Every startup and small business struggle with this question – when should my startup offer health insurance to the employees. To answer that, we would like to state how employee health insurance holds huge value among those who work for you. And if you are running a startup or small business in any of the competitive markets, you can benefit a lot by offering health insurance too.
Considering that health insurance is going to be the second biggest expense for your business, it is important to know the right time to implement it. The answer is not as complicated as you might think. The businesses who have funding for this should go ahead with it immediately where other businesses may need to wait to afford it.
Before you make a decision on getting your employee’s health insurance, you must consider several factors. We are going to list these factors below –
i) What is the size of your business and what size businesses in your industry are offering health insurance?
ii) What do your employees think?
These are the two most important things to consider before you decide to invest in employee health insurance plans. To know more, keep reading.
i) What is the size of your business and what size businesses in your industry are offering health insurance?
The first thing that you need to find out before taking a decision is to find out the size of companies in your industry that are offering employee health insurance. You will be surprised to know that approximately 35?% of businesses with 2-15 employees offer health benefits to employees as per the surveys conducted by Forbes. It might seem convenient on paper but actually in the case of these businesses the budget is usually tight. Still, it is a good idea for you to think about it. If still, you are unable to come to a decision, it is right to find out what your employees think about health benefits. If you think it might help you get more manpower easily, you must go for it.
Benefits of employee health insurance you will get
If you invest in any of the health reimbursement plans available in the market for your employees, there are many benefits that you will get from it. For starters, it is a very tax-friendly idea. In case you are planning to grow your business, by offering health benefits and health insurance, you can make the process of recruitment very smooth and fetch the interest of top talents. So clearly offering employee health insurance seems like a good idea.
Bottom Line
In the end, we would like to say that if you want to grow your business, or are looking to hire the best team, it is important for you to offer employee health insurance. However, the one thing that you need to keep in mind is to know when is the right time for you to invest in it. In case you want to know more about employee health insurance, you can consult us at Alpine Castle Lake Insurance Agency. We would love to assist you.
