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Most people in the US actually get their health insurance from their companies. It probably accounts for 20% or more of the typical person's compensation.
I see. There's nothing like this here. Everyone who holds a savings bank account and does not hold any other insurance, is insured for about $2000 upon death.
Health insurances have not gained much popularity here. Government runs a scheme which provides about $5000k health benefits to those who are under income tax slab, which is about 95% of population here on papers. Govt data says that about 60% population is now insured under the scheme.
Is health insurance by companies is something mandatory by law?
And do these companies deduct insurance premiums Outta salaries?
Yes, employers of a certain size are mandated by law to provide health insurance to their employees. But the exact details of what's required are fairly complex.
And do these companies deduct insurance premiums Outta salaries?
It varies. Most employers pay about 80% of the employee's health insurance premium directly, and the employee will pay the remaining 20%.
When people talk about salaries, they usually do not include what the employer is paying for their health insurance.
Well, it looks like US people take personal finance much seriously. Here we don't even buy insurance. Most people remained insurance less and now rely government scheme which has very recently health insured almost all.
What I mean, If people stop spending, governments start caring for you.