Successful companies —large and small— have one crucial element in common: productive and engaged employees. A critical approach to achieve it is through the design of a robust benefits package, where health insurance is still the crown jewel.
In Puerto Rico, less than 25% of individuals who have medical insurance have access to a private health plan. That low percentage is a reflection of a weaker economy, a fact that companies see as a significant barrier to offer a health plan as part of their benefits package.
The case for employer-provided health insurance
Numerous studies point to a group health plan, along with vacation days, as the most sought-after benefit for employees, and companies that provide them with reap significant benefits, even in a weak economy. Among them:
- Ensure a healthy and productive workforce – Group health insurance and its focus on preventive care can help your employees to stay healthier, improve productivity and reduce absenteeism and presenteeism.
- Attract and retain the most skilled employees – Although Puerto Rico is not a tight labor market, to remain competitive companies need to attract and retain the most competent employees. Also avoiding a high turnover rate will save the company in hiring and training costs of new employees.
- Gain tax advantages – Companies offering health group insurance can take advantage of an income tax deduction for their contribution to the plan.
- Offer employees group purchasing power – Even if the company does not contribute to the employees’ health insurance, you can offer them the option to obtain group rates through your business and benefit from the advantages of having a group health plan.
For more information about group health plans, you can contact Triple-S Salud at 787-277-6664.