Question

what will be the effect of of mandated health insurance benefits on the market for labor if the workers do not place any value on these benefits? if they fully value the benefits? answer should be 150 words minimum.

Answer 1

Mandated health insurance benefits are those benefits or relieves which workers get to cover the treatment (expenses) of health conditions, types of healthcare providers etc. Not only this, these benefits include dependents and individuals like adopted children, dependent children etc.

These types of health care benefits are either mandated by the state or federal law. Some mandates claim that the mandates ensure health protection. While others say that mandates increase the cost of healthcare.

What if the workers do not place any value on these benefits?

If the workers do not give importance to these health insurance benefits or if they do not place any value (not considering important), then they will directly buy or purchase the health benefits from the market. So the market will boost up i.e., the market will benefitted.

What if they fully value the benefits?

If the workers fully take advantage of this health insurance and fully value the benefits, they will not purchase from the market. Hence, the market will suffer great loss as the workers will take advantage of health benefits, they will not spend money to purchase the benefits, therefore the insurance market will suffer from a loss.