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Companies are not required to provide health insurance for their workers. However, when a potential employee considers working for a particular company, healthcare insurance is a significant factor. While it may be beneficial for employers, offering healthcare packages to employees could prove problematic due to its high cost. Employer-based healthcare also helps in preventing unauthorized absence in the workplace.
Companies that offer healthcare insurance to their workers must consider all the pros and cons of such benefits. As for its advantages, potential candidates will find career opportunities that include healthcare coverage to be more attractive. For example, a potential worker will even take a job with a lower salary offer if it includes health insurance, which can also benefit a company in the long run. A company that depends on labor efficiency will always witness the benefit of strong, healthy workers. Companies can also receive tax benefits by offering its employees a health package (Beentjes et al., 2017).
In terms disadvantages, the constant increase in the cost of health insurance is also a factor to consider. Insurance premiums for workers are factored into the cost of labor which may fluctuate depending on the coverage purchased by the company as well as conditions in the market. There is also the issue of negligence and whether companies may be liable for any mistakes, increasing the probability of fines or lawsuits, and thereby increasing their financial burdens (Frost, Barrette, Kennedy, & Brennan, 2018). Small businesses suffer even more since the administrative cost for health package benefits are significantly disproportionate to their profits compared to major corporations
Health insurance is effective for deterring workers from being absent for illness-related reasons. In such situations, employees are required to provide a medical certificate, and paid sick leave is only determined by the employer, which also helps to reduce absenteeism. However, if sick leave exceeds the allotted paid period, a worker must submit the required medical certificates that explain the reason. In cases when a company refuses to provide further sick leave, an employee has the right to sue an employer; thus, a company may face a fine or lawsuit (Edemekong & Haydel, 2019). Companies providing healthcare insurance must consider both legal and cost advantages and disadvantages before purchasing coverage to their employees.
References
Beentjes, C., Di Bucchianico, A., Hamster, C., Kadu, A., Man I., Myerscough, K., Regis, M., & Richardson, O. (2017). Equalizing the Cost of Health Insurance. SWI Mathematics with Industry, pp. 29-49.
Edemekong, P. F., & Haydel, M. J. (2019) Health Insurance Portability and Accountability Act (HIPAA). Web.
Frost, A., Barrette, E., Kennedy K., & Brennan, N. (2018) Health Care Spending Under Employer-Sponsored Insurance: A 10-Year Retrospective. Health Affairs, vol. 37(10), pp. 1623–1631. Web.
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