Plan OverviewIn recent years, companies have seen a dramatic increase in the cost of providing health care benefits to their employees. This is primarily due to the ever increasing cost of health care services and medicines. Because of these rising insurance premiums, many companies have been forced to reduce the benefits offered to employees under their group health insurance programs. This increases the personal (co-pay) expenses that are paid by the employee when they require medical treatment or medicines. Some companies are even requiring their employees to pay a higher share of the monthly premium or requiring them to pay 100% of their dependent premiums. The number of corporations that offer full premium payment for an employee and his dependents are decreasing annually.
Benefits for Employer and EmployeeMany employees are forced to stay employed by a company primarily because of the health coverage offered by that employer due to lack of group medical insurance information or knowledge. This is more commonly the case if an employee depends on the benefits due to a pre-existing condition (PEC) that might prevent them from obtaining individual health insurance.
Companies that offer comprehensive health insurance to their employees typically have: - Decreased employee turn-over rate
- Increased employee loyalty
- Increased employee productivity
- Attracts qualified employee applications
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