premiums with them, but you can’t just make them pay for it whole cloth.
You and your spouse certainly need coverage, and a group plan is certainly going to be more cost-effective for your family than most of the individual offerings on the exchange. They’ll also typically have lower deductibles and policy limits. That means you and your spouse get better coverage than you can get on your own. It turns out to be a win-win…even though you’re being asked to look out for a little more than your own family.
2. It’s the natural progression as your business matures.
Can you think of any serious, scaled up business that doesn’t offer group medical insurance? That’s what established companies do.
Why? Because you want to gain and maintain a predictable, loyal employee base. This is how your business gains stability.
This is also how you gain freedom. Without employees who stick around, you, the owner, can’t go away for a week, or even a weekend, without having to worry about what will happen to your business while you’re gone.
To do that, you need loyal employees who will sit down and do a good job because they know what to do without you looking over your shoulder, and who aren’t likely to just walk out the door without so much as a two-weeks’ notice because they got a better offer…one where they were offered employer-provided health insurance.
3. You care about the people who work for you.
You’re a good person, right? You don’t want your employees to suffer. You don’t want them to have to set up a GoFundMe account to get the health care they need.
Your employees rely on you! If they aren’t taken care of, it can get awfully hard to sleep at night.
Meanwhile, you know a group policy has a great POP. That means there’s no question about what’s covered.
You’re covered. They’re covered. Your spouse is covered. If you’re like many people you always say your employees are your greatest asset. Put your money where your mouth is. Get the peace of mind, as an employer, spouse, and co-worker, that comes with it.
4. Employees have more reasons to stay.
We’d all like to think of our companies as one, big, happy family. Yet if you don’t treat your employees like family sooner or later they’re going to have to bow to practical realities.
If they can’t get medical care for themselves or their children, they have no choice but to keep one eye open for better options. If they can’t pay their bills because they don’t have insurance, then they will leap at the first company that offers them medical benefits.
They will do this even if they love you as a person. They will do this even if they love their jobs. After all, wouldn’t you do the same? Nobody works for the privilege of working. People work to support their families. It’s not fair to expect them to do anything else.
While you’re at it, think about adding dental and vision plans. It makes employees feel taken care of. They think of the benefit you’re providing twice a year when they go in for dental check-ups or when they get that new pair of glasses.
Their productivity shoots up too. Think how productive you are when you have a toothache and worry you can’t fix it, or are experiencing pain in your body but can’t see to it because you’re too worried about how much it costs. Chances are you don’t get much done when you’re in that position. Every time you alleviate employee worries they pay it back to you in spades by helping your business be the very best it can be.
5. You get a major tax break.
Health insurance for small business owners is a serious tax write-off. That means you’re writing much smaller quarterly tax checks while purchasing something that actively benefits both your business and your family.
That’s a big deal. They are 100% deductible and come with a tax credit. A tax credit of up to 50% of premium expenses, for any two years, is available to any business owner who pays at least half of their employee’s premiums and have 25 or fewer employees earning an average of $50,000 or less per year. You can deduct the expense and get the credit.
If you’re like most small business owners any tax savings are a huge deal. Health insurance can lower your tax bill by a significant margin. Those savings, plus your increased profits, may even offset the cost entirely.
Reach out to Inszone Insurance to find a policy that works for your company today.
Ready to find the right health insurance package for your business? We’ll take care of you and your employees. Reach out to Inszone Insurance today to get help selecting a policy that makes good financial sense and which provides top-notch coverage.
Eduardo Perez
