Basic Features Of A Group Benefits Insurance Plan

Health care coverage can be obtained from many different sources. The most common source is through employer-based insurance. The coverage offered to employees through a group health plan can benefit the employees as well as the business. According to Small Business Majority (2017), purchasing a group policy will allow the employees to have better access to care, which results in healthier employees. In addition, being more affordable and having the sense that medical expenses would not be as expensive if they did not have insurance (Small Business Majority, 2017). Finally, tax benefits that businesses may receive for paying at least half of the employee's premiums, according to Small Business Majority (2017). These benefits assist in creating a healthier atmosphere in a business.

It has been stated that one of the largest benefits to the Affordable Care Act (ACA) for those that were already insured, is that they may purchase insurance through a marketplace allowing for continuous coverage, regardless of life experiences such as a change in job. Even those that are young, and may not appreciate health insurance because they have coverage through their parents, will need insurance once of age that isn’t dependent upon an employer as they are more likely to change jobs more often. Those that purchase health insurance through an employer offered group coverage could be made to feel as though they are captive to a job in order to continue to receive the insurance that they are accustomed to. Subsequently, the ACA has made health insurance more affordable for those that earn a lower income, making group plans more expensive for individuals, overall.

I have been asked by Cooper-Pearson to research different medical insurance plans that they could consider as one of their selected insurance programs for their marketing company. My goal is to provide them with enough details in order for the company to make an informed decision as to which program they would like to consider. This information will allow them to provide their employees with an effective compensation package that is both affordable and desirable and I believe that once an attractive compensation plan is in place; we should expect the retention rate of the company to improve and the recruitment of quality employees to increase as well. First I will start by demonstrating the comparison and contrast between an HMO plan and a

For insured small group and individual market plans, the health insurance issuer should use data at the “plan” level (as opposed to the “product” level) to perform the substantially all and

Recently, the Affordable Care Act (ACA) celebrated six years since the law’s passage. During that time, there have been many debates and slow changes to the United States healthcare system. One area that has been debated is in regards to employer-based health insurance along with the advantages and disadvantages in providing this type of coverage. Since there is more information about the expansion of health insurance options and how the exchange sponsored insurance plans are functioning, the discussion on if employer-based health insurance is beneficial or detrimental will be examined.

Despite the high cost of premiums and the cost of administering the benefit, small employers state many important business reasons for offering health insurance coverage to its employees. Most say they provide health benefits because it helps with employee recruitment, increases employee loyalty, and decreases turnover. They also note that these benefits positively affect employee attitude, performance, and health. The most important reason for offering health insurance coverage, small employers say, is that "it is the right thing to do." The most significant reason for a small business employer's decision not to offer health benefits however is the skyrocketing costs.

Being an American guarantees the right and responsibility of having Health Insurance. Whether you have Health Insurance coverage through your job, spouse, serving in the military, it is very critical in this day in age, a person to have some kind of coverage. There are many types of Insurance you may receive and different types of organizations, such as a Preferred Plan Organization, or Health Maintenance Organization. They type of Insurance you receive is your decision as well. The history of Health Insurance beings with its revolution in the late 1920’s through the 1930’s. The beginning of employer-sponsored health plans began as a result of World War II. With the growing demand increasing into the 1950’s, other insurance agencies

One of the benefits of the Managed Care is the lower costs. This help health cost down without sacrificing quality and can accomplished by contracting health care providers and able to refer the enrollee members to available of services and procedures at a discount rate. Another benefit is associated with the Managed Care is network of health care providers that are readily available to them. These health professionals and facilities have gone through accreditation process and their credentials and experiences carefully analyzed and essential capacity to serve members with quality care. The disadvantage of the Managed Care for some members is the rigidity of rules applies in the choice of health care provider; for example like HMO. Some enrollees

Comprehensive health coverage with no out of pocket expense by the employee; 100% employer paid benefit

Employer-based health insurance has been present in the United States for many years, however with the implementation of the Affordable Care Act (ACA) – future considerations must be deliberated. In the early years, during World War II, salaries were halted by the National War Labor Board. In order to entice workers and bypass the salary controls, companies would use employer-based health insurance. It was a positive situation for both, employee and employer because employer-based health insurance premiums paid by the employer was tax exempt (EBRI, 2015) and employees had the security of access to healthcare. Employers have the control and make the decision on which healthcare insurance plans their employees would have to choose from. However, the implementation of the Patient Protection and Affordable Care Act (PPACA) allows for many changes, including the ability for employees to have more freedom of choice. An analysis of employer-based health insurance and current trends reveals that the implementation of the PPACA will affect the employer-based health insurance existence, various advantages and disadvantages to group insurance, including adverse selection, moral hazard and uncertainty.

Obtaining health insurance through the employer work groups is desirable because then the cost for health insurance is cheaper. When paying for health care insurance you are not taxed because it comes out before taxes. Then you are taxed on the income after that deduction. The employer also obtains a tax deduction from the amount of money and employees receiving their insurance in order for the employees can obtain these premiums at a cheaper rate. Also this allows them to escape the tax system.

Economic factors: Chances of getting highly paid jobs are increasing as customers are now well educated. Being highly qualified, persons are getting high salaries and thus they are now more interested in getting health insurance. Hence, the premium policies should be customized by the health insurance companies such as BUPA, for the individuals who are getting high salaries and these companies should also have policies that are worthy for the low income people.

Chapter conclusion: Benefits for employees are very important for companies. Benefits for employees include various insurance plans, paid vacation days, paid sick leave, paid days off, etc. Different companies need to establish different benefit plans based on their company conditions. In brief, benefit in one of the bridge between employers and employees.

For its employees, Long term employment recognition and benefits like Pension Plans, Group Medical Policy, Accident Policy, Bonus, Annual Medical Check-ups, Budgets for quarterly team lunch, Annual outings as part of team building activities and flexible work hours. In addition to the above mentioned benefits, Managers and employees above in the hierarchy level also get these additional benefits – Large salaries, Company vehicle with fuel and driver charges,

The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediate