Industry Benefits Summary

Medical Equipment and Supply Manufacturing Industry- Employee Benefits Summary

The Medical Equipment and Supply Manufacturing industry plays a key role in the United States healthcare system. From surgical and medical instruments to dental equipment, our nation’s healthcare workers are dependent upon its ability to supply reliable items in a number of fields.

The industry boasts over 18 million workers and is expected to swell 15% in the next eight years. With such large expansion and increased need, the medical equipment and supply manufacturing market must be able to offer its employees additional protection in the form of comprehensive employee benefits. A higher amount of physical labor can result in an increased number of workers comp claims and higher overall medical expenses, thus making quality short and long term disability plans important. Additionally, a higher percentage of males are in this industry, and this demographic tends to place importance on having access to employer sponsored healthcare and 401K match benefits.

How do your benefits compare to other Medical Equipment and Supply Manufacturing companies?
Download Your Custom Benefits Report Now

The Medical Equipment and Supplies Manufacturing Industry Employment Summary

There are around 10,000 medical equipment and supplies manufacturing plants across the country, employing 270,000 employees. Companies in this industry are mid-sized, with each one having an average of 27 employees. This is a male-dominated industry, with only 40% of employees identifying as female, and the median employee age is 45 years old.

Medical Equipment and Supplies Manufacturing Industry Benefits Comparison

91%

What percent of medical equipment and supplies manufacturers offer medical insurance?

  • 91% offer their employees access to medical insurance. This is well above the national average of 69%.
  • These employers provide an average monthly employer premium of $1,234 for family coverage. This is above the national average of $1,121.
  • Additionally, these businesses provide an average monthly employer premium of $452 for individual coverage. This is also a bit below the national average of $458.

65%

What percentage of medical equipment and supplies manufacturers offer short and/or long-term disability insurance?

65% of medical equipment and supplies manufacturing conmpanies offer short-term disability insurance, and 49% provide a long-term disability option. The national average for these metrics is 42% and 34%, respectively.

81%

What percent of medical equipment and supplies manufacturers offer life insurance?

81% offer access to life insurance coverage. This is well above the national average of 56%.

18%

Do medical equipment and supplies manufacturers provide access to paid family leave?

  • 18% provide access to paid family leave, which is slightly below the national average of 20%.
  • 92% provide access to unpaid family leave, which is above the national average of 88%.
  • 33% offer consolidated leave plans, which is also slightly below the national average of 44%.

Summary

Generally speaking, the medical equipment and supplies manufacturing industry stands above the nationwide standard for providing all-inclusive employee benefits packages. Despite this, there are still a few opportunities for improvement, including amping up family leave, consolidated leave, and retirement savings options. Once employers make these changes, they will start to notice how benefits packages are prime factors to attracting employees to their team and retaining them for years to come.

Next Up

How Does Your 401k Offering Stack Up To Other Employers?
Given their prominent position that 401ks hold in the context of modern workforce management, a closer look at some of the surrounding issues can help ensure that your organization’s offerings remain viable relative to the other employers with which you are competing for talent.
The CFO Role: Less Accounting & More Strategy - Including People Strategy
A look at the state of finance departments across US companies over the last few years reveals an interesting mix of stability and change.
The Market Employment Summary for February 2024
Each month, Mployer Advisor breaks down the Bureau of Labor Statistics’ most recent State Employment and Unemployment Summary to highlight some employment trends across various markets. This is an overview of February’s report.