Medical Benefit Plans Offer True Benefits

If you're a CPA or accounting professional in a small- or medium-sized firm, you know how difficult it is to attract and retain employees in today's very tight labor market. One benefit that continually serves as a real attraction isn't the latest spa membership, but a 100 percent-paid healthcare program for all employees.

While there are four viable options for traditional medical plans, many people will be surprised that 'fee for service' is used much less frequently than any of the others--only nine percent according to the Employee Benefits Research Institute.

The other three, HMOs, PPOs and POS (Point of Service) plans total 28 percent, 38 percent and 25 percent, respectively.

Which one of these is the best choice for a firm or small business? The best decision you can make or help make is to determine what aspect(s) of a medical plan is most important to employees. For example, employees in their 20s are much more likely to want higher co-payments and deductibles in lieu of lower premiums, while older workers may want to pay more for extended coverage.

You may like these other stories...

By Jason Bramwell, Staff WriterA recent survey of nearly 100 US financial executives by Deloitte LLP found that 42 percent of respondents pointed to the Affordable Care Act as the reason they had to pass further health care...
By Ken Berry Flexible spending accounts (FSAs) used for health care expenses just became slightly more flexible. On October 31, the IRS announced that employers can modify the "use-it-or-lose it" rule...
Dementia has become the number one cause of disability globally, according to the World Health Organization. Stroke, which can also profoundly impair judgment and decision making, stands at number two. "This year,...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.