It's that time of year again. There is a chill in the air, the leaves are changing, the holidays are approaching and over the next several weeks we will be wrapping up 2019 and ushering in 2020. This is also that time when many businesses are preparing year-end forecasts and next year's budget.
As a small business owner, one of the budget decisions you may be considering is if you want to offer health care benefits to your employees. From recruiting and retaining talent to saving your company tax dollars, offering health care benefits can be a win-win situation for both you and your employees.
Many companies offer health care for recruiting and retention purposes to make sure they are attracting the best talent for the job. According to Glassdoor, the top three benefits that make employees the most satisfied include health insurance, paid time off and retirement plans (Glassdoor Economic Research, 2016). Covering these types of benefits will help boost employee morale and productivity on the job.
Offering health care benefits will actually help you save money. Employers and employees pay less for health insurance when it is purchased at a group level because it can be paid for with pre-tax dollars. When you and your employees contribute to premiums, health savings accounts (HSAs) and/or health reimbursement accounts (HRAs), there are even more tax benefits available.
Group health plans often have access to larger networks of doctors and hospitals compared to an individual plan on the public exchange. This can be really important for employees who have already established care with certain providers and don’t want to lose these relationships through a smaller network.
There’s already a great option for you
As a Toledo Regional Chamber member, you have access to the COSE multiple employer welfare arrangement (MEWA) through Medical Mutual. The COSE MEWA is designed as a self-funded benefit option for businesses with 50 or fewer employees. The COSE MEWA was developed to help small business members and their employees manage the increasing cost of healthcare benefits. Talk to your broker or read this article to see if this benefit option makes sense for your business. In addition to the COSE MEWA, you also have access to Affordable Care Act benefit plans with a state premium tax savings through the Toledo Regional Chamber.
A broker can help
It may seem complicated to coordinate health insurance benefits for your employees, but it’s actually easier than you think. A broker can guide you through the process and help find the best health plan for you and your employees. If you don’t have a broker, Medical Mutual can help you find a reputable one through our broker network. Please click here to get started.
Glassdoor Economic Research. (2016, June 2). New Glassdoor Research Reveals Health Insurance Has Greatest Impact on Employee Satisfaction With Overall Benefits Packages in U.S. [Press release]. Retrieved from https://www.glassdoor.com/press/glassdoor-research-reveals-health-insurance-greatest-impact-employee-satisfaction-benefits-packages/