Medical Benefits

Employee Medical Benefits Summary Florida


Employee medical coverage is an important element of total employee compensation. Employer-sponsored health care is available to approximately 7,000,000 people in Florida. Coadvantage has been providing managed health services and insurance in the state since 2012.

The Affordable Care Act (ACA) requires employers with more than 50 workers in the state of Florida to provide health insurance to their employees. Because this may be accomplished in a variety of ways, we've broken down how this works for both small businesses (1-50 people) and big businesses (51 or more).

Small Employer Guide to Medical Benefits

Cost & Coverage

Small companies in Florida have approximately 1,360,000 employees, and 408,000 are small employers. From the basic to comprehensive employer coverage, benefit plans range from the minimum to the maximum. Medical benefits are accessible to 68% of Florida businesses, with 64% utilizing them. For individuals in Florida, on average, the employer covers 77% of medical costs and 62% of family expenses. Small businesses spend an average of $448 per month for individuals and $1072 per month for families. The employee is then required to pay a monthly fee, which averages out to be $448 for individuals and $1072 for families. To comprehend the different levels, consider a family's component: it can range from $388 at the 25th percentile to $828 at the 75th percentile.

Plan Design

Small employers may utilize a variety of design methods for employee benefit packages. 17% choose high deductible health plans, 9% select an HMO, and 48% pick a PPO. Having various plan sorts to pick from allows for varying levels of coverage. This is possible with a restricted network that includes only specific PCPs, specialists, and hospitals or with an open network that gives access to several physicians and hospitals.

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Tax Advantaged Accounts

Small businesses in Florida may assist their employees by providing tax optimizing plans like Health Savings Accounts (HSAs) or healthcare Flexible Spending Accounts (FSAs), which can help them manage their expenditures and pay appropriately. An HSA is available in 36% of small companies in Florida, while an FSA is accessible 44% of the time. Both are excellent methods to help employees save money on medical costs while assisting employers with administrative overhead expenses.

Dental and Vision

34% of small businesses provide dental coverage, while only 21% provide vision, which is lower than big companies. When they are provided, 75% take advantage of dental benefits and 73% utilize vision services. Employers might find that offering dental and vision plans is a good idea when considering their employee benefits options for the year.

Large Employer Guide to Medical Benefits

Cost & Coverage

In Florida, over 5.7 million people have medical insurance through 142,000 large businesses, with 70% of those using the benefit. Larger employers are generally able to cover most of the essential medical services than smaller ones. On average, in Florida, companies pay 79% of a single employee's monthly premium and 70% of a family's premium. The typical cost for individuals is $508 per month and for families, it's $1323. For employees, the average monthly cost is $508 for individuals and $1323 for families, with costs ranging from $84 per month for a family at the 25th percentile to $163 per month for a family at the 75th percentile. However, if you work with a few select big Florida employers, there is 9.0% coverage of all medical expenditures for single people and 1.8% coverage of all costs are covered by employer insurance.

Plan Design & Cost

Plan types vary depending on employee demographics. PPO plans account for 55% of enrollees at large Florida businesses, 9% of enrollees at medium-size employers, and 29% of enrollees at small employers. The plan type influences the breadth of coverage available from doctors and hospitals as well as copays, deductibles, and other factors.

Tax Advantaged Accounts

Providing employees with methods to manage their medical expenditures in a tax-advantaged manner is an important aspect of a comprehensive benefits package. What can you do? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular options. An HSA is available to employees at 55% of large companies in Florida, whereas an FSA is accessible to 67%.

Dental & Vision

Larger businesses generally have a wider choice of dental and vision plans than smaller employers. In Florida, the proportion of large companies that provide dental insurance is 57%, and 80% utilize it. 38% of big businesses offer vision insurance, while 73% take advantage of the service.

Medical Benefits Considerations

When it comes to selecting a broker who can design benefits for your plan type, this is a decision for both small and large businesses in Florida. If you want a list of employers in your area that specialize in medical benefits, contact Mployer Advisor immediately.


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