What is Employee Health Insurance?
Health insurance covers the costs of medical and surgical expenses, such as doctor visits, prescription medications, hospitalization, and preventative care such as immunizations and cancer screenings. Some health insurance plans may also cover mental health services and alternative therapies, such as acupuncture or chiropractic care. The purpose of health insurance is to help individuals pay for their healthcare costs, which can be expensive without insurance coverage. Health insurance policies vary depending on the insurance company and the type of plan chosen.
Benefits of Offering Health Insurance to Employees
There are several reasons why employers should offer health insurance to their employees.
Attract and retain high-quality employees
Employees value health insurance benefits, which can be a deciding factor in choosing an employer. In fact, a survey by Glassdoor found that 60 percent of employees listed health insurance as the most important benefit they receive from their employer.
Boost employee productivity and reduce absenteeism
When employees have access to preventative care and can easily seek medical attention when sick, they are less likely to miss work due to illness. This can also help reduce the spread of contagious illnesses in the workplace.
Tax benefits for employers
Employer contributions to health insurance premiums are tax-deductible expenses, and employers can also receive tax credits for offering health insurance to their employees.
Demonstrates commitment to employees’ well-being
By offering health insurance, employers can show that they value their employees’ health and are willing to invest in their well-being.
Providing health insurance is an investment in your employees and your business.