![\"Reasons](\"https:\/\/peakinsuranceadvisors.com\/wp-content\/uploads\/2019\/11\/insurance.png\")
In addition to offering access to affordable healthcare services, group coverage also helps businesses in ways relating to tax benefits and employee retention<\/a>. Below, we outline the main ways that purchasing a small group health insurance<\/a> policy can benefit you, your business and your employees.<\/p>\n
Generally speaking, any expenses an employer incurs related to health insurance (for employees or for dependents) are 100% tax-deductible as ordinary business expenses, on both state and federal income taxes. Beyond this general rule, taxes get a bit more complicated. It is possible to set things up so that your employees save tax money. With just a little paperwork on your part, an employee can contribute to the cost of health insurance on a pre-tax basis. That means you deduct the cost of the premium from the employee\u2019s paycheck before state and federal taxes are calculated and deducted. This increases the employee\u2019s take-home pay and lowers the amount of the employee\u2019s taxable income.<\/p>\n
People who have group health coverage are in a better position to obtain medical care, including preventive services that may help avoid more serious health problems down the road. Having health coverage encourages people to actively maintain their health and improves their access to services that may otherwise be unaffordable.<\/p>\n
Besides the health benefits that come with improved access to care, health coverage also ensures that the costs for services will be manageable. People with health coverage are protected financially from burdensome debts arising from major illnesses or injuries. The need for medical services often arises unexpectedly, and the costs typically exceed what most people can afford or want to pay.<\/p>\n
Businesses that offer group medical coverage report there are several advantages to doing so. Having group health insurance may:<\/p>\n
In a recent small business health benefits survey, a majority of small business owners reported several positive effects of offering health insurance for their employees:<\/p>\n
If you are interested in offering small business health insurance benefits for your company, Peak Advisors can help you manage the process and guide you to plans that fit your company\u2019s needs. You can request a quote<\/a> or call us to discuss your particular situation at 631-207-1800.<\/p>\n","protected":false},"excerpt":{"rendered":"