Health insurance is increasingly vital in today's world, where 
growing number of Americans say they do not seek medical care when they need because of high costs. While you as an employer may want to offer a group insurance plan that protects employees, the reality is that it is not always economically feasible to do so.
What other options do you have? premium refund programs that remove the cost and hassle of insurance costs for employees provide an ideal solution. Even if you save your company money, the last thing you want to do is cut benefits that attract talents of your business. Fortunately, the premium rebate programs offer a viable solution that works for both the employer and employee.
Healthcare Staggering Costs lead to alternatives
According to the Centers for Disease C ontrol and prevention , health care spending just in 2013 reached 2.9 trillion US dollars, 17.4 percent of gross domestic product. This includes the costs for hospital care, simple doctor visits and drug prescriptions. Americans are paying thousands of dollars each month to stay healthy, and many opt to essential health care simply because they can not afford it.
This is why a premium payment plan can change the market. The process is simple: your business establishes a monthly allowance for each employee, often based on family status or employment requirements of the individual. Your employees then use the market to find the insurance plan for their needs, choosing their own benefit levels and coverage. After employees submit their monthly revenue premium, they are reimbursed for their health care available balance. The money is tax free, putting more money in the pocket of the employee.
Benefits of ROP programs
These programs offer unique benefits to employees, including:
- The control scheme individual health insurance
- No one-size-fits-all, rather than the plan is tailored to the employee
- flexibility to adjust and change plans to suit the employee
- reduction of individual insurance costs
- premium tax credits available to some people
Although the group insurance plans are increasing in the cost and bound by restrictions under the affordable care Act, the premium refund programs offer a viable solution to a frustrating problem.
Conclusion
Defined contribution health work in all sectors to make the single health insurance for employees and employers. If you are looking for a win-win solution for the current health care dilemma, this practice may help alternative.
What questions do you have on ROP programs? Leave your question below.
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