Offering Group Health Insurance Carries Benefits For You

Being a small business owner means that you depend on your employees, which means that you want to get the best possible employees. One way to do that is to offer health insurance to potential job candidates. You can check with health insurance carriers to see if they have a group health insurance plan that you can take advantage of. 

Group Health Insurance

This kind of insurance is a plan that is offered to a specific group of people, in this case, your employees. Talk to the insurance agency and find a policy that works for you and then allow your employees to sign up for the plan. They get the benefit of having insurance without having to pay as much because having a group plan spreads the costs out. It's similar to how buying in bulk can save money because you spread out the cost of the entire purchase price to each item. Getting a group health insurance plan has a lot of benefits. 

Tax Deductible

One surprising benefit of group health insurance plans is that the premiums can be tax deductible for both you and your employees. Whatever you pay, as an employer paying an insurance premium, you will get a tax deduction for paying that premium. Make sure that you double-check with your insurance company and your accountant to make sure that you will see that benefit. Your employees can arrange to pay their part of the group health insurance premium out of their pre-tax dollars. Because that will mean that they have a lower taxable income, they are going to save money on their taxes. 

Small Business Health Care Tax Credit

This is something that small businesses that have fewer than a set number of employees can take advantage of. The credit is designed to help encourage small businesses to offer insurance to their employees, which can be expensive for a very small business. Ask the insurance company that you are interested in to help you find a policy that will let you meet all the requirements you need to meet so that you can get this tax credit. 

As a small business owner, you know that you spend a lot of time working and growing your business. You want to make sure that you have good employees who can help you with this. Offering a good group health insurance plan can help your business attract the kind of employees that you want to work with. You will see other benefits from having health insurance as well.