Offering employee group health and dental benefits to employees has become an increasingly common practice for many businesses. Continue reading below for reasons why your company should consider offering employee group health and dental benefits.
There are many reasons why offering employee group health and dental benefits plans not only helps your employees but also contributes to a healthy workplace and benefits your company in the long run, especially if you are running a small business.
Attract & Retain Valuable Employees
Many businesses offer employee group health and dental benefits. 75% of employers with 20-100 employees offer health benefits and 93% of those with 100-500 employees offer their employees health benefits. This means that to ensure your business is competitive with other companies in attracting and retaining quality employees, offering employee group health and dental benefits is a great place to start. According to Linkedin, companies that are rated highly on compensation and benefits experienced a 56% lower turnover rate than other companies.
You may be considering offering your employees a pay raise instead of employee group health and dental benefits. This usually results in your company and the employees having to pay more in taxes, so it doesn’t necessarily benefit either party. On top of that, offering an employee group health and dental benefits plan communicates to your employees that they are being taken care of and that their health and wellness are a priority to you as an employer.
A good employee group health and dental benefits plan ensures available resources for the many possible health-related situations your employees may be in. When employees can easily get the help they need and have their health issues managed proactively, they will be more focused on work when at the office and any exterior health-related stress or issues they may be facing can be effectively managed.
When employees feel like they are valuable enough to the company to be taken care of, they stay inspired and morale throughout the company rises. According to Zoro, 72% of employees claim having better work medical benefits would increase their job satisfaction.
When employees lack sufficient access to health care, they tend to allow their health problems to grow or linger and are often overexerting themselves on the job. This is likely to affect the quality of work being done and will cause employees to only meet the bare minimum. Employees who aren’t able to take care of their health may end up needing to take longer periods off work to compensate for pushing through an illness, or the consequences can even go as far as causing an early retirement for unresolved issues. The health and well-being of your employees should be a priority as an employer if a healthy, productive, and present workforce is what you desire.
Financial Assitance for Employees
Offering employee group health and dental benefits to employees can help employees handle the costs associated with health issues, whether it be helping cover the cost of prescription medication, dental work, or the costs associated with the recovery from an illness or injury.
Save on Taxes
If you aren’t convinced already, you will be happy to know that employee group health and dental benefits plans are 100% tax-deductible. Health insurance is an employee benefit and is not considered wage compensation, allowing employee-paid premiums to be reimbursed as a business expense.
Consider Mental Health Benefits
Not all group benefits plans will cover mental health expenses, but this is a very important facet of group benefits that contributes to the reasons for providing employee health insurance mentioned above.
79% of Canadian organizations offer mental health coverage and we recommend you consider doing so as well. As mental health benefits are becoming more normalized, the types of coverage are also growing. Mental health benefits now often include coverage for psychological services, health risk assessments, meditation classes, and more!
Youngs Insurance Brokers Inc. is proud to offer services for small businesses that need help with setting up employee group health and dental benefits for the first time. We also specialize in self-funded or Administrative Services Only (ASO) benefits plan arrangements.
Solutions we can provide include:
-Group Insurance Plans (health, dental, life, critical illness, and disability insurance)
-Employee Wellness/Assistance Programs (EAPs)
-Health Spending Accounts/Flexible Spending Accounts
-Executive and Key Person Insurance
-Administrative Services Only Plans (ASO)
Each of our employee benefits clients receives the following service from Youngs Insurance Brokers:
-One-on-one training with the plan administrator (forms, procedures, online system)
-Health and Wellness communications/lunch-and-learns for employees and executive members
-Employee presentation to review the plan and answer any questions they may have
-Mid-year plan check-up
-Customized benefits communication materials for employees and executive
-Annual rate negotiation on your behalf
-Friendly and prompt resolution of any challenges that may arise
As independent Insurance Brokers, we can provide you with unbiased advice and products from all Canadian insurers. Contact us today to learn more about employee group health and dental benefits.
Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.