When it comes to purchasing sufficient health insurance for the 50 full-time employees within the organization, their lifestyle choices will play a significant rolein choosing the best healthcare plan. For employees to remain productive and motivated, it is essential for an organization to provide more than just a job but with benefits and perks such as proper health insurance coverage. Choosing whether employees should be given national insurance is a factor that must also be considered.
Purchasing a Health Insurance
Buying proper health insurance for the 50 full-time employees requires determination of the law of the state regarding what is needed from organizations to the provision of health insurance. It is essential to note that 50 employees are not such a large number. The plan I would use to purchase the health insurance would be the SHOP marketplace. Small Health Options Program would help the business offer healthcare coverage to the employees. It is often available for organizations that have fewer full-time employees(50 or below). With this plan, the employers will be able to provide high-quality health coverageto meet the various needs of the employees and the business. SHOP marketplace would offer the flexibility, convenience, and choice of getting information online. It is easier for the organization to pay its employees and enroll premium online. With the plan in place, it would be easy to control coverage offered and the amount paid towards employee premiums. The employees can also choose whether they want independent coverage.
The lifestyle, as well as health economics in the organization, would play a significant role in choosing the best insurance cover to use. Proper lifestyle and health economics of the employees at the workplace would increase the availability of wellness programs within the workplace. When such plans are in place, employee turnover and absenteeism would probably be reduced. At the same time getting low-cost health will be an economical move for the company. Ensuring that employees have all the resources they need to work effectively is a step towards building a productive organization. Health economics is created to instill a culture of healthy lifestyles.
Implications of the Affordable Care Act
If the Affordable Care Act was fully implemented, there could have been an increase in the employer-sponsored coverage and more families and employees would have private insurance. It should be noted that the average employer spending on healthwould increase by around 2% considering the increased coverage on new assessments and lives. Affordable Care Act will increase cost and reduce employer-sponsored costs and coverage making small business coverage to expand and become financially better off.
Advantages and Disadvantages of Purchasing Health Insurance
Purchasing health insurance has certain advantages and disadvantages. Having health insurance provides the confidence of getting medical attention whenever you experience unexpected illness and condition that requires medical care. It saves employees money and gives them peace of mind. Some organizations offer insurance that covers the employees and their spouses and dependents too. However, purchasing health insurance also has its disadvantages. One of them is that some of the plans that one may want to choose are non-negotiable. It is either you take the package the way it is, or you leave. Another disadvantage is the cost associated with the insurance covers. The cost of insurance is increasingly becoming expensive for the lower class. One who is hardly sick and pays a small premium but is highly deducted may fail to benefit from the insurance coverage because they will mostly be paying out of their pockets until the deductible is achieved.
In conclusion, the provision of health insurance is beneficial to employees and the organization as a whole. It has the potential of attracting and retaining more employees which serves to the advantage of the company. When purchasing valid insurance for the organization, it is important to consider lifestyle choices and health economics to ensure that comprehensive coverage is accorded to the 50 full-time employees.
Blumberg, P. &Linda J. (2014) The Implications of the Affordable Care Act for Employees (2013). The Urban Institute Health Policy
The SHOP Marketplace (2019); Retrieved from www.Healthcare.gov/small-business/provide-shop-coverage
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