The Reasons for Offering a Group Benefits Plan

December 01, 2017

Companies are now looking to for ways to support their employees and help them to maintain their health over the long-term. Group benefits plan options are now one of the leading choices for the future-focused business owner and in this latest post we’ll explore the reasons that so many are now offering a group benefits plan to their employees.

Supporting Employees Outside Work

Many business owners are now working to show their appreciation and support for employees outside their workplace. Showing this level of support to employees can help build a community of appreciation within the business. It can ensure employees know how much they are appreciated for their commitment to the firm and in turn it can help to improve employee retention levels. This is particularly important in competitive industries where the most talented professionals are head-hunted by outside firms throughout the year.

Protect Employee Well-Being

In some cases, an employee might not be as proactive in taking care of dental and extended medical needs if they know they might have to pay for the dental work or any prescriptions they need as part of their treatment. This could mean they put off their trip to the health professional and their working performance and health could suffer as a consequence. Offering group benefits as part of a company plan allows employees to be proactive in caring for their health and to work with local professionals in resolving their unique medical challenges before they become more complicated.

Tax-Effective Compensation Option

While an additional bonus at the end of the year might be subject to taxes such as capital gains, the provision of a group benefits plan is not taxable for the recipient. And so, your employees can receive an additional work benefit without paying the extra taxes at the end of the year. This approach to compensating employees helps save teams money while highlighting the value of each individual.

Our trusted insurance experts can help guide you in choosing a benefits plan for your company. Let’s build a plan together. Talk to an expert today.