One of the most discussed topics today in businesses is healthcare. More importantly the healthcare benefits for employees. It is really important for an employee to know that he or she has as benefit options before starting a job. Healthcare is a big topic so it has for sure pros and cons for employee and employer. A few major pros for taking advantage of healthcare benefits are at first it reduces absenteeism. A healthy employee is for sure more present and definitely productive. And when they have the right health care they are less sick what means the less likely they will be to miss work days. Second, it saves money. Taking advantage of any sort of employee benefit is ever a good thing for the employee. Third, it heightens job …show more content…
Fifth, it helps employers retain their best employees because benefits are making a difference. And sixth, it sets a good example by placing value on healthcare in the workplace which can energize workers to place importance on their home as well. The only point against it is that if a person loses their job and doesn’t find a new one soon they are without healthcare and that would mean they must get healthcare and by paying for it on their own. A few of the major pros for an employer to offer healthcare are at first it attracts and retains the most qualified employees, because having health insurance as a benefit is absolutely necessary to attract …show more content…
There you can compare the costs, benefits, and features of different plans. The FEHB program choses their different benefit categories based on enrollee requests, differences among plans, and simplicity. This program is a good way for an employee to see. Another program is the Small Business Health Options Program (SHOP). Today, small employers like to have a tough time finding and affording coverage that meets the needs of their employees. Since the beginning of 2014, employers will have more choice and control over health insurance spending through the Small Business Health Options Program (SHOP). This is a new program designed to simplify the process of buying health insurance for a small business and which healthcare package the company need and if they have the money to pay the insurance. A big advantage of SHOP is the access to tax benefits. The employer will also have exclusive access to an expanded Small Business Healthcare Tax Credit. This tax credit covers as much as 50% of the employer contribution toward premium costs for eligible employers who have low- to moderate-wage workers. When the employer buys insurance through the SHOP, it makes it easy for him to take advantage of other tax breaks, too, including the chance for him and his employees to use pre-tax dollars to make his premium payments. The employer and his employees will also have benefit from new protections
Access to healthcare provides financial stability by assuring people that they will not be financially destroyed by injury or illness. Additionally, when people can afford regular medical care they tend to avoid chronic problems and financial stress. In a study provided by the American Medical Students Association, researchers reviewed the costs and benefits of universal health care. They came to the conclusion, after reviewing other articles and statistics from multiple sources, that, “The annual cost of diminished health and shorter life spans of Americans without insurance is $65-$130 billion.” (Chua 5) This comes from people not having adequate health care and then losing their jobs because they...
The Affordable Care Act benefits to reconstruct the healthcare system by giving more Americans access to superiority, reasonable health insurance and supports to curtail the growth of healthcare spending in the U.S. People with health insurance will have access to a number of new benefits, privileges, and defenses which ensure that they can get treatment when they need it. This helps over 32 million Americans afford health care who could not get it before. It not only helps the consumers but also our budget and economy on a more stable path by reducing the discrepancy by more than $100 billion over the next ten years. Since there are millions of people with health insurance, it will also increase the demand of healthcare provider as more jobs will be open which will help our economy (Mowrey, 2013).
Luckily under the new health care reform law, most people will receive help paying for their healthcare premiums and cost-sharing expenses that people with insurance have to pay out of pocket for doctor visits, and prescription medicine. Families and individuals will be able to receive this assistance with incomes between one hundred and four hundred percent of the federal poverty line. One hundred to four hundred percent makes up at about $23,000 to $94,000 a year assume this is for a family of four.
Most people rely on their employers to provide them with health insurance, but with many health care is not available through the employers. Many small businesses can simply not afford the high cost of health care, or it may be available, but the employee needs to pay the entire premiums. A lot of employers are utilizing part time employees, the part time employees are usually not qualified for benefits, like health insurance. This is very unfortunate for these part timer’s not only because they will not get benefits such as health insurance, but also they probably have a slim chance of going full time because of the health insurance dilemma. Business owner’s need to assess what is good for them financially, and having plenty of part time employees who do not require insurance is probably the most cost effective method to keep the Business up and running.
Health Insurance being mandatory let us solve lot of problems that we are facing nowadays like free riders, more number of uninsured in the country, etc.
There is an ongoing debate on the topic of how to fix the health care system in America. Some believe that there should be a Single Payer system that ensures all health care costs are covered by the government, and the people that want a Public Option system believe that there should be no government interference with paying for individual’s health care costs. In 1993, President Bill Clinton introduced the Health Security Act. Its goal was to provide universal health care for America. There was a lot of controversy throughout the nation whether this Act was going in the right direction, and in 1994, the Act died. Since then there have been multiple other attempts to fix the health care situation, but those attempts have not succeeded. The Affordable Care Act was passed in the senate on December 24, 2009, and passed in the house on March 21, 2010. President Obama signed it into law on March 23 (Obamacare Facts). This indeed was a step forward to end the debate about health care, and began to establish the middle ground for people in America. In order for America to stay on track to rebuild the health care system, we need to keep going in the same direction and expand our horizons by keeping and adding on to the Affordable Care Act so every citizen is content.
There will also be a health exchange program for individuals who cannot afford employer insurance (Estes, Chapman, Dodd, Hollister & Harrington, 2013). This exchange program will include several changes such as limiting deductibles and waiting periods for coverage. The health exchange program will include a selection of different healthcare plans that the individuals can choose from that is said to be more affordable. The health exchange option will only be available to U.S. citizens and legal immigrants. There will be several changes to private insurance providers that will include several regulations for example, there will be no lifetime limits on coverage. Small businesses will also be able to purchase health insurance for their employees through this reform. Small businesses that provide their employees insurance will also be able to receive tax credits under certain conditions. Estes, et al (2013) states that employers with 50 or greater employees will face fees if even one employee buys insurance through the exchange. Employees that work for large businesses that do not sign up for coverage or say that they do not want any coverage will automatically be enrolled into the lowest costing plan by the employer. This reform is also going to introduce wellness programs into healthcare plans. For examples small businesses will be able to offer their employees rewards for participating in wellness programs by meeting certain health goals (Collin, 2012). The wellness programs will work towards keeping individuals in good health by offering the following programs for example: weight loss, smoking cessation and classes on nutrition.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Health insurance provides benefits for sickness, injury, surgery, and prescription medication. There are a variety of plans with different
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
...ue to numerous medical errors. With the amount of medical errors that currently do occur which is a current health care issue it cost the health care billions of dollar each year to fix the mistakes that were made.
Benefits tend to give employees a sense of security. Health insurance is one of the major benefits that encourages employees to stay with an organization even in difficult situations. With health insurance companies attract and retain qualified employees. According to Optima Health (“Starting in 2015, employers with 50 or more full-time equivalent employees are required to offer affordable, minimum-value group health insurance. If they don’t, they may be assessed government penalties.” n.d.). There are other helpful health insurance benefits such as deducting 100 percent of their employees ' health insurance cost as a business expense. If the organization is incorporated the owner’s insurance cost is also deductible. But if it’s a small business with less than 25 employees, they may be able to receive a tax credit if they’re with a small group insurance. If there’s 50 or more employees the business is eligible for a larger group health insurance which offers lower rates. Also with employee health insurance employees have a bigger chance of being able to pay medical expenses. In addition to valuable benefit retirement saving plans are essential part of your future financial security. All employees are encouraged to save for retirement. Tax advantages are also accessible to business owners that offer retirement plans. All
However, statistics from the world bank and the Organization for Economic Cooperation and Development shows that United States has the highest spending on health care, where treating people with chronic diseases accounts for 86% of our nation’s health care costs. When people have access to health care, they live healthier lives and miss work less, allowing them to contribute more to the economy. Having healthy employees will reduce the cost of health care and will increase the productivity as David Rektorski, owner of truck dealership Hino of Chicago says, “ The healthier the [Employees] are, the better chance I have of [my employees] coming to work.” (qtd in the Chicago Tribune). Having healthy people, improve the economy of the country, and reduce health expenses. It seems that it is better to prevent people from developing a chronic disease than pay for that
Additional positive externalities include health affects wealth, technology, and vaccinations. “Healthy workers are absent from work less and are more productive workers. A health care market that effectively
Health care has always been an interesting topic all over the world. Voltaire once said, “The art of medicine consists of amusing the patient while nature cures the disease.” It may seem like health care that nothing gets accomplished in different health care systems, but ultimately many trying to cures diseases and improve health care systems.