Providing high-quality, cost-effective medical insurance for employees is a vital element of a complete compensation package. There are approximately 500,000 people covered by healthcare in Idaho, whether you work for St. Luke's Health System or Idaho Power Company.
The Affordable Care Act (ACA) stipulates that employers with more than 50 workers must provide health insurance to their employees. A variety of strategies are available to achieve this. As a result, we have separated out what medical benefits look like for both small businesses (1-50 employees) and big businesses (51+).
Employees at small employers in Idaho have the most choice when it comes to medical coverage. In accordance, 69% of employees have access and 70% of workers take advantage of the opportunity. With 30,000 small employers in Idaho employing more than 110,000 individuals, the employer covers an average of 77% for single employees and 65% for families. The approximate, cost to the employer is $445 per month for an individual and $1098 for a family. The employee is also responsible for a monthly premium of $445 for a single person and $1098 for a family. At the 25th percentile, the individual component might be as low as $351; at the 75th percentile, it can be as high as $765.
For small businesses, 13% of employees choose a high deductible health plan, 29% select an HMO, and 34% select a PPO. These various plan types provide several levels of coverage ranging from a narrow network limited to particular PCPs, specialists, and hospitals to an open network with access to many physicians and hospitals.
Tax-efficient healthcare plans like Health Savings Accounts (HSAs) and Healthcare Flexible Spending Accounts (FSAs) can assist small enterprises in Idaho. This helps their employees manage expenses and pay promptly by providing such tax-optimizing options. Both an HSA and an FSA are excellent methods for businesses to assist their workers with managing medical costs while still saving money. An HSA is available from 46% of the companies in Idaho, whereas an FSA is accessible from 43% of them.
45% of small businesses provide dental benefits, whereas only 25% offer vision care. This is considerably lower than big employers, who offer dental and vision benefits to 78% and 82%, respectively. As a result, when creating their comprehensive benefits package, employers should consider both dentistry and vision benefits.
In Idaho, over 11,000 large businesses offer medical insurance to more than 410,000 people, with 76% of them taking advantage of the benefit. Larger employers are generally able to provide most comprehensive medical benefits when compared to smaller employers. In the state of Idaho, companies pay an average of $79 per month for single employees and $73 per month for families. For employers, the average monthly premium is $505 for individuals and $1356 for families. For workers, this costs an average of $505 per month for individuals and $1356 per month 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. However, if you work with a few select Idaho large businesses, 9.0% coverage applies to single people only and 4.5% coverage applies to family units only.
Plan designs may differ based on the employment demographics of your employees. 38% of employees at large Idaho companies enroll in PPO plans, 31% in HMO plans, and 22% in High Deductible Health Plans. The plan type determines the breadth of coverage accessible through doctors and hospitals, as well as copays, deductibles, and other elements.
It's critical for businesses to assist employees in managing their medical expenses tax-advantaged. The Flexible Spending Account (FSA) and the Health Savings Account (HSA) are two of the most popular solutions. 65% of Idaho's major employers offer an HSA, while 69% provide an FSA to its staff.
Larger employers have a greater offer rate than smaller ones when it comes to dental and vision plans. In Idaho, large employers provide dental insurance at 69% of businesses and 83% utilize the benefit, while 41% offer vision insurance, and 83% take advantage of the opportunity.
Choosing a benefit designer for your plan type is an important decision, whether you're a small or big business in Idaho. If you want a list of employers near you that specialize in medical benefits, contact Mployer Advisor right now.
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