One of the biggest mistakes any business owner or startup founder will make is failing to provide health insurance for his employees. The employees in different fields tend to work much better and give their best to work when they know that their health is insured.
If an employer has up to 50 employees it is expected of him to carry out health insurance for them or be penalized by the government. To be above competition and take the lead in business, you need to go beyond free food and raise the salary to provide good health care for your employees.
Many big tech companies are going the extra mile to see they retain their engineers by providing them with a healthy work environment. This reduces cost on health and subsequently improves productivity.
Affordable Health Insurance for Startup Founders
For startups, that are full of healthy young people, you should choose High Deductible Health Plan with Health Reimbursement Arrangement with a reliable insurance provider that is in connection with your employees’ doctors.
Having few employees is not an excuse not to have a health insurance plan. You wouldn’t know the good you are doing to your company till you check insurance health costs. It actually helps to lower the cost.
How Does Health Insurance Work for Startups Founders
First and foremost, it depends on the package you chose, on the startup location, the average age of the employees, and also the policies and benefits preferences attached. While checking the health insurance policy to use it is good to examine their different levels of coverage.
Benefits of Health Insurance coverage for Startups
1. It is Much Easier and Cheaper than Thought
A health insurance advisor or broker will help you make the right choice on which package is best for you and your team depending on your startup and employee’s policies preferences.
2. It Makes your Employees Happy
When the employees know that their health is insured, they tend to relax and give their best to work. It sends a good signal to them that they are important to their employers.
Therefore, as a beginner health insurance should be on top of the list, the other coverage can be added later.
3. It Saves you from Heavy Tax Payment
Employers who pay for health insurance collectively pay it with pre-tax dollars, therefore they save much percentage of premiums on their health insurance as a result of this.
4. Have Better Access to Health Care
Paying for collective health insurance as a startup gives you the leverage to access good health care for your employees. It also means that they have access to more physicians and doctors and also that they can’t change doctors unlike in the individual plan which is more expensive.
Limitations on Health Insurance at Your Startup
1. It Reduces Choices for your Employees
In as much as they are grateful for the health insurance, but it also means that they are limited to only what is been provided. It’s possible that what is been provided might not suit every one of the employees.
2. It’s Quite Expensive
The cost of collective health insurance for startups has greatly increased per time in terms of the premium and deductibles, which has discouraged many from going into it despite how wonderful it is.
Conclusion
Are you a startup businessman, endeavor to make provisions for the health insurance of your employees.
It gives them a sense of belonging and importance and encourages them to give their best to the growth of the company. It comes with its own drawbacks, but the benefits are overwhelming.