Employers understand that today’s employees are more concerned than ever about the welfare benefits included as part of a total compensation package. Health insurance, of course, remains the number one most popular employee benefit. Yet health insurance plans are becoming increasingly expensive, for both employees and employers.
According to a 2022 comprehensive employee benefits report from EASE,[i] “…employer responsibility for family [health insurance] premium contributions has increased from 2020 to 2021.”[ii]
For employers with 1-250 employees, the average cost of premiums has increased 16.2 percent from 2018-2021, with annual average premiums for employer-provided individual insurance now touching $575 per month - $6,900 annually. During these same years, average premiums for employer-provided health insurance increased 11.7%, but for the 101-250 employee groups, an incredible 17.85%[iii]
Employers want relief from the increasing costs of welfare benefits. Yet, they also understand that to retain their best employees, and attract new ones, they must have a great benefit plan. Employers know that “…offering family coverage can make or break an offer.”[iv]
Our consultants at Sailer Benefits review market trends and data to better inform employers and help design attractive, and more affordable, welfare benefit plans. We have found the data in the Ease report to be reliable and tremendously useful while consulting with clients.
Good data is foundational to good decisions. We would like to send you a copy of the Ease report – The 2022 Ease SMB Benefits and Employee Insights Report.” This report will help an employer more easily understand the challenges in the benefits marketplace.
Send me an email if you would like a copy of this valuable report. Better yet, give us a call at 651.702.5656, and we will send you the report right away.
[i] Ease helps insurance agencies offer their clients better service through simple technology. Today, over 2,000 agencies trust Ease to support benefits, payroll, and HR needs for more than 75,000 employers and their 2.5 million+ employees.
[ii] Staff. “The 2022 Ease SMB Benefits and Employee Insights Report.” Benefits Research. San Francisco, 2022. P 10.
[iii] Ibid. Pages 6-10.
[iv] Ibid. P 10.