Employee Medical Benefits Summary Arizona

Tax Advantaged Accounts

In Arizona, 46% of businesses provide a Health Savings Account (HSA), while 43% give a Healthcare Flexible Spending Account (FSA) to assist employees in managing their costs and optimizing payments. Either alternative is an excellent approach to assist workers in managing their health-related expenditures in the most cost-effective manner possible with little expense for the employer.

Dental and Vision

Dental and vision benefits are offered by 45% of small companies, whereas only 25% provide dental care, which is far lower than that provided by large businesses. This is a highly valued benefit since 78% take advantage of dental services and 82% utilize vision care. As a result, both dental and vision are critical components in employer-sponsored package of benefits.

Large Employer Guide to Medical Benefits

Cost & Coverage

In Arizona, 48,000 large businesses offer medical coverage to 1,968,000 people. Larger employers, in general, can provide most comprehensive healthcare coverage to their staff. The percentage of employees at big companies in Arizona who take advantage of this benefit is 76%. In the state as a whole, large employers pay an average of 79% of the monthly premium for single workers and 73% of the family's premium. For a single person, the employer cost is $505 per month, or $1356 for a family. For individuals, this translates to an average of $505 per month for single workers and $1356 for families, with costs ranging from $65 each month for a family at the 25th percentile to $181 each month for a family at the 75th percentile. If you are blessed, 9.0% of Arizona's large businesses cover all medical expenses for single people and 4.5% do so for families.

Plan Design & Cost

Depending on the demographics of your staff, you may pick a variety of options. When workers in Arizona sign up for PPO plans, 38% select it, 31% opt for an HMO, and 22% choose a High Deductible Health Plan (HDP). The difference in plan kind influences the scope of coverage available from physicians and hospitals. It also affects co-payments, deductibles, and other factors.

Tax Advantaged Accounts

65% of large Arizona businesses provide a Health Savings Account (HSA) and 69% give a Flexible Spending Account (FSA). Both an FSA and HSA are vital elements in assisting employees with their medical expenditures on a tax-advantaged basis.

Dental & Vision

Large employers, on average, provide dental and vision benefits at a greater frequency than small businesses. Large Arizona companies offer dental plans to their workers 69% of the time, with 83% utilizing that option, and 41% offer vision services with 83%.

Medical Benefits Considerations

If you want assistance in selecting a top insurance broker that specializes in medical benefits in your area, contact Mployer Advisor right now. Whether you're a small or big business in Arizona, picking a broker is an important decision.