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Employee medical benefits are an essential component of total employee compensation. Nevada has around 1,100,000 people covered by employer-sponsored healthcare in the state's top industries, from businesses such as Caesars Entertainment and Wynn Resorts.
The ACA (Affordable Care Act) says that if you have over 50 workers in Nevada, you must provide health insurance to them. We've outlined what medical benefits look like regardless of your company's size, whether you're a small employer (1-50 employees) or a major employer (51+).
Among the 43,000 small employers in Nevada representing over 168,600 employees, 69% provide access to medical benefits, while 70% of employees take advantage of the benefit. On average, if you’re a small employer in Nevada, the employer covers 77% for single employees and 65% for families, which costs the small employer approximately $445 each month for individuals and $1098 for families. The employee also has to pay a monthly amount which totals out to $132 for a single and $588 for a family on average. A family individual component can range from $351 at the 25th percentile to $765 at the 75th percentile.
For small businesses, there are multiple ways to create plans. 13% pick high deductible health plans, 29% select an HMO, and 34% choose a PPO. Having several plans to pick from allows for diverse levels of coverage. This may be achieved with a restricted network that includes only specific PCPs, specialists, and hospitals or an open network that gives you access to numerous doctors and hospitals.
Small businesses in Nevada may assist their employees in managing expenses and pay correctly by providing tax-optimizing health savings accounts (HSAs) and healthcare flexible spending accounts (FSAs). Both an HSA and an FSA are excellent strategies to help workers save money on medical costs while still giving employers significant flexibility. An HSA is offered by 46% of Nevada's small employers, whereas an FSA is offered by 43%.
When considering your whole employee benefits package, it's important to consider both dental and vision perks. Dental benefits are provided by 45% of small businesses, whereas only 25% provide vision coverage. This is far less than what we see among major companies. Of the employees who receive benefits, 78% take advantage of dental care, and 82% utilize vision care.
In the state of Nevada, 21,000 large employers provide medical coverage to over 975,000 individuals, with 76% taking advantage of the benefit. Larger employers, compared to smaller ones, are generally able to provide most comprehensive medical benefits. On average, Nevada employers cover 79% of the monthly premium for single employees and 73% of the premium for families. On the employer side, this equates to a monthly premium average of $505 per month for individuals and $1356 for families. For employees, this costs an average of $130 per month for single employees and $497 for families, with costs ranging anywhere from $65 each month for a family at the 25th percentile to $181 for a family at the 75th percentile. However, if you’re lucky enough to work with a few select Nevada large employers, 9.0% cover all medical expenses for single individuals, and 4.5% cover all expenses for families.
Employee demographics have a significant impact on plan designs. PPO plans are 38% of those covered by Nevada employers, HMO plans are 31%, and HDHP plans are 22% of those covered. The plan type influences the variety of coverage available from doctors and hospitals as well as copays, deductibles, and other factors.
A well-structured comprehensive benefits plan must include provisions for employees to manage their medical bills in a tax-advantaged manner. How can you accomplish this? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular options. 65% of big businesses in Nevada offer an HSA, with 69% offering a flexible spending account to their staff.
In Nevada, larger businesses have a greater probability of providing dental and vision plans than smaller employers. Large Nevada businesses provide dental coverage to their workers 69% of the time, with 83% taking advantage of it, and 41% offer vision care with 83% utilizing that option.
If you're looking for an expert to guide you through the process of selecting the best insurance broker in your area, contact Mployer Advisor right now. Whether you're a small or large business in Nevada, picking a broker is a significant decision.
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