Essay on Rising Health Care Costs - 818 Words

Rising Health Care Costs for Small Employers One of the biggest problems small employers face today is the steadily rising costs of health coverage for its employees. This paper covers how health care premiums have risen in double digits for the past five consecutive years, how many small businesses are forced to drop health care coverage for their employees because of the out of control costs, and what small businesses are doing to control the costs and still offer health care coverage to their employees. The good news is that small businesses have been doing better than the overall economy. During the past few years, they have overcome rough times and developed a resiliency that is serving them well. The bad news is that the rising†¦show more content†¦The small businesses characteristics, including whether a small firm is a component of a larger business, the composition of its workforce, and the industry of which it is a part, are the most important factors in determining an employers ability to acquire affordable health coverage for its employees. Despite the high cost of premiums and the cost of administering the benefit, small employers state many important business reasons for offering health insurance coverage to its employees. Most say they provide health benefits because it helps with employee recruitment, increases employee loyalty, and decreases turnover. They also note that these benefits positively affect employee attitude, performance, and health. The most important reason for offering health insurance coverage, small employers say, is that it is the right thing to do. The most significant reason for a small business employers decision not to offer health benefits however is the skyrocketing costs. So what can a small business employer do to maintain its health care coverage for its employees? Possibilities are reducing benefits, shifting more of the cost of the premiums to its employees, requiring employees to pay high co-payments when they visit a doctor, switching from a PPO to a HMO, and covering only employees rather than including family members. Higher deductibles and out-of-pocket expenses may be anotherShow MoreRelatedRising Cost of Health Care1289 Words   |  6 PagesThe Rising Cost of Health Care: Effects on Access to Care The rising cost of health care is a trend that is negatively influencing access to health care. According to our course textbook, Policy and Politics in Nursing and Health Care, over 46 million Americans did not have health coverage in 2008, and 25 million American adults were underinsured (p. 124-125). 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American people look at their insurance bills, co-pays and drug costs, and cant understand why they continue to increase. The insured should consider all of these reasons before getting upset. Read MoreHealthcare Challenges Of Health Care945 Words   |  4 PagesGMFCs Health Care Challenges Health care costs in America have been on the rise for quite some time. Majority of employees obtain some level of health care insurance through their employees. Despite 15.7% of the U.S. population not having any source of health care, accessibility and accessibility continues to rise due to soaring health care costs (Cole McCullough, 2006). Private sector company’s, such as GMFC, are faced with making harsh financial decisions on benefits impacting their