At first glance, it’s easy to think that health insurance is “only for big companies,” but the truth is, there are plans that meet the needs of the average small business owner. Small business owners should be open to investigating them. For example, Cigna + Oscar offers access to the best doctors and a new model of supportive care and innovative technology – all at an affordable price.
If your small group of clients is on the fence about offering health insurance at your workplace, consider the benefits. Here are three solid reasons why a quality health insurance plan can be good for their bottom line.
Health insurance can help your clients retain better employees
We are still living A big resignation, a unique post-pandemic labor shortage is defined by employers struggling to hire and retain top workers. And as of May 2022, The layoff rate is even lower And the demand for workers continues to be high. If they’re having trouble hiring and keeping top employees, especially in a jobseeker’s market, health insurance can give them a competitive edge. American workers are more aware of health care costs and often seek out companies that offer better benefits. In fact, health can be a major deciding factor when taking a new job.
A quality health insurance plan:
- Prove that your customers care about the health and well-being of their employees.
- Create a more caring and valued work environment.
- Emphasize your client’s mission and values.
Also, it may not cost as much as they think. There are health plans that are uniquely designed for the average small business owner. These plans are affordable, explain the coverage and therefore easy to understand, and make administration simple and fast. After all, most small business owners don’t have a lot of time to manage their coverage.
This will make your client’s employees healthier and more productive
A healthier workforce creates a more productive workforce. Employees can accomplish more when they are working at full capacity than when they are taking sick time.
On the other hand, when employees are sick, it can be very costly for business owners and the economy. According to the Centers for Disease Control and Prevention (CDC), unemployment and productivity losses due to health problems are costly $1,685 per employee or $225.8 billion Annually.
Without health coverage, many employees may skip recommended physicals, immunizations and preventive screenings. This can leave them vulnerable to anything from the annual flu to more complex cancers — and it can leave business owners without workers to get the job done. All of these are expensive and, unfortunately, very preventable. Employees are more likely to take better care of themselves if they have access to a provider network and include preventive services.
Consider offering your clients a health insurance plan to help their employees be more productive at work. Many plans offer virtual urgent care and telemedicine appointments, so employees no longer have to work long hours to see a doctor for certain appointments.
Your client may be surprised at how much more their business can accomplish with a healthy workforce. For example, your customer may have more products to sell, more contracts to sign, or a more efficient workday. At the very least, they can try coverage for a year or two and then see what improvements are made.
There may be tax benefits they can tap
Some small business owners may qualify for a tax credit when they enroll in the Small Business Health Option Program (SHOP). This tax can be credited Save yourself up to 50% At the cost of your employees’ premiums. To qualify, a business must:
- Have fewer than 25 full-time equivalent employees.
- The average employee salary is around $56,000 or less.
- Pay at least half of the premium cost of full-time employees.
- Offer SHOP health coverage to full-time employees.
On the other hand, offering a health plan that can specifically help small business owners can be more cost effective. For example, Cigna + Oscar and other similar companies pride themselves on offering a digital platform as well as affordable and flexible options. If your clients choose a private business insurance plan, talk to an accountant about any deductibles that may be available to them.
Bottom line: Health insurance pays off.
As a business owner, protecting and caring for their employees should be a priority. After all, these are the people who make sure your customer doors are open. When your client offers health insurance, they can recruit and retain the best talent in their industry and keep their productivity high. Ultimately, this can translate into higher profits. Plus, they’ll have a reputation for honesty and caring about their people — and let’s face it, that’s priceless.
Cigna + Oscar provides access to the best doctors – new models of supportive care and innovative technology – all at affordable prices. Visit the website Find out how we can help.
Cigna + Oscar coverage is underwritten by Cigna Health and Life Insurance Company. CA: Benefits administered by Oscar Health Administrators. Other States: Benefits administered by Oscar Management Corporation. Express Scripts, Inc. Pharmacy benefits offered by Cigna + Oscar Health Insurance have exclusions and limitations. For complete details on product availability and coverage, see your plan documentation or contact a representative.