by igorvolseo » Fri Sep 03, 2010 07:52 am
i have 50 employee in my company .i want to provide group insurance for all employee. any body suggest me,What are the benefits of providing group health insurance to my employees?
Posted: Tue Sep 14, 2010 09:01 am Post Subject:
Well here are some really good points i found from a website:
A group health insurance plan can help reduce a company’s liability and decrease risks
Having a great benefit like group health insurance can help boost morale among employees. It shows them that the company is concerned for their well being and wants to provide them with a good working environment
Employers will be pleased to see their company’s productivity increase with employees happier and morale higher.
Another benefit of a group health insurance plan is that employers can feel confident knowing important members of their staff have access to quality medical care should anything happen to them.
Posted: Tue Sep 14, 2010 06:40 pm Post Subject:
A group health insurance plan can help reduce a company’s liability and decrease risks
In what way? An employer has no liability for the health expenses of his employees outside of work-related issues. And for that he obtains Workers' Compensation insurance not health insurance. No matter what kind of insurance a business provides, it does not alter the risk to which a person is exposed.
Now it can be true that providing a health insurance benefit increases morale and productivity. But it can also have the opposite effect, if the insurance does not seem to provide any significant value in the minds of the employees.
Most employers, however, do see less employee turnover when a certain level of benefits is available, and more improvement when the employer contributes most or all of the expense. But at a cost of $600-$800 per employee, few employers are willing to pay 100% of the cost. Some are "forced" to do so as the result of a collective bargaining agreement.
Aside from any new expense to the employer, there is little or no downside to an employer who choose to make health insurance available to all eligible employees.
Posted: Tue Sep 14, 2010 09:38 pm Post Subject:
The employer will also receive a tax deduction for any premiums paid on behalf of the employees, and under current law- that premium is not considered taxable income to the employee. As well, benefits paid under the group medical would not be taxable unless the benefit paid exceeded the actual expenses incurred for medical treatment.
Commonly called the "triple tax benefit."
InsTeacher 8)
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