The challenges small business – and their owners – face are vast. Managing employees, keeping and acquiring new clients, or simply paying the bills to keep the lights on can be overwhelming for many entrepreneurs.
Amongst these issues is the question of how employee benefits are handled.
Why are group benefits important for small businesses?
It’s important to most small business owners to be able to offer employees group benefits, as that can improve the caliber of employee attracted to the job. After all, many employees will take (and keep) a job simply because it offers benefits better than they could get on their own or even with another company.
For employers, a motivated and satisfied employee means less training time, lower turnover, fewer overall issues, and more overall productivity. In addition, health insurance and other benefits will influence your employees to seek preventative care, thereby increasing the chances they remain in great health for years to come.
In other words, group benefits are a win-win for small businesses.
How can small businesses offer group benefits?
If your small business is looking to start offering benefits, you may be overwhelmed and think it’s impossible…even with all the wonderful employees your company could gain.
The reality? Getting great group benefits for your business is easier – and more affordable – than you think.
Offering quality employee benefits are as easy for small businesses as association benefits, voluntary benefits, high deductible plans, and supplemental plans. Let’s delve into all four.
Associations allow small businesses to have larger company benefits at an affordable rate, as they incorporate multiple businesses into a larger group.
Voluntary benefits put the cost back on the employee, but offer them the perk of a group rate. This way, employers don’t pay premiums, and employees benefit as well.
High Deductible Health Plan (HDHP)
High Deductible Health Plans are another option growing in popularity. Often coupled with Health Savings accounts (HSA), an HDHP has a higher deductible for the employee, but a lower monthly premium. The Health Savings account offers added benefits of giving employees tax-free savings on health-related bills.
Lastly, supplemental benefits plans offer employees the ability to cover out-of-pocket costs for serious illness or injury. Examples of plans include: accident, cancer, critical illness, and hospital indemnity coverage.
At get-benefits, we’re happy to provide our small business clients with options that fit their unique needs. Get started by contacting us today to learn more.