Great data on cost of employee benefits
By Greg Sailer
We are making benchmarked benefit trend data available to you – at no cost.
Employers often wished they had a secret portal to a set of easy-to-read, accurate data showing everyone’s costs for employee benefits. Armed with such data, not only could they evaluate their own cost structures, but see what their competitors are doing. What a great way to attract new employees, too, without over- or underpaying them.
When they can find it, employers use benchmarked data to carefully evaluate costs and plan designs during internal negotiations about their benefits. This inquiry allows employers to better manage costs and to retain and attract quality employees.
One of the best benchmark trend reports available is published by United Benefit Advisors (UBA). UBA is a consortium of benefit consultants from across the United States – Sailer Benefit is a UBA partner.
Recently, UBA published its 2023 UBA Employee Benefits Benchmarking Trends Report.[i] We offer you a free copy at your request. Or if you are interested in some specific data, we can customize a report for you.
Send a request for a free copy of the trend report, along with with your name, company name, email address, and phone number to service@SailerBenefit.com.
Here is some of what you will find in the Trend Report
In this report, you will see that median health plan premiums for 2022 increased almost six percent, a slightly larger increase than the most previous years. The quest for better, more effective and affordable plan design continued to produce changes.
Premium Trend by Industry:
How do your premiums compare to these? For employee-only coverage, employers are paying an average of 74 percent of premium, while for employee and spouse, employers pay an average of 55% of premium, and 51% for family coverage.
What types of health plans are employers embracing? To help reduce cost, nearly 49% of employers are considering plan design changes. Among the most popular trends today for small groups under 50 employees is going from fully insured to level funded group contracts. Still, “nearly 83% of employer-sponsored health plans are fully insured.”
PPO Plan Comparisons:
How do your employees’ deductibles compare to those of other employers? For a PPO plan over all regions, the average deductibles are $1,850, with average out-of-pocket expenses at $6,250. What about your region and for employers your size?
Commonly, with these plans there are other out-of-pocket costs, such as office visit copays, specialty visit copays, and prescription drug copays which can vary greatly based on the type of medicine. How much are your employees paying compared to others?
The Trend Report indicates that “Nearly 72% of employers offer vision benefits and 68.8% … dental coverage.” Some 41% offer short-term disability while 44% offer basic long-term disability.
Wellness programs continue to enhance the employee experience, and accrue to a successful work environment. Self-funded health plans for under 500 employees have seen a remarkable increase in the percentage of employers offering wellness programs.
Wellness Programs by Size and Location
A few we have sampled for you
The Trend Report contains far more than this. It is filled with the data you need to compare your benefits to those of your competitors.
To receive your free PDF copy of this Trend Report, send and email to service@SalierBenefit.com. Be sure to include your name, company name, and phone number. Feel free to send along any questions you might have.
Wishing you the best.
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