The Importance of Sponsored Health Care, Employee Retention, and Premium Only Plans
March 7, 2012
There are a variety of reasons employers choose to sponsor health insurance for their employees. An affordable, accessible sponsored health insurance providing a wide range of benefits increases employee retention, satisfaction, and health. The result: a happy body of fit, knowledgeable employees working at top notch efficiency. No company can remain competitive in our increasingly hostile economy without the necessary foundation of veteran employees that make up the core of every successful venture. As national attention turns ever more toward sponsored healthcare as a place for constructive, reformative action, sponsored health insurance will become (and to some extent, already very much is) an expected employer benefit among experienced, skilled employees.
Failing to maintain strong employee retention can cause serious financial reproductions. Industry leaders report that when an employee leaves a company, the average cost of re-hiring for that position is 25% of that employees salary/commission (a relatively conservative estimate, according to retention.naukrihub, when you consider the impact hiring costs, training costs, and productivity loss that occurs). Directly proportional to this cost, according to the data collected by the annual Kaiser Family Deloitte Survey, is the availability of affordable sponsored healthcare.
Among the factors and dynamics affecting employee retention (challenging work, positive environment, growth opportunities, ect.), the benefit of affordable health care ranks as one of the most influential. According to the Kaiser Deloitte Survey, when asked about the importance of employer offered health benefits, 99% of surveyed employees rated their sponsored insurance as exceptionally important to them and 63% admitted that their healthcare was the main reason they chose to remain with their employers. The hundreds of thousands of dollars lost do to poor employee retention nationwide can, in many ways, be correlated to the waning percentage of employees with access to affordable and thorough sponsored healthcare. Healthcare premiums are on the rise (family healthcare has seen a 113% rise in cost over the last ten years alone), employers looking to increase employee retention, as well as implement and maintain affordable health insurance should utilize cheap, effective cost saving strategies like IRS section 125 premium only plans.
Section 125 premium only plans (POP), through a simple and easy to understand process, benefit employers in several different ways. POP plans allow employers sponsoring group healthcare plans to deduct their employees premium contributions before normal State and Federal taxes are withdrawn. Employees gain an average $100-$300 monthly increase in take home pay and, because the deductions are not subject to matching FICA taxes, employers save 7.65% on their annual taxes (savings up to several thousand dollars per year). Employee satisfaction and morale increases as their take-home pay proffers them a practically expense free raise. Sponsored benefits become more available, and employers can better afford to provide their employees the excellent health insurance necessary to promote employee satisfaction as a result of annual savings.
Employers interested in realizing the amazing benefits premium only plans provide should visit Taxfreepremiums. With one low annual payment, Taxfreepremiums sets up, updates and maintains all POP paperwork and requirements throughout the year. They provide free nondiscrimination with each POP plan purchased, and provide American employers the most competitive, excellent premium only plan services available. Normal Blood Pressure.
Failing to maintain strong employee retention can cause serious financial reproductions. Industry leaders report that when an employee leaves a company, the average cost of re-hiring for that position is 25% of that employees salary/commission (a relatively conservative estimate, according to retention.naukrihub, when you consider the impact hiring costs, training costs, and productivity loss that occurs). Directly proportional to this cost, according to the data collected by the annual Kaiser Family Deloitte Survey, is the availability of affordable sponsored healthcare.
Among the factors and dynamics affecting employee retention (challenging work, positive environment, growth opportunities, ect.), the benefit of affordable health care ranks as one of the most influential. According to the Kaiser Deloitte Survey, when asked about the importance of employer offered health benefits, 99% of surveyed employees rated their sponsored insurance as exceptionally important to them and 63% admitted that their healthcare was the main reason they chose to remain with their employers. The hundreds of thousands of dollars lost do to poor employee retention nationwide can, in many ways, be correlated to the waning percentage of employees with access to affordable and thorough sponsored healthcare. Healthcare premiums are on the rise (family healthcare has seen a 113% rise in cost over the last ten years alone), employers looking to increase employee retention, as well as implement and maintain affordable health insurance should utilize cheap, effective cost saving strategies like IRS section 125 premium only plans.
Section 125 premium only plans (POP), through a simple and easy to understand process, benefit employers in several different ways. POP plans allow employers sponsoring group healthcare plans to deduct their employees premium contributions before normal State and Federal taxes are withdrawn. Employees gain an average $100-$300 monthly increase in take home pay and, because the deductions are not subject to matching FICA taxes, employers save 7.65% on their annual taxes (savings up to several thousand dollars per year). Employee satisfaction and morale increases as their take-home pay proffers them a practically expense free raise. Sponsored benefits become more available, and employers can better afford to provide their employees the excellent health insurance necessary to promote employee satisfaction as a result of annual savings.
Employers interested in realizing the amazing benefits premium only plans provide should visit Taxfreepremiums. With one low annual payment, Taxfreepremiums sets up, updates and maintains all POP paperwork and requirements throughout the year. They provide free nondiscrimination with each POP plan purchased, and provide American employers the most competitive, excellent premium only plan services available. Normal Blood Pressure.
Posted by Dubby Mark.