Self-funded healthcare plans make providing healthcare attainable for businesses of all shapes and sizes in the area. When a business offers healthcare benefits to their employees these professionals know that the business is one that places their health and well-being first. This is a business with an edge in obtaining the best talent, and it’s a business that will foster employee loyalty better than others that offer little healthcare coverage at all.
For small to medium sized businesses, traditional healthcare coverage plans might not be feasible with their smaller budgets. These traditional plans are typically more expensive, and they’re not customizable so businesses and employees are often left paying for more than they actually need. This can make providing coverage difficult, but self-funded healthcare coverage is a workable solution. With a self-funded plan, your premiums are dedicated to a healthcare fund where claims will be taken out of as employees use their coverage. There’s less overhead to pay, the plans are highly customizable, and any leftover at the end of the year can roll over to the following year or be used as profit.
Reasons To Prioritize
There are a number of reasons to prioritize covering your employees in 2021, and with self-funded healthcare coverage plans there’s no reason for businesses of any size to write coverage off as “unaffordable.” A few specific reasons to prioritize healthcare are:
- Happy employees spread the word – Top talent attracts top talent, and employees that are happy are more likely to spread the word to their talented friends or former colleagues. When you give your employees something to brag about, they’re more likely to get excited and they’ll want to share that excitement with others. Making your employees happy with adequate coverage gives you the power of word of mouth.
- Tax savings for businesses and employers – When businesses provide coverage for their employees they may get to enjoy tax and other savings. Workers compensation premiums are often reduced when full healthcare coverage is offered, employer contributions are often tax deductible, and employer payroll taxes are reduced for employee contributions.
- Enjoy increased productivity – When you’re not feeling well, how likely are you to get your best work done? Adversely, when you feel great, how is your workflow then? When employees are able to look after their own health and wellness, they feel better, and when they feel better they’ll work better for you. Employers who provide healthcare coverage get to enjoy increased productivity throughout their teams.
Get Your Employees The Coverage They Need
When your teams have the coverage they need you really give your business a valuable boost. Self-funded healthcare plans provide an option for businesses big and small, and talking to a professional representative can help you to understand just how your business can benefit by offering one of these types of coverage plans. If you’re interested in learning more about covering your team with a self-funded healthcare coverage plan, contact us at National Insurance Partners today.