Why You Should Offer Health Insurance

health-insurance

If you’re like most business owners, you want to offer health insurance to your employees. After all, it’s a great benefit to have and one that can help attract and retain the best talent.

There are many reasons why offering insurance is a good idea. For one thing, it helps attract and retain good employees. Employees who have access to insurance are more likely to stay with a company than those who don’t.

In 2017, a survey from LendingTree showed that about 33% of individuals turned down a job offer because the company lacked benefits. In addition, about 32% in the US emphasized that they would love to see improvements in their employer’s health plan. 

Are You Required To Provide Health Insurance?

If your company has more than fifty full-time and part-time employees, then you’re legally required to offer insurance to your employees. This is per the Affordable Care Act (ACA). However, it is not mandatory for small businesses. Although it’s not a legal requirement, providing your employees with health insurance is still recommended.

This type of benefit can go a long way, especially when attracting and retaining a well-deserved workforce. Besides this, the government also imparts multiple incentives to make providing insurance to employees easier.

It’s essential to know that a health insurance advisor quotes medical insurance. Thus, it’s best to look for one and ask about getting an insurance plan for your employees. 

How Does Health Insurance for Employees Work?

The health insurance plans you offer to your employees are group insurance plans. It’s considered a single plan that can give all your employees coverage. In addition, this plan is generally paid monthly and based on your business location, the number of employees you have, and the age of your employees. 

Reasons Why You Should Provide Health Insurance

The following are several reasons why you should provide health insurance to your employees:

Easy Process

If you want to provide health insurance to your employees, a insurance broker can help you through the whole process. They’ll be responsible for doing the following tasks:

  • Help you choose an efficient plan for you and your staff, depending on the coverage preferences and the industry to which your business belongs.
  • Sets all the necessary documents you might need for enrolling in a group health plan.
  • Be the resident health insurance advisor for your employees so that you don’t have to worry about answering questions concerning everything about small business health insurance.

Lower Monthly Premiums

health-insurance

Providing health insurance to your small business employees makes sense since there’s a reduced price on getting a group health plan. Most of the time, small business insurance plans have lower monthly premiums than those offered in the individual market.

In 2018, an eHealth study revealed that the average monthly premium per individual through a small business insurance plan is about $409. On the other hand, an individual insurance plan is usually around $440. Furthermore, the study highlighted the 7% difference between the two insurance plans.

Tax Incentives

Tax benefits are the financial advantage you can gain from providing your employees with insurance. The following are some ways a group health plan can produce tax incentives for your business:

  • Offering health insurance coverage to your employees as part of their compensation package potentially means that your small business might gain an advantage from reduced payroll taxes. 
  • Most of the time, small business owners can subtract 100% of the cost of monthly insurance premiums they pay on group health plans from their federal business taxes. 
  • Generally, employees can deduct health savings account (HSA) contributions from their small business taxes.

Happy Employees

A survey conducted by Glassdoor showed that having insurance is the most critical benefit employees receive from their employer. That’s why most employees offer insurance to their employees first and then add other employee benefits over time.

According to the study from Glassdoor, the following are the top three benefits that can make an employee happy:

  • Health insurance 
  • Paid time off (PTO) and vacation 
  • 401 (k), pension plans, and other retirement plans

Boost in Productivity

As mentioned earlier, providing insurance makes employees happy. This can result in a boost in productivity. In fact, according to a study from MetLife, about 60% of employers found out that offering insurance has resulted in higher productivity levels in their companies. 

How Much Will Health Insurance Cost You?

On average, health insurance premiums per employee for single coverage plans tend to cost around $5,700 in a year. In addition, an employer tends to pay per employee a total of $14,000 per year for their family coverage plans.

Moreover, according to the Bureau of Labor Statistics, insurance benefits add up to about 8% of the employee’s total compensation package across the United States. 

In a Nutshell

Health insurance is an important employee benefit, and offering it can show your employees that you care about their well-being. It’s a win-win for everyone involved!

If you’re still on the fence about offering this to your employees, talk to an insurance broker or agent. They can help you understand the options and find a plan that’s right for your business. 

small business coach

5 Perks Of Hiring Debt Collection Agencies to Grow Your Business

debt-collection-agencies

When you’re running a business, it’s important to make sure that you’re getting paid on time. Unfortunately, this isn’t always the case. In fact, late payments are one of the most common problems faced by businesses today. If you find yourself in this situation, don’t despair. There are ways to collect your unpaid debts, and one of the most effective is to hire a debt collection agency. Debt collection agencies can be a valuable asset to any business, large or small. If you’re struggling to collect on past-due invoices, a debt collection agency can help you recoup your losses and get back on track.

Here are some of the top benefits of working with a debt collection agency:

They Have The Experience In Handling Debtors

You can trust debt collection agencies as they have the experience needed and know how to handle even those hard-to-charge debtors. The leading edge of hiring them is that they have the legality and ways in their specialized field to assist you with your needs.

A debt collection agency for small business can help owners to track down irate or problematic debtors and collect the money they owe.

Also, start-up business owners may have tons of questions about where to begin with handling a late payment; some even feel shy with the need to ask a debtor to pay already. Thus, having them in your team and learning from a collection agency could solve this problem because they know what to do in those situations and how to do it.

They Give You A Reasonable and Logical Advice

Typically, before a debt collection agent starts assessing your case, you have to send them a list of names of your debtors as well as their detailed information. After that, the collection agency tries to collect the debt they owe your company and give it to you for less than their professional fee.

But, when these collection agents see a debtor or a specific case that needs to be brought to court because the debtor doesn’t seem to be interested in settling their debt, they could advise you on what to do next and what not to do. They would also ask you if you want to send a warranting letter.

Being impulsive on your decisions when it involves money is not a great idea, so it’s best to listen to what they have to say and which path is good to take to ensure you get your money back in no time.  

Debt Collection Agencies Don’t Just Send Out Calls

debt-collection-agencies

Calling the debtors is just one thing of the many things that they could do in reaching out to your debtors. Typically, debt collection agencies have an extensive network of people who they tap on to help in ensuring that the message reaches your debtors but not in an aggressive way. They also try to reach out through email if calling alone doesn’t work.

Lastly, some debt collection agencies use tools to track your debtor when they seem to suddenly disappear after a few follow-ups, so you feel confident that having them around could make your work easier for you.  

They Help Improve A Company’s Revenue

Maintaining and growing a stable revenue for a small business is hard when you have minimal capital and just starting with your business journey. Every penny and dollar you have counts as it contributes to the future and success of the business you are running.

With this in mind, when you are faced with a customer who doesn’t pay their debts on time, it could pose more significant damage to your business operations like not being able to pay your employees on time and failing to restock resources and the like.

If you can’t recover the debt they owe you, debt collectors can help improve your revenue by collecting them for you. They ensure that you have access to the capital you need, allowing your business to grow and provide more business opportunities for you in the future.  

Debt Collection Agencies Have Everything Documented 

Other than assisting you in collecting the debts, they ensure that they have complete detailed documentation of the whole collection process for you to have a glimpse or an update of what happened.

The records would be available to you and would be a great advantage if ever you would need them in court presentations if ever it reaches that point. It could serve as solid evidence to show or even track the progress.  

Final Thoughts on Debt Collection Agencies

Sometimes collecting the money debtors owe you is challenging, especially if they become unresponsive. A solid debt collection agency could be your next best friend in ensuring that you get the money they owe you without being burdened with all the workloads you have on your shoulder. 

small business coach