If you own a business, providing and finding affordable healthcare insurance for your employees seems to be a very difficult task. In fact, a recent survey in California showed that more than half of the businesses there do not provide the proper health care insurance for all employees. The cost of providing health insurance for an employee averages around $3,000 a year and if you have around 50 employees for a small business, paying for all of them proves to be a very difficult job.
Here's how to understand some of the reasons why companies might pay for health care insurance:
- It is part of the law to give employees, whether in a small or big company, health care insurance. This gives protection to the workers that the company should cover in case something happens to them during work. There are jobs that pose health threats to employees, and it is the responsibility of the employer to provide proper health care.
- You may find that offering health insurance to your employees really makes a difference. You will see that your loyal employees will be relieved to finally be offered insurance coverage through their employer.
- It improves the quality of work of your employees because they will feel more secure about their jobs. Increased worker productivity means increase in production for your company, which is a very good thing for you.
- In the long run, your company will not lack for a labor force. Since employees are satisfied, they will not be seeking another job with greater benefits if they can see that you value their importance.
- It is always a good gesture for the company to take care of its employees. A company should provide all the basic needs and assistance for its employees.
Of course, careful planning should be done because you also do not want to sacrifice company profit to expensive health care insurance. Here are some ways to reduce your costs:
- There are many business health insurance plans available. Some of them offer the basic type of policy while other companies offer HMO and PPO. Make sure to check the pros and cons of these plans and see what will really benefit the company and also the employees. The premiums on these plans are actually based on the state where the business operates, the risks of the work, and the number of employees. There will be a standard rate for all employees. Single coverage and family coverage will also be considered.
- Consider health care packages. Some companies offer very affordable health insurance depending on the nature of the work. You may find that it is cheaper to purchase health care insurance in groups, for which companies give great discounts.
Companies should foster a work environment like that of a family, one that takes care of all its members and provides help whenever it is needed. Healthcare insurance is important to give security to your employees and their families.