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Introducing a Solution For Small Business Owners to Increase Profits without Spending a Dime
Faced with the rising cost of medical insurance, Health Care Reform has forced employers to re-think the way they offer group benefits.
According to a recent Health Insurance Benefits Survey, the cost for employers to provide medical insurance to their employees has risen more than 113% in the past 10 years. While everyone awaits the roll out of healthcare reform and the establishment of state health exchanges, controlling the cost of employer healthcare plans frustrates most business owners.
Employees are not immune to this problem either. They have been asked to shoulder some of the cost and pay more for their medical insurance while they watch their employers eliminate benefits, increase deductibles and require workers to assume more responsibility for their medical expenses.
While this has been a viable, if not a necessary option for employers to increase their bottom line, the downside is that employees now face greater exposure and financial risk for benefits not covered under their medical plan. This can and often does, result in dissatisfied employees or an unhappy workforce.
Benefits are the most important factor to employees when considering a job change with an equivalent salary. Sixty-two percent of employees rank benefits number one—ahead of other considerations such as employer stability, paid leave and even competitive salary increases.
Numerous studies have shown that Voluntary Benefits such as Accident Insurance, Cancer Insurance, Gap Insurance, Disability and Life Insurance offered in the workplace, increase overall employee satisfaction with their job, which equates to: higher retention, increased productivity and attracting better talent. All these factors combined, increase profits for small business owners.
“Small business owners are now discovering what large employers have known for many years,” says co-owner Jay Gerlitz of HealthPlansNY, “A happy employee is a more productive employee and productive employees are more efficient at their jobs and more engaged in the goals of their company. This saves business owners money and thereby, increases their profits.”
In most cases, voluntary benefits do not cost the employer anything. The employees choose from a ‘menu’ of available benefits and pay for the coverage they want out of their salary. Some insurers might charge a small monthly administration fee to maintain the program but for the most part, this small cost pales in comparison to the rewards business owners receive.
HealthPlansNY is now offering a Free report called, “How to Easily Increase Profits Without Spending a Dime in Overhead,” to help small business owners understand the value of offering a voluntary benefits program in their company. The free report can be downloaded at this link. (http://www.healthplansny.com/