Taking good care of all the workers and also keeping them content as they work for the organization entails more than giving them responsibilities for their job. Moving past providing the basic needs for the employees is the role of the company plus providing them with incentives and also the extra profits for instance, good health coverage creates a positive working environment for them.
The initial step essential in purchasing a good healthcare insurance policy plan for all the 50 employees in the organization is the determination of the state laws that pertains to insurance purchase. A company with such a small number of full-time employees, the expenses of health insurance are more likely to be shared between the employer and the employees instead of taking up the entire cost alone (Manning, Newhouse, Duan, Keeler & Leibowitz, 1987). The employer may decide to deduct a small percentage of salary from the workers every fortnight or monthly depending on how salaries are paid and top up on the contribution towards insurance. The organization has the responsibility of making sure the contributions are remitted to the underwriter. Every employee will be charged depending on the level of insurance coverage and also the deduction plan preferred. After the state laws and payment plan are determined, it is essential to know the method of purchase. The company can opt for a direct purchase or go through an insurance broker who can provide the much needed guidance.
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Lifestyle and the health economics of workers within this organization play an essential role in the plan and cost of the policy. Employees that are deemed to engage in poor lifestyle choices will pay more for the same cover limits as another employee who is perceived to engage in healthy lifestyle choices. For instance, an employee who smokes cigarettes will pay more for his or her insurance cover. The cost of purchase also plays an important role. Private insurance companies offer many options that vary in cost and benefits. The right plan should, therefore, be chosen after careful navigation of coverage and costs. (Manning, Newhouse, Duan, Keeler & Leibowitz, 1987). With these schedules in place, the cost of health insurance would be low and affordable and ensuring that the workers have the much needed cover for them to be healthy thus maintaining smooth running of the organization.
Implications of the Affordable Care Act
The Affordable Care Act lays down the standards that need to be met by the potential insurers. The act mandates that all the health care plans state the essential benefits they have for the insured (Rak & Janis Coffin DO, 2013). For this reason, the plan chosen and agreed on must meet these set standards and suit all the employees in the organization. Initially, the insurers used to reduce the benefits of the insured so that they can reduce the premium rates therefore the insured was not effectively covered against the potential future risks (Rak & Janis Coffin DO, 2013). The law was purposely set to protect the interest of the policy holder. The Affordable Care Act has many advantages to the policy holder, for instance, the act offers the organization the ability of rewarding the employees if they maintain particular set health standards while still maintaining good health and ensuring that they are not exploited by the employers and the insurer.
The ability to retain good health is an essential factor for the preservation of affordable prices when an organization is purchasing a health insurance policy. The disadvantage of this coverage is that it is not accurately possible to determine the cost of personal health. There is also a conflict on whether the law permits the workers to decide on the rewards and also the penalties pertaining the health policy and payment of premiums. Another demerit of this law is that the health of a person is not entirely under their control but the law assumes that the insurance is for people in good health condition. The Affordable Care Act has more advantages than the disadvantages therefore recommendable when taking a health insurance cover for the employees instead of governmental insurance.
In conclusion, providing a health insurance policy is beneficial to both the employees and the organization at large. When purchasing proper health insurance policy for a company of 50 employees, it is essential to consider lifestyle choices of the workers and their health economics so that the health insurance coverage benefits all the parties involved.
References
Manning, W. G., Newhouse, J. P., Duan, N., Keeler, E. B., & Leibowitz, A. (1987). Health insurance and the demand for medical care: evidence from a randomized experiment. The American economic review, 251-277.
Rak, S., & Janis Coffin DO, F. A. A. F. P. (2013). Affordable care act. The Journal of medical practice management: MPM, 28(5), 317.
