What are the Washington employee health benefits?
The employee benefits are considered as an important element in the compensation package and the health care benefits are considered to be as crown jewel. The employee health benefits and benefits related to time-off are considered as really important for employees. The Washington employee health benefits always consider the health care as their important priority so that they are able to remain competitive in attracting the talented employees. This can also be helpful in avoiding the penalties which are imposed through the reform of health care. Washington employee health benefits can also bring the employers with the advantage of cheap health insurance as compared to providing it on own along with the tax breaks which are for all the contributions that are made by business.
Advantages and disadvantages:
There are numerous advantages of providing with the health benefits to workers.
Firstly it can be helpful in attracting and retaining the employees who are highly qualified. There are numerous competitors who are providing with the health benefits to the employees in Washington. Therefore it is important for the employer to provide with these benefits to stay competitive as well. Besides that the employer can offer something which brings an increment in the compensation package and this will allow the deduction in income tax for contributing. In this case the cost of paying from the own pocket will be less in comparison with the benefit value to employee. The individuals who are self employed can easily deduct the 100% health insurance as the business expense.
If you have decided not about contributing towards the health benefits, the employees must be provided with the opportunity of obtaining the group rates via business. The health benefit plan can also ensure the well being of the workers. It can offer with a preventative care which can keep the employees working and healthy. If the employees are not provided with the health care there are greater chances of losing the employees due to illness.
There are some of the disadvantages of providing with health benefits too.
The health benefit costs are increasing over the years. It is because of these increasing costs the businesses are not able to estimate the finance and thus planning becomes really difficult. Although these costs can be overcome through putting additional pressure on employees and covering it through them somehow, but this can lead to other major problems which can further raise problems for businesses. There are administrative hassles which are also seen. Although the insurance company will be acting as the administrator when you purchase the health care insurance, there are other choices which are required to be made in choosing the insurer and also spending the time in filling forms, acting as the intermediary in between insurer and employee, remitting premiums and many different tasks. There is also a disadvantage of potential liability in choosing a health benefit provider.
Although there are some of the disadvantages of providing with the health care benefits, the businesses should not take such risk of not providing employees with any as it can affect their business in long run. For more information visit us employeeownedbenefits.com/.