As a business owner you might be asking yourself, why buy group health insurance? Well, the main reason is simple – your employees. For most businesses, their most valuable asset is their employees. Employees are easy to find, valuable employees are not. Valuable employees can take years of searching, recruiting, and training. And they can be stolen by a competitor in an instant. The better you compensate your employees, including your benefits package, the more likely you are to keep them. Why? Because health insurance is the number one benefit employees consider, more so than even a retirement plan or paid time off.
Employees want a group health insurance plan for a number of reasons. We all know that marketplace for individual health insurance is getting worse – prices and out-of-pocket costs are increasing, and plan selection and competition among carriers is decreasing. Currently, there are only two health insurance carriers in Nevada selling individual health insurance, down from about eight. Compared to individual health insurance, group health insurance is priced a little lower, has more plan selection, and much more competition among health insurance carriers. Group Health Insurance is better, plain and simple. Also, not having health insurance means a fine through the IRS, also known as the Individual Mandate. And everyone knows medical expenses without health insurance can devastate a person financially. Unpaid medical expenses are one of the most common reasons for bankruptcy.
Aside from buying group health insurance to attract and keep valuable employees, you might be required to do so under the Affordable Care Act, depending on the size of your business. Starting in 2015 employers with 50 or more full time, or full-time equivalent employees, who do not provide affordable minimum essential coverage to their full-time employees, and their dependents, will be required to pay a fine to the IRS of $2,000 per employee per year.
Buy Group Health Insurance
At Safeguard Insurance, we are fortunate to have so many valuable employees. We believe we have a responsibility to care for our employees well being, the same we expect them to care for our business and customers. We do this by providing a safe work environment, paying an above average wage, offering a retirement plan, generous paid time off, most importantly, a robust group health insurance plan that includes health, dental, vision, and life. This helps us to attract and retain valuable employees, and it’s why we buy group health insurance. If you are considering group health insurance for your business, call the experts at Safeguard Insurance today at 702-638-0022 for no obligation advice and quotes.