Essay about Employee Benefits and Planning

In 2014 and 2015 the federal government gave an equivalent of 65% for funding for MCHP (American Academy of Pediatrics, 2014). The income eligibility for CHIP is dependent on the family size and annual income of the family. For a family with one child the annual income requirement for eligibility for MCHP can be less than or equal to $24,623 to qualify and the annual income for a family of one without children can be less than or equal to $16,104 (Department of Health and Mental Hygiene [DHMH], 2014). For each additional member in a household $5,602 is added to the income and for each additional child in the household $8,566 is added to the annual income (Department of Health and Mental Hygiene, 2014). Moreover, health benefits that are covered by MCHP, “are regular check-ups, immunization, lab work and tests, transportation to medical appointments, doctor and dentist visits, hospital visits and care, mental health service, medication and substance abuse treatment”(Department of Health and Mental Hygiene, 2014, para.

Medicare qualifications are for people who are 65 or older and are U.S Citizens or a permeant legal resident; you or your spouse has worked long enough to be eligible for Social Security or railroad retirement benefits, you or your spouse is a government employee or retiree who has not paid into Social Security but has paid Medicare payroll taxes while working. People who are under 65 may qualify if they have been entitled to Social Security disability benefits for at least 24 months, receive a disability pension from the Railroad Retirement Board and meet certain conditions, have Lou Gehrig's disease; which qualifies

Person eligible for Medicare include individuals ages sixty-five and over, those with disabilities, and those with end-stage renal disease (Hammaker, 2011). here are three basic entitlement categories: persons 65 years of age or over who are eligible for retirement under Social Security or the railroad retirement system, persons under 65 years of age who have been entitled for at least 2 years to disability benefits under Social Security or the railroad retirement system, and persons with ESRD who do not otherwise meet the age or disability requirements. The latter two groups together are known as the "under 65" enrollees (Petrie, 1992).

The relationship of an HMO and its physician member is to help provide a wider range health care for its patients and a wide area of services available for its physician members. A patient must choose a primary care physician from a list of providers. The relationship with the physician provided from the HMO is in a contract that is to deliver services to their patients for a fee. There can also be a group plan which is a HMOs contract with a group of physicians to deliver services. The HMO organization compared to PPOs, a PPO is a variation of an HMO, and it features traditional insurance and managed care.

If you live in one of the states that have refused to expand Medicaid, and you fall into that coverage gap, you will qualify for an exemption from the tax

Coverage for a home health aide is as follows: After an annual $100 deductible, you will get back 80% of the cost up to a max of $8,000 annually with a lifetime max of $24,000. As an added benefit, the CSA Retiree Chapter will pay an additional 15% of whatever the Fund

Although an individual may exceed Medicaid income levels in the state that they reside, he or she may still qualify for Medicaid due to ‘spend down rules’. This is due to the individual being classified as ‘medically needy’ (Medicare.gov, n.d.). “This process allows you to “spend down,” or subtract, your medical expenses from your income to become eligible for Medicaid. To be eligible as “medically needy,” your measurable resources also have to be under the resource amount allowed in your state” (Medicare.gov, n.d.)

Another fee required by employers who have self-insured group health plans is the state established transitional “reinsurance program,” which is to be paid between the years 2014 through 2016 (Grant Thornton LLP, 2013). The hope of this fee is to stabilize premiums in the individual insurance market. The Transitional Reinsurance Fee will be determined by multiplying the average number of individual employees covered by the plan and multiplied by the contribution rate for the relevant year (Grant Thornton LLP, 2013). Per the U.S. Department of Health and Human Services (HHS), self-insured group health plans that provide major medical coverage will be charged a contribution rate of $63 per plan participant (Grant Thornton LLP, 2013).

A PPO is a preferred provider organization. A type of health plan that contracts with medical providers,

OFTEN COMBINED WITH HIGH-DEDUCTIBLE HEALTH PLANS. Although nobody likes a high deductible, it can be offset with a HSA. The higher deductible allows a savings for employer and employee on the insurance since the higher up-front costs mean lower monthly premiums,

Annual deductibles typically vary from $50 to $100 per covered individual; it is difficult to put an actual cost on the deductible because

The Affordable Care Act, which is also called Obama Care, requires all Americans to have some type of health insurance, whether it be through your employer, an individual plan, or a public program. The Act created health

Good health insurance can be expensive, and is therefore often out of reach for lower and moderate income families, particularly if they are not offered health benefits through work. To make coverage obtainable for families that otherwise could not afford it and to encourage broad participation in health insurance, the Affordable Care Act (ACA) includes provisions to lower premiums and out-of-pocket costs for people with low and moderate incomes. The adequacy of this assistance will be key determinants of how many people ultimately gain coverage and whether or not lower-income people will be able

Some insurance plans have an annual limit on health spending. The limits can range from $1,500 to $3,000 per year. On average treatment lasts for two years, so an annual limit may mean that you have to contribute to the expenses.

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.