washington business
Although it’ s impossible to predict when an unanticipated illness and injury will happen, we can prepare for them by having health insurance. Health insurance provides access to vital services and helps cover the cost of care, with many people getting this important coverage through their employer.
More than 180 million Americans have employer-sponsored coverage. According to a recent survey, 93 % are satisfied with their employer coverage and 94 % say that their employer’ s coverage gives them peace of mind. Additionally, 89 % of employees say they would rather get coverage through their employer than from any other means.
Nearly 4 million Washingtonians receive coverage through their employer. Including health insurance in benefits packages is a win-win for both employees and employers.
“ It’ s a very efficient way for employees to get access to health insurance,” said Debra Brown, president of AWB’ s employer-services subsidiary, Forterra.“ At the same time, employers care about their people. If they offer them good benefits, like health insurance, their employees are going to be happier and healthier.”
from an exception to an expectation
While it’ s now common for employers to offer health insurance benefits, that wasn’ t always the case. Before World War II, most Americans paid for health care on their own; in 1940, less than 10 % of the population had health insurance. Things began to change after Congress passed the Stabilization Act of 1942, which authorized
At A Glance
Many employers began offering health insurance as a way to attract new employees during the tight labor market of World War II.
Today, 86 % of workers in Washington are employed by a company that offers health benefits.
Employer-provided insurance is popular, with 89 % of Americans preferring to get their coverage through their employer.
Small employers in Washington can provide health benefits through AWB’ s HealthChoice.
Health insurance premiums for small businesses in Washington state are much lower than the national average.
President Franklin D. Roosevelt to issue an executive order that froze wages, prices and salaries in an effort to control inflation.
Without the ability to offer higher wages, employers had to get creative in their efforts to attract and retain workers. Pension and insurance benefits were exempt from the executive order, and more employers began offering health insurance to better compete for talent. The tax benefits for both employers and employees also played a part in the growth of employer-provided health insurance; employers can deduct employee premium costs as ordinary and necessary business expenses, and these contributions are exempt from an employee’ s taxable income. By 1957, almost 66 % of households had health insurance through their employer.
Today, health insurance remains a key consideration for job seekers. One in three respondents in a recent survey said they would turn down their dream job if it didn’ t come with good health insurance, and 42 % would accept a new job if it came with better coverage.
“ It’ s really crucial when it comes to attracting and retaining talent,” Brown said.“ If an employer does not offer health insurance, candidates are probably going to think twice about accepting a position with them.”
28 association of washington business