Tuesday, March 17, 2009

Working for a large firm can decrease cost of health insurance

By: Tsu-Han (Ina) Chang

If looking for health insurance is important to you, and it should be; you might want to consider working for a large firm. Although this might be easier said than done, it is extremely important to take into consideration health insurance benefits as a main criterion of the job searching process. According to the U.S. Department of Health & Human Services’ Agency for Healthcare Research and Quality, there are three major trends in cost and access that affect employer-sponsored health insurance selection for employers and employees. The first trend is the size of the firm. Typically due to the size and employment of larger firms, insurance companies are able to offer better rates to the firm and its employees. Therefore, employers at large firms are more likely offer health insurance to its employees than smaller firms. The second trend is the contribution and wage level. The Boston Business Journal reports that there is a direct correlation in the relationship between the employees’ contribution/salary and enrollment in insurance. As previously mentioned, insurance is considered to be extremely important in that it protects its policy holders from having to pay high amounts of healthcare costs that would of otherwise occurred. However, if the premium contribution for the policy is high, the employee will most likely choose not to purchase insurance. Therefore in larger firms, where the company is able to contribute more to the policy, employees are encouraged to purchase a health insurance policy. The third and final trend is actually a list of characteristics of those looking to be covered by corporate insurance policies. The characteristics are as follows:
-Young Adults (19-24)
-Elderly working women with health problems


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