Historically, group health insurance plans have been a popular option for employer-sponsored health coverage. However, many employers are turning to reimbursement methods such as health reimbursement arrangements (HRAs) to provide their employees with high-quality essential health benefits.

HRA plans, for example, allow you to reimburse your employees tax-free for their own personal health insurance. For a variety of reasons, this is a win-win situation for your company and its employees. So, why should your employees buy individual health insurance? This post will discuss the top five benefits of individual health insurance for both businesses and employees.

Why should health insurance be provided?

Before we go into the benefits of individual health insurance, let’s talk about why your company should give health benefits. Employee perks, such as medical insurance, can help you recruit and keep staff.

If you’re having trouble keeping employees, providing a health benefit is a terrific place to start. According to our 2022 Employee Benefits Survey Report, health benefits such as health insurance are valued by 87% of employees.

Benefits can also assist you in attracting top talent by making your job posts stand out. According to our Employee Benefits Survey Report, 82% of employees claimed the benefits package offered by an employer is an essential influence in whether or not they accept a job with the firm. Because your employees will be healthier, health perks can boost morale and minimize absenteeism.

What are the benefits of health insurance? 

Advantages in terms of health protect your employees from financial losses caused by escalating healthcare costs. Individual health insurance policies can cover a variety of costs.

All marketplace plans available through the Affordable Care Act (ACA) cover: · Ambulatory patient services (outpatient care that doesn’t involve being admitted to the hospital)

· Emergency services

· Hospitalization, such as surgery

· Pregnancy, maternity, and newborn care services

· Mental health services

· Substance abuse disorder services

· Prescription drugs

· Rehabilitative services

· Habilitative services

· Laboratory services

· Preventive services

· Pediatric services