Definition - What does Health Benefits mean?
Health benefits refer to any benefits under a coverage plan. These usually consist of some combination of dental, medical, and vision care offered by employers as a form of compensation to employees. Health care coverage remains a longstanding employment incentive for people entering the workforce. Employers extend health benefits as an incentive to secure qualified employees for the duration of their careers at competitive costs as well as improving worker performance and reducing absenteeism.
WorkplaceTesting explains Health Benefits
Health benefits refer to fringe perks included in a compensation package by which employers attempt to recruit the most desirable employees. The marketplace is fiercely competitive and employers are always looking to claim ownership to the best employees, which leads to the widespread practice of offering health benefits in the form of health insurance. The provision of health care coverage helps protect companies from some liabilities, such as on-site accidents or disasters, individual diseases/illnesses, psychological distress or trauma, or any number of health-related setbacks that slows or constrains productivity. Offering health benefits remains a win-win situation for both employees and employers, and are cost-effective for both parties. With the implementation of the ACA, health benefits are legislated more heavily than ever before.