The most successful business owners are able to adapt to changes within their industry and beyond, while bringing their most valuable employees with them as they grow. That’s also why the smartest employers buy health insurance worthy of their top talent.
But many smaller businesses face the ultimate catch-22. In order to grow their business, they need to keep their best employees around; to keep their best employees around, they need to offer better benefits, like group health insurance; in order to become eligible for group health insurance, their business needs to grow. And around and around we go! If this vicious cycle sounds eerily familiar, you’re probably not alone. However, our health insurance experts are here to let you in on how the smartest employers buy health insurance!
1. Participation Holiday Savings
A little-known way you can offer a more robust group health insurance plan to your employees is by taking advantage of a participation holiday (like the one offered by Blue Cross Blue Shield). By filing all necessary paperwork between November 1st and December 15th, by January 1st, your business may be eligible for access to more robust coverage that was previously unavailable.
2. Better Benefits at No Cost to YOU - the Employer
You may be thinking this sounds too good to be true, right? Well, we’re delighted to tell you that it’s not! If you take part in the Blue Cross Blue Shield participation holiday, you may be announcing some new group benefit offerings at your company’s Christmas party! (And it’ll be a very merry Christmas for you, knowing you won’t have to tighten your own purse strings to make it happen!)
If you’re currently paying for employer-sponsored health insurance, you could be missing out on 15% – 20% of savings on your premiums!
3. You Can Use Pre-Tax Dollars
Another major benefit of waiting until January to utilize a participation holiday is the ability to use pre-tax dollars. With the proper planning in place, you can provide your employees with access to better health insurance coverage with pre-tax dollars – which is better for your employees and the bottom line!
4. Reduced Taxable Income
Last but not least, you can reduce your taxable income by buying company benefits during a participation holiday! So, not only will you be able to finally afford the health insurance your hardest workers richly deserve, but you’ll also be keeping more income in your pocket, rather than Uncle Sam’s!
Why the Smartest Employers Buy Health Insurance with Our Help
Now that we’ve armed you with the knowledge about the participation holiday, you can kiss those catch-22’s goodbye! But as far as your full potential for savings goes, we’ve barely scratched the surface. Our team can provide the attention to detail and personalized consulting that can make thousands of dollars of difference in your bottom line as a business owner. Offer your employees the best benefits at the lowest cost to you – give us a call at (972) 771-2622 or visit our website today!