Accounting and payroll giant QuickBooks now offers health insurance to small businesses.
- 71% of small businesses with up to 50 employees offer some kind of healthcare benefits to their staff.
- 56% of respondents in a recent Intuit survey indicated they would be more likely to purchase health insurance if it were linked to another product.
- Of the 29% of small businesses that didn't offer health benefits, approximately 36% said they didn't know the costs, and 45% said they didn't know how to get started.
The American healthcare system is often seen as a labyrinthine system designed to make things difficult for everyone involved. For small business owners, the healthcare system's obtuse and costly structure can sometimes mean not providing benefits to their employees. To simplify the process, Intuit is bringing healthcare solutions for small businesses to QuickBooks.
Officials revealed earlier today that customers of Intuit's QuickBooks Online Payroll can now provide their employees with "easy and affordable medical, dental and vision benefits."
"When we focus on helping small business owners with the many aspects of managing their employees, we can turn one person's dream into a thriving team," said Olivier Bartholot, director of QuickBooks Payroll. "By connecting them with affordable medical, dental, and vision insurance directly within QuickBooks, we're making it easy, fast, and cost-effective for small businesses to offer their employees insurance plans, helping them to attract and retain top talent."
Small businesses and health benefits
To better understand how small businesses interact with healthcare, QuickBooks surveyed more than 2,000 small business owners and HR professionals. According to that survey, 71% of SMBs with up to 50 employees already offer one form of health insurance benefit to their employees. Furthermore, 66% of respondents said offering health insurance for their employees was an important factor in attracting new hires, while 58% said health benefits were a great way to retain existing employees.
As for the remaining 29% of small businesses polled that didn't offer health benefits for their employees, 36% said they didn't know how much benefits would cost. From that same group of respondents, 56% said they would be more likely to purchase health insurance for their staff if it was linked with another product.
QuickBooks partners with SimplyInsured to offer SMB benefits
Given that Intuit's current lineup of products includes TurboTax, Mint, and other consumer and business-level platforms, the company said adding health insurance to the list required a partnership. Intuit is partnering with SimplyInsured.
Thanks to that partnership, QuickBooks Online Payroll users can now use the platform to do the following:
- Receive instant quotes. Through the QuickBooks Online Payroll platform, business owners can receive quotes from SimplyInsured based on their ZIP code. Additional identifying data will not be needed.
- Compare and apply for the right insurance plan. QuickBooks Online Payroll users can now easily compare plans to find one that offers the right coverage for the right price. Once chosen, a business owner can then apply "in just three simple steps," according to Intuit.
- Manage everyday tasks. Through the QuickBooks Online Payroll platform, employers can manage payroll and health insurance benefits in one location.
- Make your business more appealing to new and current employees. By offering a healthcare plan to employees, small business owners using QuickBooks Online Payroll can attract and keep top talent.
- Take advantage of simpler tax deductions. Since the platform will integrate with other QuickBooks software apps, users will find that the platform automatically calculates employee benefit deductions.
- Get dedicated support. Business owners will not be left trying to figure out any problems that may crop up, as QuickBooks is providing full-time dedicated customer support, available Monday through Friday, 7 a.m. to 5 p.m. PT.
David Hendrickson, vice president of Big Waves Fitness, said the integration of SimplyInsured with QuickBooks Online Payroll will be a huge boon for his business.
"This was my first time offering health insurance benefits to my employees," he said. "Before, I always felt like there wasn't enough information out there to help business owners navigate the different plans available, but the QuickBooks integration with SimplyInsured has made this entire experience seamless and easy. I get the support I need, and my employees are getting the health coverage they deserve. We could not be happier with the offering and love that it grows with our business."