The Financial Case for Offering Business Health Insurance
The Financial Case for Offering Business Health Insurance
A hot button issue right now is small group health insurance and who will get it. Statistics have shown that companies that offer major benefits, including business health insurance to their employees, actually do better during a recession. This is because of the amount of money the company is able to save on their employees' base salaries and the discounts they get for having a large amounts of people on their health insurance plans. For example, say there are two companies that create cell phones. Both companies have a sales manager who earns a certain salary each year. Company A pays their sales manager fifty thousand dollars a year while company B only pays their sales manager forty thousand a year. However, company B is the only one that actually offers benefits to their employees which include health and life insurance as well as retirement contributions. These resources can cost hundred of dollars a month to the individual but because the company has so many employees, despite being considered a small company, they are able to get a discount on these services. So while the sales manager from company A technically earns more a year than the sales manager for company B, they also have to pay for their own life and health insurance, retirement contributions, as well paying taxes in a potentially higher bracket for earning fifty thousands a year rather than forty thousand. So in the end you can see that the sales manager for company B may actually get as much as the sales manager from company A despite the fact they make ten thousand dollars less a year.
The real winner in this is actually company B because they have a great employee who they can pay ten thousand dollars less a year to, while also getting a great deal on the benefits they offer to their employees. As you can see, small group health insurance is not only a great thing for your employees, it can also be a great thing for your company as well. Business health insurance can make you more attractive to more qualified applicants without having to offer more money during the year for the reasons we have just shown. Many of the most respected companies around the country have gotten to the place they are at because of the benefits they offer to their work force. These companies may not offer the highest salaries, but people tend to prefer working for, and working harder for, a company that takes care of them in several ways. A good benefits program that ensures the health of their family and the security of their future is one such way.
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