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The cost of our health insurance has increased ti the ooint that we need to make some changes within the company. We have 47 employees in the company but only 17 of those employees choose to have heal
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Forums » Topic Forums » Legal Forum » Health Insurance
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Health Insurance
posted at 12/8/2010 6:04 AM EST
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Posts: 36
First: 6/15/1999 Last: 12/8/2010 |
The cost of our health insurance has increased ti the ooint that we need to make some changes within the company. We have 47 employees in the company but only 17 of those employees choose to have health insurance.
We are trying to find out if we increase the income of those 17 employees so that they will be able to get health insurance on their own will we have to increase the whole company? |
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Health Insurance
posted at 12/14/2010 4:58 PM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Honestly it would be better to do a full compensation study rather than just increasing those that have made the choice to take insurance. Plus that would be a large increase! Single private coverage is running at least $300 a month plus if an employee has any pre-existing condition it might be much more than you are expecting.
I would also try to find out why so many aren't participating. Is it because they are covered elsewhere or just that they can't afford to be covered at all? And there is always the possibility that there would be disparate impact depending on your demographics. One way to think about compensation is an overall compensation cost vs a salary/wages. When we compare compensation, it is salary/wages plus benefits and other costs. We call it a "carry cost". That is what it costs the employer to employ this specific employee. We want that carry cost to be equitable based on job, level, education, experience etc. Depending on benefit choices, the actual wages might be different but overall it is more equitable. One last thought -- why punish those ees that haven't chosen health insurance or why reward those that have? Make a decision about what the employer can pay and then decide where the best use of those $s are. |
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