Employee health insurance is a welfare benefit plan for the employee
that an employer establishes or maintains to provide health care for his
employees and their dependants by securing an insurance coverage or
through reimbursement to protect them against high and uncertain medical
expenses.
Health insurance offered by an employer to his employees can be urgent or it can be provided as a routine. This type of insurance is usually regulated by the law of each country and every employer has an obligation to provide his employees with health insurance coverage.
It is a valuable benefit that an employer can offer to his employees as it is relatively cheap and also helps the employer to retain and attract good quality staff. In addition, it is connected with lower mortality and improved health outcomes, therefore employees who have health insurance are likely to be more productive workers.
When an employer provides health insurance to his employees, normally there are some conditions that are attached to it for instance the waiting duration before the benefit is effective for the new employees, it is mandatory that the employee has to be a full time worker or must be working for a certain number of hours in a week and also employers are required to facilitate the payment of the premium portion.
Employers who are operating small businesses with mainly low wage workers are less likely to provide health insurance to their employees because the high cost of underwriting as well as administering coverage for every employee in a workforce that is small usually increases the premium cost. Smaller companies usually have high employee turnover rates and this means that only a smaller percentage of the workers are likely to fulfill the waiting period that is required for enrollment.
In addition, most small firms do experience high business failure rates than larger companies and this means that they have higher incentives of keeping the costs of operating their business low. Due to lack of coverage at small firms, this can reflect the weaker tendencies of employees from small firms for reimbursement in terms of health insurance benefits in relation to wage income.
Although health insurance is important to an employee, it only forms a portion of the insurance package together with employees’ life insurance and employees’ retirement. Today, there are several companies offering this type of insurance policy and employers can easily contact them. However, to be able to get full information effectively and learn more about the various health insurance plans available, one can do this by searching online as every reputable insurance company has its own website online.
Any company website will offer you detailed information about the insurance company plans and programs and it is advisable for an employer to get several quotes from different insurance companies and then compare their prices in order to get a favorable plan. Also, before applying for an employee health insurance plan, you need to be familiar with the terms and conditions of the insurance plan and be satisfied that it will meet your needs.
Health insurance offered by an employer to his employees can be urgent or it can be provided as a routine. This type of insurance is usually regulated by the law of each country and every employer has an obligation to provide his employees with health insurance coverage.
It is a valuable benefit that an employer can offer to his employees as it is relatively cheap and also helps the employer to retain and attract good quality staff. In addition, it is connected with lower mortality and improved health outcomes, therefore employees who have health insurance are likely to be more productive workers.
When an employer provides health insurance to his employees, normally there are some conditions that are attached to it for instance the waiting duration before the benefit is effective for the new employees, it is mandatory that the employee has to be a full time worker or must be working for a certain number of hours in a week and also employers are required to facilitate the payment of the premium portion.
Employers who are operating small businesses with mainly low wage workers are less likely to provide health insurance to their employees because the high cost of underwriting as well as administering coverage for every employee in a workforce that is small usually increases the premium cost. Smaller companies usually have high employee turnover rates and this means that only a smaller percentage of the workers are likely to fulfill the waiting period that is required for enrollment.
In addition, most small firms do experience high business failure rates than larger companies and this means that they have higher incentives of keeping the costs of operating their business low. Due to lack of coverage at small firms, this can reflect the weaker tendencies of employees from small firms for reimbursement in terms of health insurance benefits in relation to wage income.
Although health insurance is important to an employee, it only forms a portion of the insurance package together with employees’ life insurance and employees’ retirement. Today, there are several companies offering this type of insurance policy and employers can easily contact them. However, to be able to get full information effectively and learn more about the various health insurance plans available, one can do this by searching online as every reputable insurance company has its own website online.
Any company website will offer you detailed information about the insurance company plans and programs and it is advisable for an employer to get several quotes from different insurance companies and then compare their prices in order to get a favorable plan. Also, before applying for an employee health insurance plan, you need to be familiar with the terms and conditions of the insurance plan and be satisfied that it will meet your needs.
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