We pay 100% Healthcare, I want to buy an individual plan rather than a group plan for one employee (2x$$).
What are the implications, concerns, and considerations? Thank you for helpful comments!
We pay 100% Healthcare, I want to buy an individual plan rather than a group plan for one employee (2x$$).
What are the implications, concerns, and considerations? Thank you for helpful comments!
Why? Just don’t offer health insurance. Give the employee a raise equal to what you would like to pay. They may even qualify for much cheaper insurance through the ACA. It’s usually foolish for a tiny company to pay for health insurance nowadays. It’s not 2007 anymore.
This would increase income and might sound attractive to some but for many minimizing taxable income is preferred. My industry and staffing shortages make for a highly competitive market. Healthcare is the most sought after benefit and by offering it 100% paid, we have an advantage over competitors to attract and retain employees. Also, it reinforces that health and well-being are valued and premiums are tax deductible. I hope you are one of my competitors with this view.
Too funny. But sure. You got it all figured out. Best of luck.