RMI 2101 Lecture 10: Topic 10

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Why are ee benefits important to the ers: firms spend 40% of payroll on ee benefits ($. 40 of every dollar, second largest expense behind salary, healthcare is expensive. Rate increase in healthcare costs from year to year (10-12%) Gm corp provides healthcare to . 1% of us population. Every car manufactured (,800 need to add to each care to make healthcare for employees) Types of ee benefits to meet loss exposure: medical expense for an ee. Tradition indemity plan: 4% of the market. Managed care plans: hmo (health maintaine org, ppo, pos. Consumer driven health plans (cdhp: hra- health reimbursement act, hsa- heath saving act. Narrowly defined perils: dental insurance, vision insurance, prescription drug insurance, long term care insurance, loss of income due to retirement. Pension plan- defined benefit: employer takes all the risk. 401(k) or 403(b)- defined contribution: employee takes all the risk. Social security retirement benefits (oasdi) (old age: loss of income due to disability.

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