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Should Employers Pay for Healthcare?

29 Oct 2015 | Under Blog, Employment | Posted by | 0 Comments
Should Employers Pay for Healthcare?

A job seeker has many things to consider when looking at postings on a job board.

The seeker looks at details such as position title, duties, location, experience required, and compensation. But what about benefits? Some job postings mention benefits in broad terms, but rarely do you see “Medical Insurance – 100 Percent Employer Paid”. Regenerative Medicine Solutions offers medical insurance at no cost of the employee. While so many companies don’t offer health insurance, or require employees to pay monthly premiums, it raises the question: why should employers pay for healthcare?

“Primarily we did it because we’re a health company, so we feel that health insurance is important for everybody to have,” said Jeremy Daniel, chief financial officer of Regenerative Medicine Solutions. “It’s important to instill a healthy lifestyle within our entire [company] culture and one of the ways we’re doing that is paying 100 percent health insurance for all our employees.”

Since the Affordable Care Act was signed into law in 2010, businesses with 50 or more full-time employees are required to offer health insurance benefits. But due to a rapidly changing health insurance landscape, there is no set amount employers pay for each employee’s health insurance cost. According to CNBC, many companies which offer health insurance require employees to pay a higher annual deductible before insurance kicks in.

The average worker now pays an average of $1,318 out of pocket before health insurance coverage begins, up from $584 a decade ago. That’s an average of $89 each month in health insurance premiums, according to Time.

Daniel said RMS has offered 100 percent employer-paid health insurance since opening in 2013. When the company started to grow at a rapid pace, management had to decide if they could continue offering the benefit or find an alternative. Ultimately RMS decided to keep it.

“Every year, you know your health insurance is going to go up so even if [an employee] get a 2-3 percent raise, if your health insurance goes up 10-15 percent every year, you actually lose a little money,” Daniel said. “So knowing the company is 100 percent covering health insurance you know where you stand financially and you don’t have to worry about those kind of things.”

And it’s something potential employees notice. Irene Miller, RMS human resources generalist, said not having to worry about paying health insurance premiums makes personal budgeting easier.

“I think some people forget to look at that when they get offered their salary,” Miller said.

RMS also offers 15 paid time off days, nine paid holidays, dental insurance, vision insurance, short-term disability insurance, employer-paid gym membership, and 100 percent employer-paid life insurance.

“There are so many added benefits that I think people don’t notice because they don’t see it in their salaries per se, but when they go to their budgeting they’ll see it,” Miller said.

Regenerative Medicine Solutions is located in Tampa, FL and operates the Lung Institute. For more information about RMS, please follow us on Facebook and Twitter.

Written by Regenerative Medicine Solutions

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