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Benefiting from high-quality, cost-effective medical insurance for employees is an important aspect of total compensation. Employer-sponsored healthcare covers approximately 600,000 people in Kansas across various sectors, including companies such as Sprint and Cargill Meat Solutions.
If you have over 50 workers in the state of Kansas, the Affordable Care Act (ACA) requires that you provide health insurance to your staff. Because this might be achieved in a variety of ways, we've divided it into two categories: small employers (1-50 employees) and large businesses (51 or more).
There are 25,000 small employers across Kansas, representing over 107,300 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of Kansas employers provide access to medical benefits, with 63% taking advantage of the benefit. For small employers in Kansas, the employer covers an average of 78% for single employees and 67% for families. This costs the small employer approximately $454 each month for an individual and $1182 for a family. The employee then has to pay a monthly amount as well, which comes out to be $127 for single employees and $580 for families. To understand the ranges, a family's individual component can range from $349 at the 25th percentile to $684 at the 75th percentile.
Small businesses can build plans in a variety of ways. 27% of workers pick high-deductible health plans, 7% select an HMO, and 39% choose a PPO. Having several plan types to select from allows for a wide range of coverage options. This might be done through a restricted network that includes only certain PCPs, specialists, and hospitals, or it may be done through an open network that gives access to many doctors and hospitals.
Small employers can assist their workers in managing costs and pay correctly by offering tax-optimizing plans like Health Savings Accounts (HSAs) or Healthcare Flexible Spending Accounts (FSAs). Both an HSA and an FSA are fantastic methods for employees to manage their medical expenditures in the most effective way while also saving money for the business. There are 42% of Kansas' small businesses that offer an HSA, as well as 42% that provide an FSA.
Dental coverage is provided by 44% of small businesses, whereas only 21% provide vision benefits, which is far less than large businesses. This is a highly valued benefit since 76% take advantage of dental care and 79% utilize vision care. As a result, when selecting the broad range of perks offered by employers, dental and vision are two key services.
In the state of Kansas, 14,000 large employers provide medical coverage to over 517,000 individuals, with 69% taking advantage of the benefit. Larger employers, compared to smaller ones, are generally able to provide most comprehensive medical benefits. On average, Kansas employers cover 80% of the monthly premium for single employees and 75% of the premium for families. On the employer side, this equates to a premium average of $515 per month for singles and $1459 for families. For employees, this costs an average of $125 per month for single employees and $483 for families, with costs ranging anywhere from $73 each month for a family at the 25th percentile and $145 for a family at the 75th percentile. However, if you’re lucky enough to work with a few select Kansas large employers, 9.0% cover all medical expenses for single individuals, and 4.5% cover all expenses for families.
Plan designs differ depending on employee characteristics. In a sample of Kansas businesses, 44% of employees enrolled in PPO plans, 7% in HMO plans, and 46% in High Deductible Health Plans. The plan type has an effect on the range of coverage available from physicians and hospitals as well as copays, deductibles, and other elements.
When it comes to big employers in Kansas, 61% have a Health Savings Account (HSA) and 70% have a Flexible Spending Account (FSA). Both an FSA and HSA are essential elements in assisting employees with their medical bills while maintaining their tax benefits.
Large employers generally have a greater variety of dental and vision benefits than small businesses. Large Kansas businesses make dental plans available to their workers 68% of the time, and 81% take advantage of it. 38% provide vision services, and 79% utilize that option.
If you want assistance in selecting a top healthcare insurance broker that specializes in medical benefits in your region, contact Mployer Advisor right away. Whether you're a small or large company in Kansas, choosing a broker is an important decision.
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