Why you need to invest in employee healthcare insurance

With so many companies looking to cut costs, the issue of employee healthcare insurance has been in discussion a lot recently. Since healthcare insurance takes up such a large amount of money, it makes sense to consider cutting it from your budget, but is it really worth it? It is still a wise decision to invest in healthcare insurance, despite the high cost. Investing in healthcare insurance can provide you with several long-term benefits. This article explores some of these reasons.

The poor economy and poor health has forced healthcare costs to rise to almost $8,000 per person. Employers are spending about $10,000 per employee. While this may be pretty expensive, it is worth investing in them because it is a preventative measure. If you don't invest in healthcare insurance, you could lose some of your most valuable employees. They won't work long for a company that doesn't offer benefits; after all you need to have health insurance for yourself and your family if you expect to receive treatment. Several facilities will not treat un-insured patients, forcing them to look at non-profits hospitals and other places to receive treatment.

You may consider cutting back on your employee healthcare insurance by upping the premiums. Higher premiums will reduce your monthly rate and they often force employees to use their judgment before going to the doctor for every little illness. Since so many people don't truly understand how health insurance works, we have far too many people going to the doctor at the first sign of a common head cold. Each time people use up the doctor's time, the healthcare costs will continue to rise. This is because health insurance companies are being forced to pay $120 or more for a doctor's visit. They need to re-coop their money somewhere, so they do it by upping their monthly rates.

If you do cut back on your health insurance, offer some alternatives like health savings accounts. This allows employees to save up money that can only be used for medical purchases. It is a smart decision for both the employer and the employee because you can reduce the amount you spend on monthly premiums and the employee has enough money set aside to cover those routine doctor visits.

So what other long-term benefits will you get from keeping employee healthcare insurance? Reduced absences and improve productivity are two of the biggest reasons. When employees have health insurance, they can receive proper treatment quickly. So if they are sick with the flu or another illness, they can get the proper treatment they need before their condition worsens. They are able to get better faster, causing them to take less time off work. Having health insurance helps to boost employee morale because the employee feels that their company values them because they are willing to invest such a large amount of money toward their health. This causes them to become more productive and committed to their job and this positive attitude will rub off on their co-workers.

Another long-term benefit you can expect from investing in employee healthcare insurance is staff retention. Offering benefits is a great way to attract employees, but it is also a great way to keep them. After pensions, healthcare insurance ranks as the number one most important benefit to employees. Fifty percent of workers stated that they would accept a job over another one if they were offered employee healthcare insurance.

The final reason to invest in employee healthcare insurance is to save your company money. Paying for time off, lost production, and recruitment costs will add up and you will end up paying more money in the long run. Do yourself a favor and keep your employee healthcare insurance.