How does offering health insurance benefit my business beyond attracting good employees?
Actually, company health insurance isn’t only about your employees. If your business doesn’t have a group insurance plan, it’s likely that you’re paying for your own family’s coverage. Individual and family health insurance is usually significantly less expensive when purchased as part of a group plan compared to similar coverage purchased on an individual basis. Also worthy of consideration are the tax benefits offered by a company-sponsored group health plan. Insurance premiums are usually 100 percent deductible against business taxes, and if the health insurance is offered as part of a compensation package, it can be used to lower payroll taxes. This also benefits your employees who can pay for their part of the monthly insurance premium with pre-tax dollars. Have I looked at lower cost alternatives to group health plans? The dramatic escalation of health insurance costs has caused much pontification as well as some real action in Washington. In 2003, Congress created Health Savings
