From Cost to Investment: The ROI of Group Health Dental Insurance for Businesses

The job market is more competitive than ever. Any business faces two fundamental challenges: attracting(and retaining) top talent and managing operational costs.

How do you attract top talent? Offer a comprehensive benefits package that takes care of their leaves, retirement, health, and financial benefits. In 2023, 98 percent of the firms in the U.S. with 200 or more employees offered health benefits to their employees. 

Health Dental Insurance for Businesses along with a good dental plan, is one of the key components of this package. Offering this to employees isn’t just a ‘nice to have add-on’ but a strategic investment with measurable returns. For companies aiming to build a strong, stable workforce, understanding the ROI of these benefits is essential.

Why Group Health and Dental Insurance Matters

Employees value a comprehensive benefits package almost as much as salary. According to the latest SHRM survey, 88 percent of employees consider health-related benefits a critical factor when deciding on job offers. Family-friendly benefits were a priority for 67 percent of prospective employees. 

Companies that include group health and dental insurance as part of the benefits enhance their appeal to potential hires. It also solidifies employee loyalty. But it’s not just about the recruitment of prospects. Employees who have access to healthcare are healthier, more productive, and less likely to miss work. 

The American Institute of Stress reports that health-related stress accounts for $300 billion in lost productivity annually. This figure takes into account the losses due to absenteeism, lost productivity, turnover, and other costs.

ROI Beyond Dollars: The Intangible Benefits

Enhanced Employee Satisfaction And Reduced Stress

Workplace stress can significantly impact employee well-being. A staggering 76 percent of employees agree that workplace stress ruins their mental health and have also experienced burnout. Demonstrating a commitment to employee well-being by providing health benefits can help reduce stress.

Employees with access to health and dental benefits feel valued, leading to increased job satisfaction. Satisfied employees are, in turn, more loyal to the company and stay longer, reducing turnover costs. It also means they are not prone to burnout. 

This is evident in a peer-reviewed study, which states that family-related benefits(like group health insurance) provide maximum satisfaction to employees.

Better Productivity

When employees have access to healthcare, they tend to be healthier and, consequently, more productive. Regular health checkups, part of preventive care, can also reduce sick days for employees. 

Early detection of oral health issues, for instance, prevents any possible escalations later, which could result in an extended leave. Routine checkups also ensure that the employees feel cared for and valued in the organization.

Gaining a Competitive Edge

Providing a comprehensive package with group health benefits gives your company a significant advantage in the competition for top talent. It displays a genuine commitment to the well-being of employees. 

This is a critical factor for the younger generation, like Gen Z, who are projected to make up over 75 percent of the workforce by 2030, according to Forbes.

Not a Cost, But an Investment

At first glance, it might seem that providing group health insurance, along with dental care, can be a financial burden for the company. However, businesses that invest in employee well-being often reap rewards in the long run. For example, improved retention helps save recruitment costs, as it is more expensive to hire a new candidate.

HWP Insurance suggests choosing plans that are comprehensive and include routine checkups so that it minimizes costly procedures for employees later. 

This also maximizes the ROI for your benefits program. Learn more about how you can promote employee well-being and boost their overall productivity.

Educating Your Employees

It is essential to provide clear and comprehensive education about the available benefits to prospective candidates and the existing workforce.

When employees utilize these benefits, the value it provides is demonstrated. It fosters a greater sense of appreciation regarding the company’s investment. When employees talk to others about the benefits of the company, they act as brand ambassadors. 

Building an Employer Brand

Providing group health and dental care insurance is not just about the bottom line. It says to employees and stakeholders that you are a people-first organization. Employees feel valued, act in the interests of the company, and boost your business’s image. 

Crafting the right benefits strategy can set your business apart, ensuring long-term growth and staff satisfaction. This builds your brand in the long run through positive word-of-mouth and industry recognition. Businesses face a lot of competition and need high-impact benefits programs that secure their workforce and provide long-term growth.