The Benefits of Offering Group Health Insurance

The Benefits of Offering Group Health InsuranceOffering comprehensive benefits shows that you truly care about your team’s well-being and success, both inside and outside the workplace. Deciding what kinds of benefits you’d like to offer is one of the most important choices you can make. Some newer benefits are optional to offer and depend on your business, your finances, and the demographics of your employees. However, group health insurance is typically considered the most important benefit to offer, particularly for larger businesses. Learn the main benefits of group health plans, so you can make an informed decision for your team.

You Will Attract and Retain Great People

Clearly, providing health benefits gives a competitive edge. With group plans, that edge is even more pronounced. It helps you establish a culture where people don’t have to stress about their insurance needs. When someone new joins, the last thing they should do is get lost in the health care jungle. With group coverage, employees can enroll when they’re hired, which saves them from having to worry about the rigorous process of researching, buying, and maintaining their own individual plans.

It also truly helps with retention. Considering that employee turnover can cost you over half of their yearly salary, this is extremely beneficial. A comprehensive benefits package is one of the main things that influences whether employees stay at their current company. Employers prize the same exact thing, that retaining employees is one of their top goals when offering health insurance.

It Will Save Money

Going the group route is also your secret weapon when it comes to lowering costs. Since your contributions are a business expense, they’re tax-deductible. Also, the amount your team pays toward their premiums is done on a pre-tax basis, which means that they have lower taxable payroll earnings, so your payroll taxes are lower.

Connecticut Business Insurance plans including group health coverage allow employees to choose from an array of benefits before taxes are taken out.  A health maintenance or preferred provider plan would both be great for your business.

Group plans also help your team get the most bang for their bucks, as their premium contributions are deducted from their wages before taxes, which then decreases their overall taxable income. By their very nature, benefits give people more control over their finances, and prevent them from worrying about their financial future and overall health.

It Helps Build Community

Group plans reinforce the feeling of community because everyone is united under the same plan. Employers demonstrate that they’re invested in everyone’s happiness and long-term health, and that goodness ripples throughout the entire organization. This is also ingrained in the fact that each new hire gets access to coverage when they start.

There is shared knowledge and resources within obtaining a group plan through Connecticut business insurance, creating an environment where access to health details is centralized, so people know exactly where to get help. With so much confusion involved with understanding health insurance, this aspect is paramount. If employees feel overwhelmed, they may not make the right decision for their needs or properly utilize their coverage. You can easily implement a group plan in your Connecticut Business Insurance coverage that gives you and your team exactly what you need.

 

About Byrnes Agency

At Byrnes Agency, we offer auto insurance solutions that can be tailored to meet your specific needs. Whether you have an old classic car or a brand-new model, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549

394 Lake Rd

Dayville, CT 06241

United States

info@byrnesagency.com

Hours of Operation: Monday- Friday 9:00am-5:00pm

Norwich Office

Phone: (860) 886-5498

6 Consumers Avenue

Norwich, CT 06360

United States

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