The Benefits of Providing Employee Benefits Group Health Insurance

Group health plans

The first things people look for when job searching are salary and employee benefits such as health insurance and vacation time. If a company can’t provide those things, then the chances of filling an open position are put in jeopardy. The good news is, there are simple solutions to providing these things for employees.

Research has shown that 59% of small businesses offer paid sick leave to their full-time employees. That’s over half of all small businesses across the board. These smaller companies may not be able to afford the same group health plans as larger companies, but the fact that they offer paid sick leave speaks volumes. Beyond that, over 70% of small businesses offer paid vacations to their employees. It may not seem important at first glance, but paid vacation time is vital to keeping employees happy and any business afloat. These numbers are growing every year, which means that more and more companies are starting to see the importance of offering employee benefits.

Regardless of a company’s size, they should be offering some form of health insurance to their employees. You may not think it at first, but some of the most important plans are for dental and vision. Luckily, there are options when it comes to offering these plans to employees. The first is fully funded employer plans, which means that the company will pay the full cost of the plan. This is most likely the most popular option among employees for group health insurance, but there are still more options for companies. Partially funded employer plans typically have the company pay 80% of the total cost, and fully funded employee plans have the employees pay the full cost of the plan, but the employer covers administrative costs and payroll deductions. The former of the two options is more common among companies of all sizes, because it’s more cost effective for the company and still agreeable for employees.

When it comes to providing health insurance and managing employee benefits, online human resources software can be a godsend. Not only does it eliminate paper files and statements, it allows for a more efficient, organized method of keeping track of any insurance and benefit plans employees may have. The future is here, and so is the technology needed to keep your employee benefit packages organized and up to date. Don’t let the wide world of group health insurance scare you into not providing benefits for you employees! In today’s world, health insurance is more important than ever, and your company can be a part of that for the better!

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