Medical benefits are an important element of a complete compensation package. Providing high-quality, cost-effective medical insurance for employees is a critical part of any total compensation package. Healthcare insurance coverage is available to approximately 1,400,000 individuals in Connecticut, whether you work at Aetna or Hartford Healthcare.
The Affordable Care Act (ACA) states that if you have over 50 employees in the state of Connecticut, you must provide healthcare to your staff. We've broken down what medical benefits look like regardless of your company size, whether you're a small employer (1-50 people) or a big employer (51+ people).
Among the 58,000 small businesses in Connecticut with over 240,000 workers, 68% offer medical insurance, and 65% of employees take advantage of the benefit. Suppose you're an average small business in Connecticut. In that case, your employer covers 75% for single workers and 70% for families, costing you an average of $483 per month for individuals and $1321 per month for families. A single employee must pay $483 a month on average, while a family of three would have to pay roughly $1321. A family's individual component may range from $366 at the 25th percentile to $721 at the 75th percentile.
When selecting a plan design, 21% pick a high-deductible health plan, 18% select an HMO, and 38% choose a PPO. Having several plan types to pick from allows for coverage choices ranging from a restricted network that includes only particular PCPs, specialists, and hospitals to an open network with access to a broad range of doctors and hospitals.
Small employers in Connecticut may assist their employees in controlling expenses and paying correctly by providing tax-saving alternatives such as Health Savings Accounts (HSAs) and healthcare Flexible Spending Accounts (FSAs). Both an HSA and an FSA are excellent methods for employees to manage their medical costs in the most cost-effective way possible while still saving money for the employer. 33% of Connecticut's small businesses offer an HSA, while 44% provide an FSA.
When comparing your full employee benefits package, dental and vision advantages are important factors to consider. Only 14% of small employers provide vision care, as opposed to 40% of small businesses that provide dental insurance. This is significantly lower than the 77% for big corporations. 76% of employees who are offered dental coverage take advantage of it and 78% of employees with vision coverage take advantage of it.
Over 1,229,000 individuals in Connecticut are covered among 28,000 large companies. The monthly premium they pay, on the other hand, varies greatly. Large Connecticut businesses cover 78% of the monthly cost while also paying 78% of the family premium. Larger employers are typically able to provide numerous comprehensive medical benefits and 71% of people take advantage of this benefit when it is available. For individuals and families paid for by the employer, this translates to an average of $547 per month for employees and $1630 each month for families. For people, this will cost them an average of $547 per month on the low end and $1630 per month on the high end, costing anything from $105 monthly for a family at the 25th percentile to $193 monthly for a family at the 75th percentile. However, if you work for certain Connecticut major employers, there is 5.7% coverage of all medical expenses for individuals, and 3.6% coverage of all costs for families.
Plan types can be selected by a variety of criteria, depending on the employee demographics. In Connecticut, 43% of employees opted to join PPO plans, 19% opted for an HMO, and 35% chose a High Deductible Health Plan when enrolling in plans with high deductibles. The difference in plan type determines the breadth of coverage available from physicians and facilities. It also has an impact on copays, deductibles, and other elements.
Providing employees with methods to manage their medical expenditures from a tax-advantaged standpoint is an important factor of any well-rounded comprehensive benefits package. What are your options? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular choices. An HSA is available in Connecticut, with 53% of large employers offering one and 71% providing an FSA to its workers.
Larger businesses have a higher offering rate than smaller ones when it comes to dental and vision plans. In Connecticut, 64% of big companies provide dental insurance, whereas 81% utilize the benefit. 31% offer vision insurance, while 78% take advantage of the benefit.
Whether you're a small or large employer in Connecticut, choosing the right benefits broker is crucial. If you'd like a list of health-related brokers in your region, contact Mployer Advisor now.
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