Good health and wellbeing help people work productively and efficiently towards the business goals and objectives of the organization successfully.
Basic health requirements are becoming more costly. The increase in healthcare expenses and diseases has made the need for health insurance policy inevitable for strong finances at tough times.
Providing group health insurance to employees can benefit them and greatly benefit the organization or the employer. Let’s see how.
A happy workplace creates happier employees.
There is no greater wealth than being healthy and happy. Mental wellbeing and happiness are considered very important owing to the stress that one undergoes everyday.
Having medical insurance cannot guarantee good health but can support and provide financial assistance during any tough times. Hence it empowers your team and makes them feel they are cared for.
Loyalty and retention of employees
As mentioned, happy employees make happier workplaces. Employees are inclined towards jobs that provide them security. Providing group health insurance can help the company retain these talents as they will be happy, which makes the possibility of them leaving the company less. A successful company can be made as the employees are loyal and happy, increasing the employee retention rate.
Goodwill generation and upliftment
There is nothing better than hearing “this is a good workplace” from the employees. Providing an insurance cover can uplift the employee and create a good brand name for the employer in the industry. This promotes the company’s goodwill and makes existing employees feel appreciated and cared for.
Lower tax benefits
If the employer pays the group health insurance premium on behalf of the employees, employers can claim the entire premium amount and avail tax benefit.
The Income Tax Act states that “Any amount paid by the employers for the employees’ benefit will be treated as Profit in lieu of salary”. The premium amount paid mostly comes under the category of general business expenses. Different business types can avail these tax benefits like sole proprietorship, partnership firms, companies (public or private), etc.
Offering group health insurance is easy and seamless. We at Cosmo Insurance Agency will handle everything so you can focus on your business. Give us a call today.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
