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Voluntary Benefits in Total Rewards
Benefits are another core element of a Total Rewards Program that no longer focuses primarily on insurance benefits. Benefits are designed to help protect and ensure financial security and includes retirement plans, health and welfare plans, and programs that provide pay for time not worked.
- Identify at least one nonmandatory or voluntary plan that you feel should be made mandatory and why.
- Identify one of the impacts of Medicare Reform and identify how the identified impact has affected employers and/or employees.
- What are the major differences between a Preferred Provider Organization (PPO) and a Health Maintenance Organization (HMO)?
- Describe the characteristics of an employee that would benefit the most from choosing a PPO. Do the same for an employee that would benefit the most from choosing an HMO.
- Share your experiences in your narrative.
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Voluntary Benefits in Total Rewards
One voluntary benefit that could be valuable as a mandatory option is paid family leave. Implementing paid family leave as a required benefit would ensure that employees across various industries can take time off to care for family members without sacrificing their financial stability. This security is critical for employee well-being and can reduce turnover rates, as employees are more likely to remain loyal to a company that supports them during significant life events.
Medicare reform, specifically the Affordable Care Act’s extension of Medicare, impacted employers by increasing reporting responsibilities and raising costs related to employee healthcare. The reform also extended Medicare coverage to preventive services, improving employee health outcomes, which can reduce absenteeism and long-term healthcare costs for employers. Voluntary Benefits in Total Rewards
The major difference between a Preferred Provider Organization (PPO) and a Health Maintenance Organization (HMO) is in flexibility and provider choice. PPOs offer a larger network of providers, including specialists, and allow employees to seek care without referrals, ideal for employees who prioritize flexibility. Conversely, HMOs are structured around coordinated care within a network and typically require referrals for specialist visits, suiting employees who…