Health Insurance

Importance of Health Insurance for your employees

Insurance for your employees

There are many benefits that you can offer your employees but health insurance is one that tops the list because of the many advantages it provides to both you and your employees. This is one reason why most employers have included this in their employee compensation package even though by prevailing law they often not required to do so. It keeps the employees healthy and happy and in the long run, reflects on your company’s health as well. Experienced consultants at labour hire companies in Melbourne or for that matter anywhere else in the world say that companies that offer health benefits get the cream of talent during the recruitment process.

A few statistics will further prove this point. Paid vacation (65%) and health insurance (62%) are the most common employee benefits offered by businesses. About 55% of employees say that health insurance is the most essential benefit that increases job satisfaction.

But first, as an employer, you might not be fully conversant with the intricacies of health insurance plans for your employees. There is no need to be overwhelmed by the thought. All that you have to do is to get in touch with an insurance broker or a health insurance advisor and all aspects will be taken care of. The agent will advise you on the plan that will be right for you, based on the industry that you are in.

You can also take help of well-known labour hire companies whose insurance consultants can guide you in this regard. For instance, if your business is based in Melbourne, Australia, you can visit website and get in touch with First Personnel, one of the leading agencies in this field in the State of Victoria and know more on this subject.

The coverage preferences of your employees will be a deciding factor in chalking out an adequate health insurance plan. With an advisor on hand, all queries and clarifications on health insurance by your employees will be taken care of while you focus on your core activities. Here are a few reasons why health insurance for employees is so important.

Keeps employees happy

Studies show that employees consider health insurance to be one of the main incentives they can receive from their employers. Hence, a company offering an excellent health insurance package is usually their first choice for employment. You, therefore, draw the best candidates when you recruit staff against vacancies. Further experienced employees leaving your company for other job opportunities will also be less.

Tax benefits

There are tax benefits for both employers and employees.

All contributions made by employers for health insurance are tax deductible with workers’ compensation premiums being substantially reduced. Further, your regular payroll expenditure is reduced too as you can offer health insurance as against a salary raise which is preferred by almost 80% of employees.

For employees, individual health insurance is purchased with post-tax dollars. But when the same is a part of group insurance with other employees, it is a part of pre-tax dollars. This aspect can result in huge savings.

Boosts employee productivity

Employees who have health care benefits are more productive at work as they do not have to worry about setting up their plans and going through all its intricacies themselves. Time and energy saved will be channelised towards getting more volumes of work completed. A satisfied employee is a creative and industrious person at work.

Offer health insurance to your employees and reap multiple benefits from it.