Why Providing Health Insurance is Important
The Affordable Care Act has been a hot topic lately, the costly penalties for everyone that doesn’t have health insurance has been keeping people on the edge of their seats, especially, during tax season for business owners.
It’s no surprise that companies with a large amount of full-time employees have to provide health insurance to remain in compliance with the Affordable Care Act and avoid penalties, but there are many more beneficial reasons to offer healthcare to employees. Here are just a few:
- Healthcare is tax deductible
- Incorporating a health savings account can offer a variety of benefits to employees – can be used for various healthcare expenses. Employees can use the money to provide for their families if they get hurt.
- Employers with health reimbursement programs have extensions to help employees get coverage.
- Group health coverage allows employers to have wellness rewards for employees.
- Employees that know they are covered can focus more on productivity.
Individuals aren’t the only people being fined for not having health insurance, business are being penalized also. There is no one-size-fits all when it comes to employee coverage, communicating with employees and finding out their needs is the first step to resolving healthcare issues and avoiding tax penalties.
How is you company helping employees with healthcare costs?