Small-business owners often worry about the costs and benefits of providing health insurance for their employees. Because of these concerns many business owners do not provide health care coverage for their workers. However, with a new tax incentive from the Obama administration and various benefits that employers can gain from providing health insurance, it’s hoped that more small business owners will start giving their workers the opportunity for a health insurance plan.
The Obama administration’s tax incentive is set to help small businesses and nonprofit organizations by covering a set percentage of health care costs when employers provide workers with health insurance benefits. Businesses that qualify may get around 35% of the costs of health care premiums covered under this new tax credit, so small-business owners may benefit from providing health insurance to workers, especially if their company qualifies for this tax credit.
Even if a small business owner doesn’t have a tax credit, providing healthcare for employees has numerous benefits. Common benefits are it keeps workers happier and loyal when they know that their employer is providing them with health insurance and they are going to be taken care of in the case of illness or injury.
Also, employer group health insurance can be less costly than providing individual policies for workers and there might be lower premiums available and more extensive coverage due to the fact that a small business health insurance plan can spread any financial risk between a variety of members.
There are also numerous healthcare plans an employer can provide for the workers. Health insurance companies can often build healthcare plans that will fit any business and no insurance company can refuse to provide a business with group health care, provided you meet state qualifications as a business allowed to obtain health care coverage.
While providing health care for employees is not always cheap, it can be more cost-efficient and beneficial to workers, so any small business owner that may be thinking about getting a health insurance plan for their workers should contact a health insurance company to see what they might be able to obtain. Employees are the lifeblood of any company and keeping them happy and healthy is always going to be vital for any business to thrive.