Thankfully, the internet is full of relevant information,ranging from articles to explainer videos, that should have you upto speed in no time. Having a good understanding of insuranceconcepts such as essential health benefits, employer contributions,out-of-pocket maximums, coinsurance, provider networks, co-pays,premiums, and deductibles is a necessary step to being betterequipped to view and compare health plan options side-by-side. Athorough familiarization with health insurance practices and termswill allow you to make the most knowledgeable decisions for youremployees and your business.

3. Offering health insurance increases employee retention

Employees want to feel like their health is a priority, and aremore likely to join a company and stay for longer if their healthcare needs are being met. A current survey shows that 56 percent ofAmericans whose employers were sponsoring their health careconsidered whether or not they were happy with their benefits to bea significant factor in choosing to stay with a particular job. TheEmployee Benefit Research Institute released a survey in 2016 whichshowed a powerful connection between decent workplace healthbenefits and overall employee happiness and teamspirit—59 percent percent of employees who were pleased withtheir benefits were also pleased with their jobs. And only8 percent of employees who were dissatisfied with theirbenefits were satisfied with their jobs.

4. Alleviate health insurance costs

High insurance costs can be an obstacle for small businessowners. A new survey suggests that 53 percent of Americansmall business owners stress over the costs of providing healthcare to their employees. The 2017 eHealth report reveals thatnearly 80 percent of small businesses owners are concernedabout health insurance costs, and 62 percent would consider a15 percent increase in premiums to make small group healthinsurance impossible to afford. However, there are resources inplace to help reduce these costs, so they aren't too much of abarrier. One helpful way to cut down on health insurance costs isto take advantage of potential tax breaks available to smallbusiness owners. All of the financial contributions that employersmake to their employees' premiums are tax-deductible, andemployees' financial contributions are made pre-tax, which willsuccessfully decrease a small business' payroll taxes.