Tax Advantaged Accounts

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

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%.

Large Employer Guide to Medical Benefits

Cost & Coverage

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.

Plan Design & Cost

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.

Tax Advantaged Accounts

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.

Dental & Vision

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.

Medical Benefits Considerations

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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