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Health Insurance: Should You Offer Employees Healthcare Benefits?

CAP Physicians Insurance Agency is always tracking insurance coverage trends so we can provide the most up-to-date information to our members. We also listen to what our members say and what insurance products they would like us to provide. Last year, we partnered with another agent so we would be able to provide health insurance options to our members. This year, we are looking at other agents for our members to help provide them with a more consultative healthcare platform that will provide the guidance they need to make important decisions on how to proceed in this area. The important question still remains as to whether or not to offer healthcare benefits to your employees. Below are some advantages that may be helpful in making a decision.

According to the Affordable Care Act, if you have fewer than 50 employees, it is not mandatory to offer healthcare benefits. If you have 50 or more employees and you do not provide coverage, you can be hit with a severe tax penalty.

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However, your employees are required by this same Act to be covered under health insurance or pay a tax  penalty even if their employer is not required and does  not provide healthcare coverage. In this article, we will  discuss the advantages of offering healthcare benefits to your employees.

One of the advantages is you can attract and retain the most qualified employees. Other medical practices may not be offering healthcare benefits to their employees, which will make you a more attractive employer. A strong competitive employee benefit package can be a game changer in attracting and keeping the best employees in the medical industry.

You may be eligible for a small business healthcare tax credit if you have fewer than 25 employees and purchase health insurance for them. There are other tax advantages you may realize that could help pay for your employees' healthcare coverage as well as your own.

As a physician, you know how important preventative  care is to keep employees healthy and working. Regular wellness checkups may prevent your employees from being out for long periods of time with a serious illness. Employees are less likely to get preventative care and annual physicals if they do not have insurance. Even if you do not contribute anything to your employees' health insurance, you can offer them the opportunity to get group rates through your business.

Here at CAP Physicians Insurance Agency, we often hear our members talk about their employees as a “family.” We would like for your work family and home family to have the healthcare benefits they deserve.  

CAP Physicians Insurance Agency has resources to help you with your health insurance needs. Please contact us at CAPAgency@CAPphysicians.com or by calling 800-819-0061 and asking for an insurance representative.