Offering Southern California small business health insurance as a benefit to your employees is very important. Healthcare benefits are usually optional for small business employers. However, they are of critical importance to the employees. Every employer needs to consider whether to offer benefits to employees by evaluating its importance. Offering benefits such as Southern CaliforniaÂ small business health insurance has several advantages for a small business employer.
Offering health insurance to your employees shows them that you care about their well-being. Most employees prefer working for employers who offer health insurance coverage. As such, your small business will be a competitive employer when you offer health insurance as a benefit to your employees, especially if your competitors or businesses of similar size are offering this insurance in your area.
By offering this insurance, you increase the compensation package of your employees which gives you income tax deduction due to their contribution. This means that you will spend less money out of your pocket than the cost or value of the employeesâ€™ benefit. Self-employed persons can deduct 100% of the premium costs of their health insurance as their business expense. You can also deduct 100% of your employeesâ€™ premiums. For an incorporated business, all insurance costs including the employeesâ€™ can be deducted.
The law requires businesses that have over 50 employees, both part time and full time employees to provide sufficient health coverage. Failure to do this will subject your business to assessments to determine whether it offers employees credits for premium tax so that they can buy insurance on their own. This means that offering health insurance to employees enables your small business to avoid assessments that are aimed at determining whether it complies with this law.
If your small business has less than 25 employees, it might be eligible for tax credit when it comes to buying employee’s health insurance. You can take advantage of this credit by offering health insurance to your employees.
Most insurance plans include preventative care. This will keep your employees healthy ensuring that they remain productive. If you do not provide preventative care to your employees as well as yearly physicals, they might end up requiring more time off due to serious illnesses. Read our related article on how employee wellness programs can save your business money every year.
When you buy health insurance for your employees as a group, you enable them to benefit from group rates. Additionally, a small business can buy health insurance via insurance companies that offer insurance plans that are designed specifically for their employees. This is what your small business gets with Mercado Insurance services.
Generally, Southern California small business health insurance is important to your business and the employees. With this insurance, you get:
Good health insurance for small business employees is not only personalized, but affordable and accessible to the employees. It is designed specifically for the employees of your small business.