Why Health Insurance Matters
If you are a small business with less than 50 full-time employees, you are not required to offer healthcare benefits by the Affordable Care Act (ACA). You might be surprised to discover, however, that according the Bureau of Labor Statistics over half of small businesses ARE providing the opportunity for employees to participate in a company medical plan. This means that to compete for and retain employees, benefits are becoming an increasingly important piece of the puzzle.
This comes as no surprise since almost every survey about employee benefits results with health insurance and wellness benefits at the top of the list:
- Harvard Business Review: The Most Desirable Employee Benefits
- Monster.com: What Employee Benefits Matter Most to Job Seekers?
- HR Gazette: Top 5 Most Desirable Employee Benefits
- Glassdoor: Top 20 Employee Benefits & Perks for 2017
- and 100s more!
What Health Plans Work Best for Small Businesses
Among the small businesses currently offering health insurance, many are choosing to offer small groups plans, HMOs, or high-deductible plans. If you don’t know the difference between all of these different types of plans, you’re not alone. But don’t let that scare you! Determining the plan that’s best for you is easy with PHP’s 3-step Plan Finder.
With PHP’s Plan Finder, all you have to do is answer a few simple, intuitive questions about your small business and we will give you our top recommendations of the healthcare plans that might work best for you. Not only that, but our friendly staff are only a phone call away to answer any questions that you might have along the way.
How Will I Afford Health Benefits
So we’ve talked about how you can’t afford NOT to offer health insurance, but you might still be thinking that you really financially can’t. Here are a few things to consider as you contemplate whether or not health insurance might be in the budget for your small business.
The first thing to determine is whether or not you might be eligible for the Small Business Healthcare Tax Credit. This tax credit, which is available to businesses with less than 25 full-time employees who meet certain other criteria, could help offset some of the costs of health insurance making it easier to fit within your yearly budget.
Another important thing to consider is the time and money involved in the hiring and re-training process. A benefits package goes a long way in keeping your employees happy and content in their current positions. That means less turnover and training time and more time for growing and improving your business.
In addition to offering a healthcare plan, you can improve your employees’ overall health and well-being in other ways as well—many of which come with a low price tag. Things like coordinating a couch to 5K training program among coworkers, having fresh produce available at the office for snacking, and bringing in local wellness experts for lunch seminars can make an impact without breaking your budget. In fact, some of these workplace wellness ideas can lead to increased productivity, too.
Let PHP Partner With Your Small Business
All employees need to feel valued. This is particularly important for small businesses where the budget for salaries and bonuses might not be as competitive as you would like. That’s why offering health insurance and coming up with other creative ways to support your employees is more critical than ever.
PHP is a great option for small businesses looking to start offering health insurance because we are located right here in Indiana. Our sales staff are available to meet one-on-one with small business owners to walk them through every step of the process. We also offer the same benefits and plan offerings as larger, national carriers, so you don’t have to sacrifice quality or selection when you shop local.
Whether you’re looking for a fully insured plan, a self-funded plan, or you honestly don’t know the difference, the friendly sales staff at PHP can help find a health plan to fit any budget. With a health plan from PHP - not only will you be offering your employees the benefit that they most desire - but you will also be gaining a partner in improving the health and wellbeing of the people who are making your small business dreams a reality.
Call 260-432-6690 today to start the conversation!
