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Total Rewards and Benefits
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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Total Rewards and Benefits
1. A Voluntary Benefit That Should Be Mandatory
One voluntary benefit that should be made mandatory is paid family and medical leave (PFML). While the Family and Medical Leave Act (FMLA) provides job protection for eligible employees, it does not guarantee paid leave. Making PFML mandatory would:
- Support employees during critical life events, such as childbirth, serious illness, or caregiving responsibilities.
- Reduce financial stress for employees who need time off.
- Improve employee retention and productivity, as workers who can take leave without financial hardship are more likely to return to work motivated.
Countries like Canada and Sweden offer paid leave as a standard benefit, and the U.S. could improve workforce well-being by adopting similar policies.
2. Impact of Medicare Reform on Employers and Employees
One significant impact of Medicare Reform is the Medicare Prescription Drug, Improvement, and Modernization Act of 2003, which introduced Medicare Part D (prescription drug coverage).
Effects on Employers:
- Employers who provided retiree prescription benefits had to adjust their offerings due to subsidies or coverage gaps in Medicare Part D.
- Many employers shifted costs to retirees or…