Being a small business owner or employee shouldn’t mean you don’t have options when it comes to health insurance. As long as your business has an EIN number, you can participate in, and benefit from group health insurance. Healthcare benefits are just one reason it is better for your business, but did you know that participating can also help your bottom line? Here’s how your business as a whole can benefit from group health insurance.
Enjoy Larger Networks and Lower Costs
Health insurance can be expensive. Not only are some monthly premiums sky-high, but even worse, the coverage you’re shelling out your hard-earned money for may not even cover some of your doctor’s appointments or procedures. This is where group health insurance comes to the rescue. One of the main benefits is that you get access to larger networks that are not available in the individual market.
The group market also has more carrier options unlike the individual market. With group health insurance, you get access to more plans and carrier options. On top of having more and better options, your monthly premiums and your deductibles are more affordable with group health insurance.
Tax Benefits for Both Employer and Employee
As a small business owner, knowing what you can and can’t write-off is essential come tax season. By choosing group health insurance for your business (even if you are a business of one), you’re creating a business expense that can be written off. In the end, this saves you more money on top of the lower monthly premiums you receive with group health insurance.
Staff Retention
Health insurance is a benefit most employees are seeking as they look for a job and can even be a deciding factor in how long they choose to stay with a company. Group health insurance makes it easy and more affordable to keep your team and you covered. In some cases, the cost of group health insurance for a business could be as low as a $0 per month contribution.
Small group health insurance is a smart move for your small business. It’s not only an easy way to provide great coverage for yourself and your employees, but it also allows for higher employee retention and can even serve as a tax deduction. Whether you have a team of one or 50, health insurance is made easy with group health insurance.