Yes, group health insurance premiums are generally a deductible business expense for employers. This means employers can deduct the cost of providing health benefits to employees as an ordinary and necessary business expense on their taxes, reducing their taxable income.
A well-rounded group health benefits plan should include medical, dental, and vision coverage, as well as options for mental health services, prescriptions, and preventative care. Customizable add-ons like wellness programs and alternative therapies can further address specific employee needs, creating a more supportive and holistic approach to their overall well-being.
Employees with access to group health insurance feel more secure and valued, leading to higher job satisfaction. This improves morale, productivity, and engagement. By offering comprehensive health benefits, businesses reduce the risk of employees leaving for better opportunities, ultimately lowering turnover rates and creating a more stable, loyal workforce.