MENLO PARK — If you’re an employer, you may have considered offering health benefits to your employees but were dissuaded by the cost. However, it’s possible that your decision was based upon misinformation or inaccurate assumptions. Here are two common misconceptions employers have about employee health benefits:
1. Offering employee health benefits is prohibitively expensive.
Health insurance isn’t cheap, but for employers, it’s not as expensive as many people assume. For example, some employers mistakenly think they’ll have to cover their employees’ coverage costs in full. In reality, employers are only legally required to cover 50 percent of each employee’s coverage and zero percent of their employees’ dependents’ coverage, which is far more affordable.
Additionally, many employers fail to realize the remunerative value that providing employee health benefits can bring. For example, businesses that offer health benefits typically have higher staff retention and lower turnover, which saves a lot of money on hiring and training new staff. It also helps boost morale, which can result in higher levels of staff productivity and product quality. The bottom line: As an employer, offering your employees health benefits may be expensive, but it’s a worthwhile investment in your company’s future.
2. Hiring an insurance broker costs more than going directly through an insurance carrier.
An insurance broker is a great resource if you’re an employer that provides employee health benefits. Essentially, your broker acts as a liaison between you and your insurance carrier, answering questions and making policy adjustments as needed. However, there’s a common misconception that hiring a broker is more expensive than going directly through an insurance carrier. This simply isn’t true—the price is exactly the same. Insurance brokers are paid a commission by the insurance company, but these fees aren’t passed on to the insured; rather, they come out of the insurance company’s overall profit.
&nbsp;

By Mike Langbridge of {BR} Bay Area Health Insurance Marketing, Inc.

2 Employer Misconceptions about Employee Health Benefits

Communicating Employee Benefits

Pre-Tax Premiums for Small Employer Health Groups

Tax Credit for Small Business Owners

Video: Benefits of Premium Only Plans

Video: Communicating Employee Benefits

Video: Tax Credit for Small Business Owners

Bob Vinal: A Great Communicator

Companies Rated Highest in Quality and Helpful Expertise

Bay Area Health Insurance Marketing, Inc.

Bay Area Health Insurance Marketing, Inc.

Diamond Certified Video Reports on Bay Area Health Insurance Marketing, Inc.

Related for

Expert Articles

Expert Videos