Group Health Insurance for Non-Profits
An estimated 10% of all workers in the United States work for tax-exempt non-profit organizations. If you run a non-profit, you’ll find that offering health insurance to your employees is a great way to show your appreciation. It’s also important to consider whether or not your organization satisfies the terms of the Affordable Care Act. For help determining how best to offer group health insurance for the employees of your non-profit organization, feel free to contact Gross & Co. Insurance of New York City.
Non-Profit Healthcare Considerations
Generally speaking, non-profit organizations have many of the same concerns as small for-profit businesses. All kinds of small organizations can receive advantageous tax credits for providing their employees with health benefits.
- Part-Time and Full-Time Workers: No non-profit organization is obligated to provide benefits for part-time employees. However, if your organization has more than 50 full-time employees (who work more than 30 hours per week), then you are encouraged to provide them with benefits.
- Group Health Insurance: Offering a group health insurance plan for all your employees will ensure that everyone is equally covered. Your employees’ family members may also be covered under a group health insurance plan.
- Refusal Penalty: No organizations are required to purchase group health insurance. However, organizations that do not offer benefits despite having more than 50 full-time employees will be penalized.
Advantages of Group Health Insurance
No matter how many or how few employees your nonprofit organization has, you should strongly consider purchasing a group health insurance plan. Aside from the tax breaks, group health insurance can provide many benefits.
- Attracting Applicants: Providing your employees with benefits will help you attract considerable talent. If your job postings include the word “benefits,” you’ll likely get a lot more applicants.
- Less Employee Turnover: Employees tend to feel more secure when their employers provide health insurance. If your non-profit organization has a good group plan, fewer of your employees will leave your organization in favor of businesses that offer health benefits.
- Healthier Employees: If your employees don’t have to pay for healthcare out of pocket, they’re more likely to seek the care they need. Healthy and happy employees can better help your organization achieve its goals.
For more information about group health insurance for non-profits, call Gross & Co. Insurance at (646) 862-7071. We’re proud to help non-profit organizations find health insurance options that best suit their needs.