How to Start Providing Benefits to Employees
Offering health benefits at your business for the first time is a significant milestone for any small business owner. If you’re ready to start providing benefits to employees, it’s a sign that your business is off the ground.
But if you’re not sure where to start, here are a few quick tips to help you begin the process to offer your employees health benefits for the first time:
1. Understand the Value
It’s a fairly simple concept: if you provide the right health benefits, you’ll attract key employees and jump-start the growth of your small business.
There are many advantages to giving your employee benefits they value – for one, they’ll be more satisfied with you as an employer, miss fewer workdays, and be highly committed to your business growth. A few main advantages to offering benefits:
- Recruitment and Retention – Health benefits are a valuable tool for you to not only recruit but retain talent. In many cases, health insurance is an important deciding factor in your overall compensation package.
- Wellness – Preventative care ensures your employees are healthy and able to work. Providing affordable access to health care will allow your employees to take fewer sick days and let your business thrive.
- Tax Breaks – In some cases, your small business can qualify for a health care tax credit. The credit is only available for certain plans. To be eligible, you must purchase coverage through the SHOP marketplace and meet the employee and income stipulations.
2. Analyze the Risks
In any new business venture, you should assess the costs and potential risks attached. Offering health insurance benefits is no exception to this.
Ultimately, the cost will depend on what type of benefits you choose. Keep in mind that health insurance premiums rise each year, and uncertain renewal rates can complicate financial planning. To alleviate the unknown, consider a plan with defined contributions.
www.ShopBenefits.com Makes Health Insurance Easier
To help navigate all the health insurance options available for your small business, you’ll want to consider working with a trusted insurance provider who is knowledgeable about your industry, health care reform, and what benefits are best for you and your employees.
www.ShopBenefits.com is committed to making insurance easier and more accessible for businesses of all shapes and sizes. With us, we won’t just give you the link, but we will be there to give a helping hand whenever you need it.
Contact us for your complimentary review or call (404) 256-2171 and ask for Al Schiebel to see what option is best for your business. Get your affordable quote today!