Health insurance benefits offered by an empoyer are considered a desirable asset by employees. The group health insurance benefits that you offer to your employees may make all the difference in the type of employees you hire and retain as quality workers.
By obtaining insurance through a company, you may get better rates than through the individual market. There are several tax incentives available to you and your employees when you participate in a group health insurance plan. Businesses can usually deduct 100% of the premiums they pay on qualifying group health plans and, group health insurance included as part of a full compensation package may assist you in reducing your payroll taxes.
In addition, your employees can pay their part of the monthly insurance premium with pre-tax dollars. These are important factors when contemplating group health insurance for you and your employees.