#1 Attract and retain talented employees.
According to a survey by Glassdoor, health insurance is ranked number one in benefits that make employees most satisfied (please help with wording here). For small businesses offering a full benefits package may be cost prohibitive, so start with health insurance and add additional benefit over time as your revenue grows.
The top three benefits based on the Glassdoors’s study:
- Health insurance
- Vacation and PTO
- Pension plans, 401(k) & other retirement plans
Offering health insurance also leads to higher productivity levels according to a study from MetLife.
#2 It saves you (and your employees) money
Savings for employees: When employees buy insurance on their own, their options are limited and usually significantly more expensive. Additionally, they are typically using post-tax dollars to buy coverage. Employees purchasing group coverage can pay for their insurance with pre-tax dollars.
Savings for employers: Employer contributions are tax-deductible. Payroll taxes and worker compensation premium are also reduced. Paying for health insurance rather than increased salaries may save you money on taxes. The same Glassdoor study showed that 80% of employees would prefer additional benefits over a pay increase.
#3 It’s easier than you think
You don’t have to figure out your options on your own. Mutual Benefits specializes in helping small businesses in Washington State navigate their options. Whether you are looking for just medical insurance or you want a robust benefits package that includes medical, dental, vision, life and disability – we can help!
Call us at 206-709-2619 or Request A Quote