Providing high-quality, low-cost medical insurance for employees is an essential part of a complete compensation package. There are about 700,000 people covered by healthcare in Mississippi, whether you work for Modine Manufacturing Company or United Furniture Industries.
If you have more than 50 workers in the state of Mississippi, the ACA (the Affordable Care Act) requires you to provide health insurance to your staff. Since this may be achieved in a variety of ways, we've divided it into two categories: small companies (1-50 employees) and big businesses (51+).
Among the 28,000 small employers in Mississippi representing over 123,400 employees, 67% provide access to medical benefits, while 67% of employees take advantage of the benefit when it is available. On average, if you’re a small employer in Mississippi, the employer covers 77% for single employees and 62% for families, which costs the small employer an average of $428 each month for individuals and $996 for families. The employee also has to pay a monthly amount which totals out to approximately $127 for an individual and $606 for a family. A family individual component can range from $390 at the 25th percentile to $735 at the 75th percentile.
When choosing a plan design, 17% of small businesses employ a high deductible health plan, 9% an HMO, and 48% a PPO. Having several plan types to pick from allows for coverage options ranging from a restricted network that includes only certain PCPs, specialists, and hospitals to an open network that offers access to many physicians and hospitals.
Small businesses in Mississippi can assist their employees in managing money and pay as efficiently as possible by providing tax-optimizing health savings accounts (HSAs) or healthcare flexible spending accounts (FSAs). Both an HSA and an FSA are fantastic methods to help workers manage their medical costs in the most cost-effective way while minimizing the employer's burden. 33% of Mississippi's small businesses offer an HSA, while 39% provide an FSA.
Dental and vision advantages are two of the most important factors to consider when evaluating your entire employee benefits package. Dental benefits are available from 26% of small companies, whereas just 17% offer vision care. This is considerably less than what we see among large businesses. Employees who are offered health insurance take advantage of dental services at a rate of 74%, while those who aren't get only 78%.
In the state of Mississippi, 16,000 large employers provide medical coverage to over 591,000 individuals, with 74% taking advantage of the benefit. Larger employers, compared to smaller ones, are generally able to provide most comprehensive medical benefits. On average, Mississippi employers cover 79% of the monthly premium for single employees and 70% of the premium for families. On the employer side, this equates to a monthly premium average of $486 per month for singles and $1230 for families. For employees, this costs an average of $125 per month for single employees and $522 for families, with costs ranging anywhere from $76 each month for a family at the 25th percentile to $157 for a family at the 75th percentile. However, if you’re lucky enough to work with a few select Mississippi large employers, 8.2% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Depending on a variety of criteria, employees may pick from different plan kinds. 55% of Mississippi workers decided to join PPO plans, 9% opted for HMOs, and 29% went with High Deductible Health Plans (HDHPs). The difference in plan type determines the scope of coverage provided by doctors and hospitals. It also has an impact on copays, deductibles, and other aspects.
It is critical for businesses to provide employees with options for managing their medical expenses tax- efficiently. Employees may use a Flexible Spending Account (FSA) or a Health Savings Account (HSA) to save money on healthcare costs. 53% of large Mississippi employers offer an HSA, while 64% provide an FSA.
Larger employers generally have a higher offering rate than smaller ones when it comes to dental and vision plans. In Mississippi, 50% of large employers provide dental coverage, and 79% utilize the benefit, while only 34% offer vision insurance, and 78% take advantage of that option.
If you're looking for a medical insurance broker in your area, contact Mployer Advisor right away. Whether you're a small or big company in Mississippi, picking a broker is a significant decision.
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