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Tax and insurance regulations should allow employers to create defined contribution plans for health insurance.This would make health insurance simple for employers and would give employees a broad range of choices.Learn the essential facts about these plans in this NFIB Research Crib Sheet.
Utah’s health insurance exchange offers a desirable benefit for employees working for employers who provide DC insurance.
Different members of the household can combine their employers’ contributions into a single pool of funds.
There is little reason to believe that the small-business owner can make better insurance choices for his employees than the employees can make for themselves.
Few small businesses have human resources departments.
Employees would no longer be limited to their employer’s one-size-fits-all insurance choice.
The portability of DC plans removes a source of tension between employers and employees.
Small businesses generally lack health insurance expertise, human resource departments and market power.
They would like the option of contributing dollars to employees’ health insurance without actively choosing, purchasing or managing the plans.
Since employer-sponsored insurance (ESI) became common in the 1940s, DB plans have dominated the market.
With a DB plan, the employer offers employees an insurance policy (or several policies) with a specific range of healthcare benefits.