Do you offer company health insurance for your employees? Have you considered how health insurance vitality can impact the overall health of your business and not just your staff?
Here are the benefits of company health insurance:
Tax Savings
Yes, as accountants, this is one of our top benefits of offering your team company health insurance. Insurance costs can be deducted as a business expense before tax, meaning that offering your staff this benefit will reduce your tax bill – win-win!
Cost Savings
Corporate healthcare is far cheaper than per head than purchasing individual policies, benefitting your bottom line even further. Therefore, your business and your employees can benefit from a company-secured scheme.
Boost Productivity
Health insurance is a huge perk when employees consider who to work for. A happy workforce is always more productive. By offering health insurance to your staff and considering policies covering their families, your employees are more likely to remain loyal and productive at work.
Healthier Workforce
Without stating the obvious, if your team has access to private healthcare through their company's health insurance, medical issues can be resolved more quickly, ensuring a healthier workforce. Some policies offer regular health checks, too, helping to identify concerns and offer early intervention or solutions. Your health insurance provider may offer additional benefits such as gym membership or discounts, encouraging your workforce to focus on their health and wellbeing.
Sick Days Decreased
Absenteeism due to health-related issues is reduced when companies provide their staff with health insurance. As well as physical health, mental health is also a common concern for employers and many insurance policies will provide support for mental health, too.
Fewer Grievances
Companies who invest in their staff via health insurance and other benefits see a reduction in grievances, strikes and other disruptive situations. Staff feel valued and appreciated, meaning they don’t need to battle with their employer and fight for better benefits.
Staff Retention Benefits
Employees who feel valued are more likely to remain with that employer. High staff turnover rates can be incredibly costly to businesses, negatively affecting productivity, recruitment and training budgets, staff morale, etc. Secure and keep the right staff by offering benefits such as a company health policy.
Company Image
Providing company health insurance can only improve the health of your company’s image. Whether you’re being assessed by potential employees, customers, suppliers or competitors, offering employee healthcare can only be seen positively.
Company Culture
Vital to the success of your company is its culture. Offering healthcare and other perks that show how much you appreciate your team creates a healthy company culture, impacting every aspect of your business.
We’re here to advise on how a corporate healthcare scheme can offer company health advantages and employee benefits. Contact Ellacott Morris today to find out more.
