A healthy benefits package, in addition to other benefits, is an important element of a complete remuneration package. For employees, providing high-quality and cost-effective medical insurance is an essential aspect of their total compensation package. healthcare is available to around 3.5 million people in Georgia, whether you work for The Home Depot or Gentiva Health.
The Affordable Care Act (ACA) requires businesses with more than 50 employees in Georgia to provide health insurance to their workers. Since this may be accomplished in a variety of ways, we've divided it out according to small employers (1-50 people) and large employers (51+ people).
Georgia has 147,000 small enterprises with a combined workforce of about 550,000 individuals. Benefit programs range from the most basic to comprehensive employee coverage. 68% of Georgia businesses offer medical benefits, with 64% utilizing them. For small employers in Georgia, the typical employer covers 77% for single workers and 62% for families. The average cost of a small employer's employee health insurance is $448 per month for an individual and $1072 per month for a family. The employee must also pay a monthly charge, which averages out to be $448 for individuals and $1072 for families. To have an idea of the extremes, a family's component might range from $388 at the 25th percentile to $828 at the 75th percentile.
From a strategic standpoint, 17% of small company employees select a high deductible health plan, 9% choose an HMO, and 48% pick a PPO. These various plan types provide for varying levels of coverage, from a limited network that includes only certain PCPs, specialists, or hospitals to an open network that allows access to a variety of healthcare providers.
Georgia small employers may assist and manage expenses by providing tax-optimizing health savings accounts (HSAs) or healthcare flexible spending accounts (FSAs), which can help their workers budget and pay more efficiently. An HSA is available to 36% of Georgia's businesses, whereas an FSA is offered by 44%. Both are fantastic methods for employers to provide employees with greater control over their medical expenditures at little cost.
Only about a third of small businesses (34%) provide dental benefits, and only 21% provide vision care, which is less than large businesses. When offered, 75% utilize dental services, and 73% get vision treatment. Offering dental and vision coverage may be an important benefit for employers when considering the year's offerings.
About 3.03 million people in Georgia are provided with medical coverage through 72,000 large businesses. The monthly premium they pay, however, varies. Large Georgia employers cover 79% of the monthly cost while also paying 70% of the cost for families. Larger employers are usually able to give a variety of comprehensive healthcare services and benefits, which is understandable. When given, 70% of persons take advantage of this benefit. With the majority of the monthly premium covered by the employer, this comes to $508 per month for single workers and $1323 for families paid through their employer. This will set you back an average of $508 each month for individuals and $1323 each month for families, costing anything from $84 a month for a family at the 25th percentile to more than $163 a month for a family at the 75th percentile. However, if you work for certain Georgia major employers, there is 9.0% of health insurance coverage available for individuals and 1.8% of health insurance coverage available to families.
Plan options vary depending on employee characteristics. According to data from the Georgia Department of Labor, 55% of enrollees in PPO plans, 9% in HMO plans, and 29% in High Deductible Health Plans work for large corporations in the state. The plan type influences the range of coverage available through doctors and hospitals as well as copays, deductibles, and other features.
It's crucial for employers to offer their workers options for managing medical expenses tax efficiently. The Flexible Spending Account (FSA) and Health Savings Account (HSA) are two of the most popular methods. An HSA is available at 55% of large Georgia companies, while an FSA is offered by 67%.
Large businesses, on average, have a greater number of dental and vision plan choices than small companies. Dental insurance is available to employees of large Georgia businesses 57% of the time, with 80% taking advantage of it. 38% of large businesses offer vision benefits, with 73% utilizing that option.
Whether you're a small or large employer in Georgia, choosing the right benefits consultant is crucial. If you want a list of businesses in your region that specialize in medical insurance, contact Mployer Advisor now.
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