Many small business owners have a strong team of employees that helped their business to succeed. There are a number of ways to reward loyal behavior, but one of the greatly appreciated ways is to offer a group benefits plan. Typically, these include a medical and dental package, with coverage for employees and their spouse and dependents. A healthy workplace with healthy employees provides a positive impact on business operations and customer perception. Group plans can be simple for a new small business, or more complex with more features as business grows. Offering a group plan can also attract future employees to your business, or help you to retain good employees. Employers can choose how much they wish to contribute to the health plan and how much the employee will pay. Sometimes the employees are given a set amount they can spend before they have to pay the full cost of treatment. Group plans are becoming more flexible, so an employer can have it customized to suit their needs and their employee’s needs. Instead of group plans, some employers choose to offer Health Spending Accounts. These plans can offer employees health benefits up to a certain dollar amount annually, and the employers are able to save tax dollars by having the medical expenses 100% tax deductible to the corporation. Health Spending Accounts are often less expensive and more flexible than traditional monthly premium plans – A few challenges with traditional plans include: premiums are paid whether or not you access the service, there may be restrictions to annual amounts that will be covered under the plan and there may be a limit for how many times you can access a service annually. Health & dental plans can be expensive, ensure you know all of your options – whether you have employees, or run a small one or two owner business.
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