Health Insurance

The advantages of offering health benefits to your employees

Benefits are a critical piece of an employee compensation package, and health care benefits are often the crown jewel. Health care benefits, along with time-off benefits, are usually the most popular of benefits to employees. Every employer must at least consider whether to offer these types of benefits and in some cases employers must offer health care in order to remain competitive with other businesses for the most talented employees and avoid penalties imposed by health care reform.

After salary, healthcare benefits are one of the most powerful tools for attracting and retaining employees

Ultimately, offering robust health benefits in a cost-effective manner is one of the strongest incentives for attracting and retaining the best workers.

 
about us

Attract and retain the most qualified employees.

Whether health insurance is absolutely necessary to attract and retain the most qualified employees will depend upon factors such as whether your competitors or other similarly sized employers in your area are offering health insurance.

Gain tax advantages.

You can offer employees something that increases their compensation package and yet allows you an income tax deduction for the contribution, so that your out-of-pocket cost is less than the value of the benefit to the employee.

If eligible self-employed individuals can deduct 100 percent of their health insurance premium costs as a business expense. You can always deduct 100 percent of premiums for your employees. If the business is incorporated, all costs for your own insurance as well as your employees' are generally deductible.

Here are all the tax savings you get by offering group health insurance:

  • Employer contributions are generally tax-deductible
  • payroll taxes are reduced by 7.65 percent of premiums for employees

Paying for health benefits instead of higher salaries can also save you money because you don’t pay payroll taxes and workers compensation premiums on money used towards health benefits.

*Neither RANDA Strategies LLC, New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.

It makes your employees happy

employees said health insurance is, by far, the most important benefit they receive from their employer. That’s why employers should offer health insurance as their first company benefit, then add on additional benefits over time.

If health benefits are a top priority for your employees, it should be a top priority for you. Offering it can help with recruiting and entice them to stay longer at your company.

The top three benefits that make employees the most satisfied.

  • Health insurance
  • Vacation and PTO
  • Pension plans, 401(k) & other retirement plans

It helps boost employee productivity

Based on my experience, I have seen that employers offering health insurance has led to higher productivity levels

As an employer, you want your employees to focus on being their best productive and successful selves at work.

Insurance plans offer preventative care that can keep employees healthy and working.

If employees don't get preventative care and yearly physicals (which they might not do if they don't have insurance), you could end up having more employees out for long periods of time with serious illnesses.

 

We offer employer-sponsored health plans providing full medical benefit coverage.  The challenge in today’s market is acquiring and maintaining a quality benefits package that is economically viable. Regulatory complexity can add to your over-head expense and consequently your bottom line. At RANDA STRATEGIES LLC we implement an annual review process that maintains the most thorough and diligent examination of your benefits. We focus on a variety of health plans that have the potential to help control costs.   we work with the leading carriers throughout the nation.

 

 

We focus on the following strategies:

 

 

"We strive to provide our clients peace of mind knowing that any recommendation we make is appropriate for your company and your employees"- Jonathan

 

Want to learn more about it? Lets get together for a no obligation consultation

Want to learn more about it? Lets get together for a no obligation consultation

Want to learn more about it? Lets get together for a no obligation consultation

Want to learn more about it? Lets get together for a no obligation consultation

 

Ready to start the conversation?
Request your complimentary first appointment.