Helping dental practice owners with health benefits is another way for us to add value, in addition to providing you with one point of contact for all your insurance needs. We know the idea of offering benefits may seem like a no brainer for some dental practice owners, and for others, like an expense! The purpose of this post is to share some of the advantages of offering health benefits. Like most things, we try to be transparent in our planning, coaching, and conversations, so we'll share the top 3 reasons this is worth your consideration.
Here are a few reasons to consider offering health benefits to your team:
1. Save on Your Own Premiums: If you and your family are on an individual plan, you're likely paying way more than you would if you were on a group plan. This is not always the case, but often we see the employer saving AND getting better health coverage by creating a group plan for the practice.
2. Makes Your Employees Sticky: By sticky, we mean better employee retention. If the dentist down the road is offering the same compensation and health benefits, you're at a disadvantage. But, if you're offering benefits and paying a little less, you've got a leg up! Health insurance is complicated and costly - outside of your employees mortgage/rent and car payment, this is likely there next largest expense. According to a Glassdoor survey, most employees stated health insurance was more important than PTO!
3. Everyone SAVES on TAXES: EMPLOYEES save because the money used to pay premiums on a group plan is PRE TAX dollars. This can be a big savings depending on the premium costs in relation to their annual compensation. More importantly, you don't even have to contribute to their costs and they still save money on their taxes. EMPLOYERS save because payroll taxes are reduced based on employee contributions (this is a 7.65% savings), and any contributions you make are tax deductible.
Bottom line is you could save money on your own premiums, improve employee retention, reduce taxes for yourself, and lower your employee’s taxable burden. We'd love to connect to do an assessment.
DID YOU KNOW: You don't have to wait till 4th Quarter to change plans?
Contact us today if you think your Dental Practice needs a "Check Up": (615) 667-6860 or Ryan White - firstname.lastname@example.org / Jeremy Myers - email@example.com
Dental Tip: For $133 a month, you can have the Cyber Liability and Employment Practices Liability Insurance your dental practice needs. Dentists this is a coverage we suggest you do not go without!