What are the costs and benefits, both financial and nonfinancial to a small business if it offers employees health insurance?  

Insurance premium costs around $6,163 a year

Financial benefits

lower premiums

Tax incentive

Pre- tax benefit for employees

Non- financial benefits

Employee loyalty retention

Employee job satisfaction

Encourages a healthy company culture

Healthier and more productive employees

Place health coverage within the reach of employees

Step-by-step explanation

Insurance premium for small businesses is around $6,163 per year and $513.58 per month.

Financial benefits

Lower premiums :the premiums paid by group tends to be less as compared to individual subscriptions thus reducing the amount of money spent on insurance, this money can be used for other purposes for example satisfaction of a human wants.

Tax incentive: businesses can deduct the cost of premiums from their federal business taxes, this may allow such businesses to qualify for a tax credit.

Pre- tax benefit for employees: after paying the taxes the money remaining can be made available to the workers, they can then use the money for their self interests.

Non- financial benefits

Employee loyalty retention: offering collective health insurance can help small businesses keep their employees for a long period of time as their welfare needs are catered for, the employees will also feel cared for.

Employee job satisfaction: providing insurance to the employees makes them happy and thus they become contented with their jobs and not look for other jobs.

encourages a healthy company culture: by showing your employees that their health is a priority promotes a positive culture, encourages wellness programs, and offering health coverage.

Healthier and more productive employees: by providing insurance to your employees they will spend less sick day off and absences, this improves their focus toward achieving the organizational goals and objectives.

place health coverage within the reach of employees: group Health insurance makes medical coverage more affordable and accessible to the employees which would otherwise be expensive.