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Employee compensation benefits should include medical insurance that is both cost-effective and flexible. There are approximately 5,100,000 people in the state of Illinois who receive health coverage, whether it be from employers such as Walgreens or McDonalds Corporate.
The Affordable Care Act (ACA) requires that you provide health insurance to your workers in the state of Illinois as long as you have more than 50 employees. We've broken down what medical benefits look like regardless of company size, whether you're a small employer (1-50 people) or a big employer (51+).
In Illinois, 68% of small businesses provide health benefits to their staff, and 67% of workers take advantage of the service. With 213,000 small employers in Illinois with a total of 780,000 employees, the employer pays an average of 77% for single workers and 70% for families. A typical cost for an individual is $448 per month, and a family's cost is $1210. A monthly premium is required of all employees, who must pay $448 for a single person and $1210 for a family. Individual family costs can range from $321 at the 25th percentile to $734 at the 75th percentile.
When choosing a plan design, 27% of small employers employees select a high deductible health plan, 7% choose an HMO, and 39% choose a PPO. Having several plan types to pick from allows for coverage choices that range from a restricted network with access to only certain PCPs, specialists, and hospitals to an open network with access to many doctors and hospitals.
Small companies in Illinois can assist their staff members in managing expenditures and pay accurately by providing tax-optimizing health savings accounts (HSAs) and healthcare flexible spending accounts (FSAs). Both an HSA and an FSA are excellent methods for employees to handle their medical expenses in the most cost-effective way possible while remaining compliant. 40% of Illinois' small businesses provide an HSA, while 44% provide an FSA.
When looking at your comprehensive employee benefits package, both dental and vision advantages should be considered. Dental perks are available from 44% of small businesses, while just 29% provide vision care. This is far lower than what we observe among big businesses. Employees who receive dental and vision coverage take advantage of such benefits 78% and 79% of the time, respectively.
In Illinois, over 92,000 large employers offer medical insurance to almost 4 million people, with 74% of those individuals taking advantage of the benefit. Larger businesses are typically able to give most comprehensive medical benefits in comparison to smaller businesses. On average, in Illinois, single employees receive coverage for 79% of the monthly premium and families for 78% of the premium. For employers, the average monthly premium is $509 for singles and $1493 for families. For individuals, this costs an average of $509 per month for single people and $1493 per month for families, with expenditures ranging from $83 each month for a family at the 25th percentile and $161 each month for a family at the 75th percentile. However, if you work with a few select Illinois large corporations, all medical expenses are covered in full by 8.2% coverage for singles and 5.4% coverage for families.
Employee demographics can affect your plan designs. Across numerous companies in Illinois, 44% of workers are enrolled in PPO plans, 7% in HMOs, and 46% in High Deductible Health Plans. The plan type influences the breadth of coverage available from physicians and clinics, as well as cost, deductibles, and other elements.
When it comes to significant employers in Illinois, 59% offer a Health Savings Account (HSA) and 69% provide a Flexible Spending Account (FSA). Both an FSA and an HSA are critical elements for employers to help employees manage their medical expenditures tax-wise.
Larger employers generally have a greater plan rate than small businesses when it comes to dental and vision insurance. In Illinois, 68% of big employers provide dental coverage while 83% use the benefit, and 45% offer vision insurance while 79% take advantage of the option.
Whether you work for a small or big employer in Illinois, choosing the best benefits provider is crucial. If you would like a list of businesses in your area that specialize in medical benefits, contact Mployer Advisor now.
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