The complexity involved in being a new business owner is a huge challenge. There is just too much to keep in mind, and it’s natural for some things to slip between the cracks because you and your management team were busy dealing with more immediate crises. One issue that may escape attention is health insurance and other employee benefits, which often leads to new businesses taking far too long to hire a corporate health insurance provider.

But how long is too long when it comes to health insurance? How do you know it's time to start offering that benefit? Let’s go over some of the signs that should make you seriously consider offering employee health insurance.

1 - You are expanding the team

While there are now laws mandating that employers offer health insurance, the federal government does put pressure on big employers to encourage them to provide this benefit. Under the Affordable Care Act (ACA), any company with 50 or more full-time employees has to offer some sort of health insurance or face severe financial penalties. This means that if you expect to reach 50 full-time employees in the next few years, it’s a good idea to start looking for a health insurance provider that will make you ACA compliant.

Many federal and state programs offer benefits and tax breaks for companies that offer some sort of health insurance. And most of these programs require that the company be of a certain size before they can reap the benefits. Meaning that the bigger your team is, the better your company’s chances of being able to benefit from one of those programs.

2 - You are looking to secure talent

It’s no secret that a good benefits package can make a huge difference when trying to attract talented employees, and a good health insurance policy is often the crown jewel of a benefits package. If your hiring team is having a hard time securing their first or second choice candidates for various positions, adding health insurance to the company’s benefits package is a good way to tilt the scales.

Health insurance is also a good way to improve employee retention. Not only because it provides peace of mind, but also because it has a positive impact on corporate culture. People appreciate knowing that their employer is looking out for their needs.

Here is where it’s good to point out that not all health insurance providers are created equally, and it’s better to stick with reputable providers that offer access to well-regarded hospitals in your region. Seeing a co-worker have to contact a birth injury lawyer right after relying on the company’s health insurance can be very bad for morale.

3 - Health problems are affecting your team

Having a corporate health plan encourages employees to not only keep up with their regular doctor appointments but also to seek medical attention when they feel sick. That’s important after all, because healthy employees perform better. And seeing sick co-workers push through their symptoms when they are afraid of medical bills can really bring down the mood around the office.

It is also a fact of life that some people get sick more often than others, for a variety of reasons. And having a corporate health insurance provider ensures that the more vulnerable members of your team will be looked after.