Employees Management: Health Insurance

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Table of Contents

Introduction
Discussion
Conclusion
References

Introduction

Medical insurance is beneficial to offer to workers because talented and high-performing workers will be incentivized by the benefit and will likely stay at the company long-term. As a result, it is possible to develop a cohesive employee welfare plan that contributes to the well-being and satisfaction of workers (Team Loop, 2022).

Discussion

In addition, group medical insurance allows employers to earn significant tax benefits, with the insurance being deductible under the Income Tax Act. However, such insurance could lead to added costs, which are expensive for some organizations. Employee insurance means that the plans are likely to be controlled by employers, which means that workers do not have to say in the plan or scheme selected, which could be a disadvantage if healthcare issues occur. Moreover, most insurance does not give sufficient coverage, which means that they do not guarantee sufficient services.

Organizations do experience cost losses when workers are absent from the workplace for weeks due to poor health. It has been estimated that lost productivity due to chronic conditions, injuries, and other issues that result in absence cost US employers around $575 billion per year (Integrated Benefits Institute, 2019). The issue is challenging to address because there is currently no federal law that mandates companies to give sick leave even though workers are entitled to the time off when they meet the criteria for state laws governing medical leave (U.S. Department of Labor, 2022).

Conclusion

Therefore, to retain employees, organizations may be legally responsible for providing a leave of absence for workers to meet their healthcare needs. Besides, it is better to supplement legal obligations with voluntary leave policies as a tool for engagement and recruitment.

References

Integrated Benefits Institute. (2019). Cost of poor health infographic [Infographic]. Web.

Team Loop. (2022). Top 10 employer-based health insurance pros and cons (2023). Web.

U.S. Department of Labor. (2022). Sick leave. Web.

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Employees Management: Health Insurance

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