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Health insurance helps an individual to pay off their medical bill. Half of America with healthcare coverage gets it through their employment or their spouse’s employer as it makes absolute sense for businesses to provide their employees with healthcare coverage.

Advantages of Providing Health care benefits to the employees

If you’re a business, then the following are the advantages that you may get by providing your employees/potential employees with healthcare benefits:

o   Attract more Applicants

Businesses that offer healthcare coverage to their employees are more likely to attract qualified applicants than businesses that don’t.

o   Helps in reducing operating costs

Giving healthcare benefits to potential employees helps in reducing the cost of operating the business. It would cost an individual a lot more to get healthcare coverage on his own than through an employer; thus the salary becomes negotiable and the salary expense for the business is lowered.

o   Able to get an advantage on Tax

Being a business that offers healthcare coverage to its employees, you can deduct your contribution towards your employee’s plan as an expense; hence, getting an advantage on tax.

o   Cost of getting insurance is lower than for individuals

Better insurance rates are available for businesses than for individuals. The more employees you have under your health coverage; the more you are able to lower costs.

o   Helps Improve employee efficiency

As the saying goes “Health is Wealth”. Nothing could be truer for businesses than this. If you are a business that offers healthcare coverage to your employees, then you are less likely to suffer from employee absence on workdays, and research has proven that businesses that have less absence ratio have higher productivity.

Affordable Care Act/ObamaCare for businesses

If you’re a business with fewer than 50 employees, then you need not provide healthcare coverage to your employees under the Affordable Care Act/ObamaCare and will not be facing any penalty for it; but you can get tax credits if you meet the following requirements:

  • If the employees’ count at your workplace is less than 25, with wages below $50,000; then you may well be pocketing tax credits of up to 35% on the amount you contribute towards your employees’ insurance premiums.
  • If you pay about 50%, then you may well pocket 50% tax credit.

 

If you’re a business with more than 50 employees and do not provide healthcare coverage to your employees, then you might face a penalty.

 

Cost of Getting Health Insurance

If you’re a business wanting to get health coverage under the Affordable Care Act/ObamaCare for your employees, then once your application has been reviewed and approved, the insurance carrier will determine your costs based on the size, location and the ages of your employees, and finally arrive at a premium you should be paying.

 

If you’re a business, big or small, then getting healthcare coverage for your employees under the Affordable Care Act/ObamaCare seems like the sensible thing to do; rather than not doing so and ultimately paying the price for it.

 

The Jordan Insurance Agency is the brainchild of Billy Jordan, who went through a great deal of frustrations when his mother was suffering from Stage 4 cancer. This Agency gradually grew with the passion of giving people access to the best possible health insurance coverage according to the budget. Blue Cross Blue Shield of North Carolina, Assurant Health, United Health One, and Coventry One are a few of the companies TJIA deals their contracts with. Feel free to call us today (704) 926-7565 or (800) 648-3870 and get your free quote from here!

Posted 8:57 AM

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