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Polled CFOs view healthcare coverage as a necessity

May 02, 2012
Uncategorized By LW Consulting Inc.

Research data from the Integrated Benefits Institute, a provider of health resources to employers, states that drawing and keeping a skilled workforce are the most vital aspects for employers in regards to offering employee medical coverage under the Patient Protection and Affordable Care Act.

While the U.S. Supreme Court decides on the constitutionality of the Affordable Care Act, employers will still face a dilemma regarding health benefits options. CFOs will have to decide whether to continue offering health insurance or to steer employees toward the individual insurance market.

The Affordable Care Act includes a mandate to be instituted in 2014 that directs employers to offer employee health insurance or pay fines. In regards to this mandate, the Integrated Benefits Industry released a survey on the main concerns of CFOs. A total of 80 percent of surveyed CFOs claimed that attracting a skilled workforce is an important part for keeping medical coverage.

Other critical aspects include influence on employee satisfaction, promoting a healthy lifestyle in the workplace and managing treatments to enhance workforce productivity. On top of these three factors, CFOs consider the savings that providing medical coverage produces as a vital factor.

"These concerns indicate that CFOs see medical coverage as a competitive necessity in managing human capital, rather than simply a cost to be minimized," Thomas Parry, president of the Integrated Benefits Institute, stated. "While there is widespread speculation among employers, insurers, benefits professionals and corporate leadership as to how organizations will respond as this historic legislation is rolled out, it's apparent that the C-suite sees the importance of medical coverage not only as a means to maintain a skilled workforce, but also as a tool to be leveraged in improving employee health and productivity."

Employers and CFOs who need greater guidance in choosing the best health options for their employees should consider speaking to a hospital consultant and implementing healthcare consulting services.