Benefits Of Providing Health Insurance To Employees
Sana benefits raises 20 8m to provide health insurance for smbs and their employees.
Benefits of providing health insurance to employees. An employee benefits package includes all the non wage benefits such as health insurance and paid time off provided by an employer. It is common for employers may be overwhelmed by the sheer number of options available and unsure of which choice will be best for your bottom line. The company which operates in texas and kentucky will be expanding to new markets by steven loeb on september 09 2020. Health insurance is one of the most valuable benefits offered to employees.
There are some types of employee benefits that are mandated by federal or state law law including minimum wage overtime leave under the family medical leave act unemployment and workers compensation and disability insurance. Health benefits can also deliver a range of benefits such as increasing productivity boosting morale and helping shape a positive company culture. The analysis is based on a review of academic literature regarding the impact of employer sponsored health insurance on total compensation employee turnover workers compensation costs employee absenteeism health and morale. There s a wide range of options available to businesses looking to provide employee medical insurance but generally group health benefits will usually come in the form of.
Offering health insurance has been shown to decrease absenteeism and improve employee health and morale. Those with coverage are more likely to seek preventative care and live overall healthier lives. And according to the cdc employees who prioritize preventive care like regular checkups get more accomplished at work. Providing benefits costs more for small employers than for large ones both in terms of higher prices.
Read the business case for employer provided health benefits. Providing health insurance helps boost employee productivity a study from metlife found that 60 of employers say offering health insurance has led to higher productivity levels. Moreover providing health insurance to your team and allowing employees to visit doctors when they are sick is the right thing to do. But for employers choosing a health care plan can be difficult.
Choice is king. Health insurance is an insurance policy that will pay specified amounts of money to cover medical expenses or treatments.