Starbucks Corporation (NASDAQ:SBUX) will be expanding its health insurance policy to accommodate other procedures, once considered cosmetic. The expansion will include gender reassignment surgeries and will mainly benefit the transgender people and their families. The company has been working with World Professional Association for Transgender Health (WPATH) to make the new health insurance plan a reality.
Employees of the coffee shop will access procedures such as breast reduction or augmentation, hair transplants, facial surgery and skin grafts among others. Apparently, insurers do not cover a majority of these procedures.
Access to those procedures can be lifesaving for a population
It is considered that Starbucks took the boldest step into helping its trans workers regain back their confidence. WPATH, which has medical professionals treating trans people, applauded the move by the coffee shop. According to the organization’s former president, Jamison Green, Starbucks was very keen on getting things right. Thus the management asked the right questions in an effort to ensure people get the best possible care.
Green emphasized that the move would play a significant role in saving the lives of a majority of people suffering from suicidal thoughts. The organization also offered a list of the most crucial benefits alongside gender reassignment surgeries. The hope is that many more companies will support the policy.
The shop is the first to seek collaboration with WPATH. In appreciation, the vice president of benefits, Ron Crawford wrote, “The approach was driven not just by the company’s desire to provide truly inclusive coverage, and by powerful conversations with transgender partners about how those benefits would allow them …………………….”
THE MORNING REPORT
Start your workday the right way with the news that matters most.
But the company has lost value on Wall Street
Apparently, Starbucks is one of the best places to work according to the Human Rights Campaign Foundation. However, even with the new shift to cover additional transgender medical coverage, the company is not doing so well. Its shares have gone down 12.1% while the S&P 500 index is up 1.2% for the year to date.
On the other hand, s Starbucks’ executive chairman Howard Schultz will be retiring. For more than 30 years, Schultz has been very instrumental in running the company social issues and operations.