A growing number of people in this country have no access to health care at all, as the cost of the sort of care they might need would financially cripple them and their families for the rest of their lives. And, people who have spent large portions of their income on health insurance are often dismayed to find their insurance will not cover any pre-existing condition, even when that condition was never properly diagnosed. Every day, we see evidence of these sorts of things in the news. More and more people are discovering that they must wing it on their own, as far as health care is concerned. Thus we see the renaissance of herbal medicine, and the vast interest in working out in gyms and health clubs, as ways to lower the cost of health care.
Many CEOs say they would rather have their firms located in Canada, as health care there is so much less expensive, both for the employers and the employees, than it is here in the States. Besides, Canadian workers are generally healthier than their U.S. counterparts. However, none of the CEOs this writer has interviewed are campaigning for single payer health care in this country. But then, few of us would ever credit CEOs with thinking in terms of the general good. Immediate profit to their companies, coupled with rises in the value of their companies’ stock is far more important to them. Every time a corporate manager lowers the cost of labor in his company, and health insurance is one of the costs of labor, they raise the value of their stock, and keeping their stockholders happy is what they are in business to do. As far as our society is concerned, this is a formula that makes no sense. These corporate leaders should be campaigning for single payer health care, and they would, if they did not own large shares of stock in the insurance companies. And we know that, as with any other corporation, the ob of the health insurance companies is to make money, not to pay out on claims.
Health Insurance For Employee
For many employees in Dallas, Houston or throughout Texas with no health insurance, a policy known as "Limited Benefit" sounds like an appealing choice. Premiums are as low as $10 a week. But there's a big catch: these policies pay as little as $1,000 a year or $10,000 for a lifetime - so little that some health insurance experts question whether they really amount to health insurance at all.
Even insurance industry executives and agents are highly skeptical of such plans. At one insurance-company meeting last year, a roomful of agents burst into laughter when an executive described a Limited Benefit plan. But plan defenders say the simple act of giving low-income workers an insurance card can encourage them to seek routine preventive care. They contend that some measure of health coverage, however small, is better than none.
Currently, Limited Benefit policies are among the fastest-growing health insurance offerings for temporary and hourly workers. Sold by half a dozen insurance companies, they cover an estimated 750,000 employees and family members. Wal-Mart Stores Inc., McDonald's Corp. and Lowe's Cos. are among major companies making them available to their employees. For the nearly 47 million uninsured people in the United States today, having Limited Benefit health insurance would be better than having no coverage at all.
Limited Benefit plans place severe financial caps on benefits such as inpatient care, hospital room and board and other critical services. One of the bigger selling points for Limited Benefit plans, however, is that they often cover at least part of the insured's everyday routine and preventative medical expenses. Still, even with respect to every-day care, the policies have restrictions such as waiting periods for "wellness checks" and exclusions for the treatment of pre-existing conditions. Once the insured exhausts a limited amount of routine or preventative services, limited benefit plans often have deductibles that must must pay each year before other benefits kick in.
Some insurance companies have tried offering low-cost policies that cover "catastrophic" health costs. But industry officials say low-income employees haven't shown much interest because such plans require high deductibles - perhaps a couple of thousand dollars - before coverage kicks in. Low-wage workers are more interested in something that covers basic expenses.
While many employers who sponsor Limited Benefit health plans for their employees reluctantly concede that the plans offer little to no help with a serious illness, the employers and their insurance agents say that they make sure workers understand what this particular insurance will and will not do.
Enrollment in Limited Benefit health plans has grown about 20% in each of the past few years. Employers typically make them available mostly to hourly workers, either full- or part-time, and collect the premiums through payroll deduction. Companies in the service sector find that 10% to 30% of eligible workers elect to purchase the Limited Benefit coverage.
Limited benefit plans may have their place in today's health insurance market, but it's important that small business employers know exactly what they're sponsoring when it comes to health insurance plans for their employees.
Both Genevieve Fosa & Melih Oztalay are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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