Benefits And Compensation Package Of Medtronic

In most instances, younger adults don’t really worry too much about their benefits, they just want to know what they are going to get paid and how many days off they are going to get a year… Whereas, those who are older or have a family, are going to be more interested what type of insurance and retirement packages are available. I know with myself; I love money, but I also have four children I need to provide for, so I am equally interested in a company that offers a great benefits package.

Offer a competitive benefits package that fits your employees’ needs. Providing health insurance, life insurance and a retirement-savings plan is essential in retaining employees and bonuses. But other perks, such as flextime and the option of telecommuting, go a long way to show employees you are willing to accommodate their outside lives.

One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:

insurance, younger healthier people, who are less risky to insure but pay the same premiums

Also, young adults are able to maintain insurance coverage under their parents’ policy until the age of 25 as a direct result of the passing of the ACA (Odom-Forren, 2012). For an example, a college student who is enrolled full-time and is not able to work a full-time job can now have less stress of worrying about paying for health insurance. There are two ways a person can gain health insurance and those two ways are through a marketplace or through their place of employment. Firstly, the involvement with individual market centers has gotten inconsistent consideration in the media and on a political level headed discussion. The enlistment figure of 8 million that was reported in late spring with such display alludes solely to new enrollees in these commercial centers (Blumenthal & Collins, 2014).

While the ACA has been successful in reducing the rate of uninsured, it has failed in a number of other areas. Data organized by age reveals significant problems when it comes to groups who are uninsured, we can see a stark contrast between age groups. Among the 15.7% of Americans that are uninsured, approximately 55.2% of those are comprised of Americans aged 19 to 34 years of age. This is relatively unsurprising as young people have always been less likely to purchase health insurance as the result of what many have described as some sort of invincibility complex. The data on uninsured Americans becomes truly interesting when analyzing the data as it relates to race and ethnicity. Whites compromise 64.3%

Greater than 150 million workforces, pensioners and their household members receive their healthcare through occupation-based coverage, which, in accordance with the AFL-CIO, is the foundation of this nation state health care coverage and financing. Approximately one-third of occupation-based coverage comes through coalition-negotiated strategies. (The AFL-CIO, n.d.)

The baby boomer generation will have tremendous impacts on health care as they continue to age and experience health issues. The impacts will show a significant financial difference in the very near future than what the impacts look like today for all health care organizations across the country. The baby boomer generation began between 1946 and 1964. Throughout the 18 year time span, over 76.4 million people were born. By 1964, this made up over 40 percent of the total US population. Today, this generation is between 53 and 73 years old and by 2020 there will be one and five people over the age of 65. As this time approaches and this generation becomes Medicare and

The U.S. Census Bureau reported in the 2010 census data that 33.9 % of the population was under the age of 24, with 26.9% under the age of 19. This change will protect the more than 7% of the population from vulnerability that might arise from losing their insurance coverage. “In total an estimated 2.3 million adult children were enrolled in their parent’s employer-sponsored health plan due to the Affordable Care Act” (Kaiser Family Foundation, 2011). Reports show that the young adult demographic recognize the importance of health care coverage and have started to take advantage of this new benefit. Business reported an increase in the enrolled number of adult children who would not be covered without the Patient Protection and Affordable Care Act of 2010 (Kaiser Family Foundation, 2011).

If one specific job entitles healthcare while others do not, this means people are more likely to stay with that job and not move to another position, [3].

The higher cost of affordable Health care is also eroding the ease with which to afford other insurance that covers about 30 percent of Medicare enrollees ‘expenses. In 2005, about 89 percent of beneficiaries obtained such additional coverage, including through former employers (33 percent), medical policies (25 percent), Medicare advantage plans (13 percent), Medicaid (16 percent), or other programs (1 percent) (MedPAC). These supplemental insurance programs were all very helpful at the onset, but with the passage of time and as health care costs continued to rise, employers are finding it difficult to support these programs and as a consequence, a greater number of these employers are either reducing the benefit or eliminating these benefits especially those that affects their retirees thereby increasing the cost of these supplemental insurances.

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.

Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.

The legally required employee benefits constitute nearly a quarter of the benefits package that employers provide. These benefits include employer contributions to Social Security, unemployment insurance, and workers’ compensation insurance. Altogether such benefits represent about twenty-one and half percent of payroll costs.

There is a spacious room for lemon in insurance field. The price for health insurance is not fixed, it varies based on the level of the need an applicant may require for the insurance. As in the case of elderly people over the age 65, it is well known that it is very difficult for them to get health insurance because of its high price as they certainly will need it more than other applicants. On the other hand, employees working in companies are offered health insurance as a part of the companies’ policies and regulations. This actually create more room for lemon in the insurance field and less chance for old people who need it more. This ended up with adverse selection by the insurance companies. (A.Akerlof, Aug