29 Sep Survey: Small Businesses Keeping Pace with Health Benefits Offered by Employers Nationwide
Find out how small businesses compare to major corporations when it comes to their healthcare benefits in this informative article from our partner, United Benefit Advisors (UBA) by Bill Olson.
Small employers, those with fewer than 100 employees, have a reputation for not offering health insurance benefits that are competitive with larger employers, but new survey data from UBA’s Health Plan Survey reveals they are keeping pace with the average employer and, in fact, doing a better job of containing costs.
According to our new special report: “Small Businesses Keeping Pace with Nationwide Health Trends,” employees across all plan types pay an average of $3,378 toward annual health insurance benefits, with their employer picking up the rest of the total cost of $9,727. Among small groups, employees pay $3,557, with their employer picking up the balance of $9,474 – only a 5.3 percent difference.
When looking at total average annual cost per employees for PPO plans, small businesses actually cut a better deal even compared to their largest counterparts—their costs are generally below average—and the same holds true for small businesses offering HMO and CDHP plans. (Keep in mind that relief such as grandmothering and the PACE Act helped many of these small groups stay in pre-ACA plans at better rates, unlike their larger counterparts.)
Think small businesses are cutting coverage to drive these bargains? Compared to the nations very largest groups, that may be true, but compared to average employers, small groups are highly competitive
See the original article Here.
Olson B. (2017 August 24). Survey: small business keeping pace with health benefits offered by employers nationwide [Web blog post]. Retrieved from address https://blog.ubabenefits.com/survey-small-businesses-keeping-pace-with-health-benefits-offered-by-employers-nationwide