Essay On Health Care Is Costly And Invaluable

Q2-Evaluate Vegemite’s brand image based on the social media research undertaken by Talbot and his team .In light of these historic factors, Why did Talbot want to revitalize the brand?

More and more people with medical insurance are relying on the health care system as new technologies and treatments become available. This leads to a grater number of claims for payment by insurance companies, the costs of which are passed back to health care consumers. The baby-boom generation is entering its peak health-care using period. Over eighty million Americans will turn 50 in the next 10 years. The cost of providing heath care for these individuals will be staggering

The National Federation of Independent Business (NFIB) agrees that the cost of health insurance is a high ranking concern for business owners. Every year, they conduct a study to see what the top general concerns facing small business owners. From the beginning of the fiscal year of 1986 to the present, every year has concluded that the cost of health insurance is the top burden facing small business owners in America. (Wade, Holly Pg 24, table 5). Another important factor to consider are lost capacity due to employee illnesses or unemployment. Brad Plumer of the Washington post recently did an interesting study to determine the amount of money lost due to inactivity at the workplace. Including businesses in both the public and private sectors, Plumer estimates that over $1.8 trillion dollars per year in lost productivity at the workplace. While the Post acknowledged the idea of lost productivity is not a clear science and can be overvalued this is nonetheless a huge amount of money wasted each year.

Each state has their own policies for Medicaid eligibility, services and payments. Medicaid plans have three eligibility groups such as categorically needy, medically needy and special groups. Children's Health Insurance Program (CHIP) is a program that offers health insurance coverage for uninsured children under Medicaid. If Medicaid does not cover a service, the patient may be billed if the following conditions have been met such as the physician informed the patient before the service was performed that the procedure was not covered by Medicaid and if the patient has signed an Advance beneficiary Notice form. However, there are also conditions where the patient cannot be billed if necessary preauthorization was not obtained or service

The National Federation of Independent Business (NFIB) has repeatedly stated that the cost of health insurance is a high ranking concern for small business owners. Every year they conduct a study to see what the top general concerns facing small business owners. In each fiscal year since 1986 the cost of health insurance has been shown to be the top burden facing small business owners in America. (Wade, Holly Pg 24, table 5). Another important factor to consider are business which suffer from lost capacity due to employee illnesses or unemployment cost. Brad Plumer of the Washington Post recently conducted a study to determine the amount of money lost due to inactivity at the workplace. Including businesses in both the public and private sectors, Plumer estimates that over $1.8 trillion dollars per year in wasted each year as a result of lost productivity at the workplace (Plumer, Brad). While Mr. Plumer acknowledged the idea of lost productivity is not a clear science and can be overvalued this is nonetheless a huge amount of money wasted each year.

Consequently, high fees will make bosses decrease staff volumes and raise prices, however, may not be beneficial to both the citizens and employers. For instance, the latter may be compelled to change their currently offered health care. Small business’ bosses may face fines if their current healthcare meets not the affordable minimum coverage.

Not only will some firms be turning full-time employees into part-time, but other firms that are close to the 50 employee limit may look to reduce their number of staff to below 50 in order to gain exemption from the law. “Financially, the best course of action for some businesses is to fire people. If you’re a business with 50 to 60 people that faces penalties, you undoubtedly will evaluate if automation, a change in logistics, a cut in hours or service, and other changes in business practices will result in a greater net profit” (“Obamacare Will Crush Small Businesses”).

One of the biggest problems small employers face today is the steadily rising costs of health coverage for its employees. This paper covers how health care premiums have risen in double digits for the past five consecutive years, how many small businesses are forced to drop health care coverage for their employees because of the out of control costs, and what small businesses are doing to control the costs and still offer health care coverage to their employees.

Businesses with 50 or more employees have to provide health insurance for their employees, and if they don 't then the penalties start to take effect. One of the penalties is the businesses have to pay a fine of 2,000 dollars per full-time worker. A full-time employee has to work for about 30 or more hours. The article stated “Even if the small business has 51 workers, and that one worker gets a tax credit to help them buy insurance -- a tax credit provided under health reform -- the small business still has to pay a fine.” The businesses lose profit and their solution is to cut loose or fire the employees, so that they can be below the 50 full-time worker mark. Then this causes people to be unemployed. Less jobs equals more unemployment and then this affects the

The purpose of this meeting was to introduce and clarify business health insurance options in the year 2015 and the significance of good health at work. The three main topics that were presented to us were: 1) 2015/16 Affordable Care Act (ACA) overview for small sized businesses with fewer than fifty full time employees; 2) 2015/16 ACA overview for medium to large sized businesses with fifty or more full

It was stated earlier in this paper that big businesses would benefit from this law; however, the exact opposite is true for small businesses. Businesses will be forced to provide healthcare for their employees or pay a fine, something they may not be able to afford. This may result in employees’ hours being cut or even the termination of the employee (“ObamaCare”).

JCS Technology is a small company that does not offer any health care plans. Steve feels that he is a small company and cannot afford offer this type of benefit. With Obama care in the near future we looked at if heath care is something that can be offered now or in the near future. Right now the tax credit is 35 percent of the cost that a company paid premiums that increasing to 50 percent in 2014. After interviewing the six full time employees of JCS Technology I found that health care is not a major

Mackey uses the company, Whole Foods Market Incorporation, as an example of how some of these reforms can be implemented. For example, “Whole Foods Market pays 100% of the premiums for all our team members who work 30 hours or more per week…for our high-deductible health-insurance plans…Our plan’s costs are much lower than typical health insurance, while providing a very high degree of worker satisfaction” (Mackey). Thus, this shows that Mackey believes that private businesses have a “social responsibility” to employees to provide low-cost healthcare, since there is no such “right” in any country. Mackey further explains, “At Whole Foods we allow our team members to vote on what benefits they most want the company to fund…They want supplemental health-care dollars that they can control and spend themselves without permission form their governments” (Mackey). Thus, Mackey thinks this is the best alternative to programs such as

Cons: It will cost both time and money to implement these changes. Mel and Maria must take the time to inform themselves of their different options before choosing an insurer. It will also cost them a substantial amount of funds for the premium to insure all employees (including themselves).

In order for the company to survive, the resource department then decided that the cost of healthcare would be cut as well as sick days and vacation time. Therefore, the company in essence did not lose a lot of money by changing how to pay the employees. They just changed the overall benefits to the drivers. The company decided to offer an insurance that is either an HMO or a point of service plan, thus saving the company millions of dollars in healthcare costs. However, the drivers lost the ability to go to any physician because the PPO plan was taken away. Furthermore, the company would take away the drivers vacation days before for their sick days, thus ensuring the driver could not take a vacation. On the other hand, the drivers were still paid around the same amount of money that they used to be making, but the benefits that were offered were cut dramatically. Therefore, the employee had to weigh out whether it was worth having a better health insurance and vacation time to how much