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Employee benefits should include a comprehensive package that is both cost-effective and accessible. There are almost 300,000 people in the state of New Hampshire who receive health insurance through their employers, whether they work for C&S Wholesale Grocers or Southern New Hampshire University.
The ACA (Adequate Care and Coverage) requires employers with more than 50 workers in the state of New Hampshire to provide healthcare to their employees. Because this can be completed in a variety of methods, we've divided it out for both small businesses (1-50 workers) and large organizations (51+).
There are 18,000 small employers across New Hampshire, representing over 74,000 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of New Hampshire employers provide access to medical benefits, with 65% taking advantage of the benefits when available. For small employers in New Hampshire, the employer covers an average of 75% for single employees and 70% for families. This costs the small employer approximately $483 each month for an individual and $1321 for a family. The employee then has to pay a monthly amount as well, which comes out to be $160 for an individual and $561 for a family. To understand the ranges, a family's individual component can range from $366 at the 25th percentile to $721 at the 75th percentile.
For small businesses, there are a variety of ways to plan. 21% pick high deductible health plans, 18% select an HMO, and 38% select a PPO. Different plan types provide for a wide range of coverage options. This is accessible via a restricted network that includes just certain PCPs, specialists, and hospitals or an open network that enables access to numerous doctors and hospitals.
In New Hampshire, 33% of businesses provide a Health Savings Account (HSA) to employees, while 44% offer a healthcare Flexible Spending Account (FSA). Both options are great ways to assist employees in managing their medical expenditures in the most cost-effective manner while still saving the company money.
Dental coverage is available by 40% of small employers, but vision benefits are only accessible by 14%, which is far lower than that offered by big businesses. This is a highly valued benefit since 76% use dental services and 78% utilize vision care benefits. As a result, when employers choose their comprehensive insurance package, both dental and vision are important extras to consider.
Amongst 8,000 large employers in the state of New Hampshire, medical coverage is provided to over 323,000 individuals. However, the monthly premium they cover varies. For individuals, large New Hampshire employers cover 78% of the monthly premium while also paying 78% of the premium for families. Larger employers are generally able to provide many comprehensive medical benefits, which is understandable, and 71% of individuals take advantage of this benefit when offered. With a large percentage of the monthly premium covered by the employer, this equates to an average of $547 per month for single employees and $1630 for families paid for by the employer. On the employee side, this will cost them an average of $158 per month for individuals and $454 for families, with costs ranging anywhere from $105 each month for a family at the 25th percentile to $193 for a family at the 75th percentile, however, if you work for a few select New Hampshire large employers, 5.7% cover all medical expenses for single individuals, and 3.6% cover all expenses for families.
Plan types can be chosen by a variety of criteria depending on the employee demographics. When it comes to New Hampshire PPO plans, 43% of employees enroll, 19% join an HMO, and 35% sign up for a High Deductible Health Plan (HDHP). The difference in plan type influences the scope of coverage offered by physicians and facilities. It also has an impact on copays, deductibles, and other aspects.
When it comes to large businesses in New Hampshire, 53% provide a Health Savings Account (HSA) and 71% provide a Flexible Spending Account (FSA). Both an FSA and HSA are essential elements of a tax-advantaged approach to medical expense management for employees.
Larger organizations have a greater offering rate than smaller ones when it comes to dental and vision plans. In New Hampshire, 64% of major employers provide dental coverage, while 81% use the benefit, and 31% provide vision insurance while 78% take advantage of the benefit.
If you're looking for an insurance broker in New Jersey to assist you in selecting your medical benefits, contact Mployer Advisor right now. Whether you're a small or large employer in New Hampshire, picking an insurance broker is a crucial decision.
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