Few topics strike as emotional, or controversial, of a conversation in the business world like health insurance. Many business owners look at it as an expense they have to provide. Additionally, there is the worry that the health coverage has to meet specific regulations.
For many owners, well, they wish they could stay out of the health insurance coverage area altogether.
However, this is the wrong way to think about it. Yes, medical insurance is something required by law, but it's also something businesses can use to their advantage.
Understanding Today's Changing Workforce
The law requires people to carry health coverage for themselves and family members, and most millennials have received coverage from their parents or some other person. Many will continue to receive this coverage until they are 26 years old. They have grown up with medical coverage as an expectation.
Unlike Prior Generations, Millennials Recognize The Importance Of Health Coverage
Many of them already face the burden of college or trade school debt, and the last thing they want is to deal with an unexpected medical bill. So, most of them expect employers to offer health coverage.
However, we know many companies don't offer health insurance. For this reason, a company that does offer coverage will stand out to prospective employees. Furthermore, a company providing a quality insurance benefit will stand out to recruits.
How important is health insurance to a millennial? According to a study done by the Benenson Strategy Group reveals that millennials would forgo a 10% pay increase for quality health coverage.
That's pretty important.
How To Use Health Coverage To Your Advantage
Building a vibrant and productive company culture is beneficial for the company and the employees. By offering a quality benefits program, you are demonstrating your loyalty and the value you place on your employees.
Your company, in turn, also receives benefits.
Culture Insurance is a premier insurance broker providing custom benefits solutions to businesses in San Diego County. We help many companies with providing benefits packages that are beneficial to both employees and companies.
Additionally, we can help your company with risk management planning, helping you control your insurance costs. Our goal is to help your business grow bigger and stronger. We know that when you succeed we benefit as well.
If you would like to learn more about health insurance and how it can be an investment in your business, please call us.