WBEB-FM: Employee Benefits Plan Design

Those that choose not to get coverage or not under an employer’s plan may have to pay a monetary penalty (ABC News, 2013).

The effective date of enrollment is January 1 of the up-coming year with right to make changes from October 15 to December seven each year. From the time a person becomes eligible, a seven months period is given for enrollment, starting from three months prior to 65th birthday. A delay will cause delay in coverage and higher premium. For plan B, the person has another chance each year to sign up during general enrollment time from January one to march 31. Person leaving Plan C insurance has an extended time to join plan D coverage. The rules for people covered under an employer group health plan are different.

But every year, there are some people who sign up for health coverage or are automatically renewed, but they do not have coverage because they do not pay the monthly premiums.

The Patient Protection and Affordable Care Act establishes new requirements for health plans and insurers changed in order to expand access to affordable coverage, and prevent individuals from losing certain coverage. New coverage insurance market regulations will prevent health insurers from denying coverage to people for any reason, in which their health status, and charging people more based on their health status and gender. These new rules will also require that all new health plans provide extensive coverage that include at least a minimal set of services, caps annual out‐of‐pocket spending that does not impose cost‐sharing for preventive services, as well as no impose annual or lifetime limits on coverage. For example, new insurance market regulations within private insurances allow young adults are able to stay in their parents health insurance up to the age 26. Once an employee has reached age 26 they have to upgrade from their parents insurance plan to defendant coverage plan eliminating annual and lifetime limits on coverage such as rescissions and waiting periods within 90 days. Health insurers will be prohibiting from placing an age limit to their coverage in case of fraud. Large employer that offer coverage plans will have to automatically places employs in to a low cost premium plan if the employ sign up or exit out of coverage. Overall health plan premiums will be able to vary based on an age, geographic area tobacco

A qualified automatic enrollment plan must provide that, unless an employee is treated as making an election to make elective deferrals equal to a stated

The Patient Protection and Affordable Care Act offered 30 million uninsured people of the United States healthcare coverage (AcademicOnFile, 2014). Obama care has expanded Medicaid, providing subsidized to help low and middle-income Americans buy private coverage. For those who are uninsured that decided against purchasing a plan will face a fine at the end of each calendar year for not being covered. Open enrollment for ACA ended on March 31st 2014 and will not begin again until November of 2015.

Since October 1, 2013, the day the first annual open enrollment began, millions of Americans have taken advantage of the Affordable Care Act. A new bill created to give many Americans a chance to take care of their health without fear of debt. Not only is the Affordable Care Act affordable, but also it doesn’t discriminate against race, gender or those with pre-existing medical issues (“About the Law”).

The individual mandate says you have to obtain health coverage by January 2014, get an exemption or pay a fee if you can afford it.

Beginning this year is when nobody can be denied health insurance because of any previous medical conditions they were denied to before. The law also ended insurance denials that were due to pre-existing conditions. Good news for adult children is that anyone uo tp 26 can continue to get health insurance on their parent’s policies. The law even ends lifetime limits on insurance payouts and health insurers are demanded to at least spend 85% of their premium dollars on health care.

Thanks to federal subsidies, people who have been denied coverage or quoted outrageous premiums because of their health history can buy these comprehensive health plans for about the same price as a healthy person their age would pay for a private plan. The catch is that to qualify for the program, the law says people must have gone without insurance for at least six months. This program is scheduled to expire in 2014, when people with pre-existing conditions will no longer be locked out of the health insurance market.

In this article, "The poor optics of employee vision coverage: Employers have many reasons for capping benefits, but some plan sponsors are finding ways to modernize their offerings" ,Jann Lee restates "Ryerson University carries an impressive vision-care package: non-unionized employees can spend up to $800 every two years on glasses, contact lenses and laser eye surgery and receive an eye exam every two years."(14). Lee discusses how employees will receive basic insurance coverage, but they can increase the dollar amount in their spending accounts and reduce benefits in other areas, such as dental and paramedical services. As a result, Ryerson University distinguish eye exams for employees who want regular eye checkups but may not necessarily

There are great health care benefit programs for employees in most organizations. However, the age limitations are causing serious concerns when it comes to mental care for dependent adults over the age of 26. This needs to change, as mentally ill patients over the age of 26 are left without healthcare insurance; which is never a good thing. Mentally challenged individuals deserve to be protected and covered as dependents under their caregiver’s insurance plans as long as they live. The term dependent should not be restricted to an age, but rather be a term that defines the individual who is unable to provide for themselves due to some mental disorder. Therefore, if organizations change their policies and include the mentally ill as a dependent regardless of age, then, it is likely for economies to see declining crime rates, less cost to taxpayers for essential services, and better overall rehab facilities.

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.

HealthCo is a nonprofit health care provider operating with 36 clinics in an open system within a functional organization. The clinics include rehabilitation units, therapy facilities, hospice and geriatric units, and other highly specialized centers. HealthCo operates with approximately 6,700 employees in the eastern United States. In line with the industry, HealthCo employs a larger number of women than men in the areas of nursing and patient care.

This particular organization being a “for profit” organization, I as the CEO would build it to generate more money than it spends by making sure that it minimizes wastage of resource, produces quality products while at the same time observing best organizational practices.. Part of the money generated will then be share in a give back to the community kind of arrangement to ensure that the company observes corporate social responsibility.