When you manage a distributed team, it’s important to have a sound understanding of the benefits they’re entitled to, including whether they’re eligible for public or private health insurance. The laws surrounding insurance availability vary between nations, so you need to be aware of the guidelines in each country where you have workers when designing a benefits package. Understanding these differences is the key to ensuring every employee receives quality, comprehensive coverage.
Public healthcare, also known as universal healthcare, is provided by a given country’s government. It may be managed by a government agency, tightly regulated private providers, or a combination of both. While this isn’t available in every country, it’s more common than many people believe. Currently, more than 70 nations around the world offer this type of coverage.
Despite the prevalence of public health systems, it’s important to note that they’re not identical. The details vary between countries: some operate free of charge, while others may have associated fees or options for private supplemental coverage.
Private healthcare is managed exclusively by private for-profit providers. It differs from public coverage in several notable ways, though both systems have their pros and cons:
In many countries, such as the United States, it’s common but not required for employers to offer healthcare to employees as a benefit. There are many reasons to provide employees with access to group healthcare, such as:
Employers may also want to consider the potential tax incentives. For example, you can deduct the cost of premiums from your federal business taxes, reducing your company’s overhead. Depending on the size of your company and annual revenue, you may also qualify for a tax credit.
Oyster healthcare enables you to offer health coverage to team members in nearly 200 countries. No matter where your employees live and work, there’s a good chance you can provide them access to high-quality group health insurance coverage.
Better yet, Oyster healthcare works directly with health insurance carriers to bring businesses of all sizes robust plans at an affordable cost.
In addition to Oyster healthcare, you’ll fall in love with other aspects of our global employment platform. It’s designed to help you find, engage, pay, manage, develop, and take care of a thriving distributed workforce.
Gone are the days when hiring local talent was your only option. With Oyster, you can successfully add and manage team memberss anywhere in the world. Sign up for a free account today for access to Oyster Academy, distributed HR tools, and the opportunity to engage and pay your first two contractors.
From there, you can upgrade to a paid plan that provides access to Oyster health among many other industry-leading products and services.