You have probably thought about offering health care to your employees, but something has prevented you from doing so. It’s a big decision for any construction business, and you may be wondering if it will be worth it and when is the right time to put a plan in place.

Here are our top five reasons you should offer health care and why now is the right time:

1. The construction industry is in a health care crisis

Of the 20 professions least likely to have health insurance, 11 of them are in the construction industry, according to MarketWatch. Now, more than ever, the industry needs leaders to step up so we can reverse the trend and take care of these hard-working men and women.

2. Save your construction business money

Businesses offering health insurance can use employer contributions for a tax write-off as a business expense and reduce the employer’s payroll taxes on the premiums they pay.

Medical premiums can be paid with fringe dollars for companies doing prevailing wage work. The fringe on prevailing wage jobs can be used to cover the employer’s cost of providing health insurance to employees, potentially saving thousands of dollars.

3. Boost employee productivity

Health care to your employees will provide them with a great sense of financial and mental relief, resulting in less stress. Studies show that reduced stress leads to improved physical and mental health, fewer sick days, increased focus, and countless other benefits. A stress-free workforce is a productive workforce.

4. Attract and retain employees

According to a survey by Robert Half, employees said health insurance is, by far, the most important benefit they receive from their employer. Offering health care is key to attracting and retaining high-quality employees. It will also give you a competitive advantage over other companies of similar size and industries that are not offering benefits.

5. Save your employees money

You are likely saving your employees a great deal of money by providing access to cheaper premiums through group rates. Generally, it costs much more to obtain an individual or family health insurance policy than to get employer-sponsored coverage.

With health care costs at an all-time high, providing your employees access to a quality health insurance plan could also save them thousands in medical expenses over the course of their employment.

Beneco’s Solutions

Employee benefits can seem overwhelming and confusing. Beneco provides a simplified and streamlined process for managing your employee benefits plans as a one-stop shop. Beneco will work with you to build your company’s perfect health care plan.

Along with retirement plans, Beneco offers the following:

• Major Medical (we work with all carriers)
• Dental & Vision
• Voluntary Life/AD&D Insurance
• Group Whole Life Insurance
• Short Term Disability/Long Term Disability Insurance
• Smart Return Account HRA
• Vacation, Holiday, & PTO

Ready to talk to an expert about building the perfect health care plan for your company? Beneco is here to help — call or email us today!