February 19, 2020

JewelersHealthCare.com MJM Global
Small employers that do not shy away from offering health care coverage, due to a perceived cost and administration headache, reap many benefits. Though offering health insurance, or dental and vision, is not a requirement until your company reaches 50+ full-time employees, those small employers who do offer benefits to their employees give themselves a huge advantage in the marketplace. 

Employers often offer health insurance as an initial company benefit because, according to a recent survey, employees said health care coverage is, by far, the most important benefit they receive from their employer. 

Group health care plans, defined as an employee welfare benefit plan established or maintained by an employer or by an employee organization, are often larger than individual networks. That means on an individual plan, your employee might not have access to the same doctors and hospitals that they would on a group plan. Doctors and hospitals that don’t accept individual plans are often more sought out by patients, increasing access to more, and often better, doctors and hospitals.

By using the collective purchasing power of a JA Membership, employers can reduce health care premiums while maintaining flexibility in plan design and provider. This association benefit enables members to take control of their true health care costs. 

Why do businesses cover or contribute to employees through group plans, even if not legally required? Perhaps it’s good for them too.

Here are 8 reasons you should offer health insurance:

  1. Not considered wages: According to the IRS, if an employer pays the cost of an accident or health care insurance plan for his/her employee, including an employee’s spouse and dependents, the employer’s payments are not considered wages and are not subject to Social Security, Medicare and FUTA taxes or federal income tax withholding.
  2. Recruiting tool: It’s pretty clear that if a potential employee is deciding between two jobs, a sought-after employee often has the advantage of negotiating job perks and benefits. Benefits like superior health care coverage can tip the balance in the potential employer's favor.
  3. Absenteeism: Because a healthy employee is often more productive and less prone to injury, he or she is also less likely to miss work days.
  4. Employee satisfaction: Research show employees feel more favorable about their jobs and employers when health benefits are provided.
  5. Retention: Employers understand employees are more likely to stay with a company that offers valuable insurance benefits, and that the employee would be far more costly to replace.
  6. Attention to work: As an employer, you want your employees to focus on being their best productive and successful selves at work. Worrying about health insurance issues could drain energy and time.
  7. Comfort level: Having a sizable portion of medical costs paid through an employer’s benefit package can be quite a comfort. It’s no exaggeration to say that an individual without health insurance can be literally just one major injury or illness away from financial ruin. Many employers also choose to offer health care benefits so that they themselves can take advantage of less expensive health insurance than they could get on their own.
  8. Benefit: As a member of an organization (like Jewelers of America), your purchasing power is combined with other individuals to obtain better plan options at better prices than are typically available. The simplified enrollment process completes the search for appropriate coverage by comparing plans from the nation’s leading carriers and making sense of a plan before you enroll.

JewelersHealthCare.com MJM Global

Note from Jewelers of America:
JA has provided our members access to an amazing marketplace, JewelersHealthCare.com. It enables a reduction in health care premiums, flexibility in the design of your plan and better overall health care coverage for you, your family and your employees. By offering the added benefit of health care coverage, JA Members are able to retain their valued employees in the expanding job market. Learn more about JewelersHealthCare.com here

About the Author: Rick Reiman is Vice President, Employee Benefits at MJM Global Insurance Brokerage Group, Inc. Rick has over 15 years’ experience in the employee benefits marketplace including specific experience in Associations. MJM launched JewelersHealthCare.com to help the industry see immediate and significant savings on one of their largest business expenses, while turning an otherwise complicated health insurance buying process into an easy system. 

Interested in other tips, tools and techniques aimed at helping you run a more secure and successful jewelry business? Browse more of our Business Tips.

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