Providing high-quality, cost-effective medical benefits for employees is a critical component of total employee compensation. There are approximately 52,400 people in Delaware that are covered by employer-sponsored healthcare across Delaware's top industries, whether you work for companies such as Christiana Care Health Services Inc or The Chemours Company.
The Affordable Care Act (ACA) requires businesses with more than 50 employees in the state of Delaware to provide health insurance to their workers. Because this may be achieved in a variety of ways, we've divided it out based on small employers (1-50 people) and large employers (51 or more).
There are 2,000 small employers across Delaware representing over 9,300 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of Delaware employers provide access to medical benefits, with 64% taking advantage of the benefit. Small employers in Delaware cover approximately 77% for single employees and 62% for families. This costs the small employer on average $448 each month for an individual and $1072 for a family. The employee then has to pay a monthly amount as well, which comes out to be $133 for single employees and $652 for families. To understand the ranges, a family's individual component can range from $388 at the 25th percentile to $828 at the 75th percentile.
When it comes to plan design, 17% of small businesses choose a high-deductible health insurance plan, 9% select an HMO, and 48% opt for a PPO, depending on the situation. Having multiple plan types to pick from enables purchasers to select from a restricted network that includes only certain PCPs, specialists, and hospitals to an open network that provides access to a variety of doctors and hospitals.
Small Delaware businesses may assist and manage costs by offering tax-optimizing plans like Health Savings Accounts (HSAs) or Healthcare Flexible Spending Accounts (FSAs). 36% of Delaware's small companies have an HSA, while 44% have an FSA. Both are fantastic ways for businesses to help their employees manage their medical costs in the most effective way possible while maintaining a low cost to the employer.
When looking at your total employee benefits package, dental and vision benefits are two of the most important perks. Only 21% of small employers provide vision insurance, whereas 34% offer dental insurance. This is considerably lower than that observed among big businesses, of which 75% provide dental care benefits and 73% offer vision care benefits.
Amongst 1,000 large employers in the state of Delaware, medical coverage is provided for over 43,000 individuals. However, the monthly premium they cover varies. For individuals, large Delaware employers cover 79% of the monthly premium while paying approximately 70% of the premium for families. Larger employers are generally able to provide most comprehensive medical benefits, understandably, and 70% of individuals take advantage of this benefit when offered. With a large percentage of the monthly premium covered by the employer, this equates to an average of $508 per month for single employees and $1323 for families. On the employee side, this will cost them an average of $131 per month for individuals and $562 for families, with costs ranging from $84 each month for a family at the 25th percentile and $163 for a family at the 75th percentile. However, if you work for a few select Delaware large employers, 9.0% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Plan types can be chosen by a variety of criteria, depending on the employee demographics. In Delaware, 55% of employees opted to join a PPO plan, 9% opted for an HMO, and 29% chose a High Deductible Health Plan. The difference in plan type has an impact on the range of services accessible through physicians and facilities.
A well-rounded comprehensive benefits package that includes medical expense management tools is vital. What are your options? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular options. 55% of large businesses in Delaware provide an HSA, while 67% provides an FSA to employees.
Larger organizations generally have a higher offering rate than smaller ones when it comes to dental and vision plans. In Delaware, 57% of large companies provide dental insurance, and 80% use the benefit, whereas 38% offer vision care and 73% take advantage of it.
If you want assistance in selecting a top insurance broker that specializes in medical benefits in your region, contact Mployer Advisor right away. Whether you're a big or small business in Delaware, picking a broker is a significant decision.
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