Employee Medical Benefits Summary New Mexico

Tax Advantaged Accounts

Small businesses in New Mexico can assist their workers by providing tax-optimizing plans like Health Savings Accounts (HSAs) or Healthcare Flexible Spending Accounts (FSAs) to help manage expenses while still paying appropriately. An HSA is available from 46% of small employers in New Mexico, whereas an FSA is accessible from 43%. Both are fantastic methods for employers to assist employees in saving money on medical expenditures by helping them handle their costs as efficiently as possible.

Dental and Vision

Dental coverage is accessible by 45% of small businesses, but just 25% provide vision benefits, which is significantly lower than large corporations. This is a highly coveted benefit, with 78% utilizing dental care and 82% utilizing vision care. As a result, both dental and eye care are important offerings for employers when they're designing their comprehensive insurance plans.

Large Employer Guide to Medical Benefits

Cost & Coverage

Amongst 14,000 large employers in the state of New Mexico, medical coverage is provided to over 475,000 individuals. However, the monthly premium they cover varies. For individuals, large New Mexico employers cover 79% of the monthly premium while also paying 73% of the premium for families. Larger employers are generally able to provide the most comprehensive medical benefits, which is understandable, and 76% 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 $505 per month for single employees and $1356 for families paid for by the employer. On the employee side, this will cost an average of $130 per month for individuals and $497 for families, with costs ranging anywhere from $65 each month for a family at the 25th percentile and $181 for a family at the 75th percentile. However, if you work for a few select New Mexico large employers, 9.0% cover all medical expenses for single individuals, and 4.5% cover all expenses for families.

Plan Design & Cost

Employee demographics can impact plan designs. In New Mexico, 38% of employees enroll in PPO plans, 31% in HMO plans, and 22% in High Deductible Health Plans. The plan type influences the range of coverage available from physicians and facilities, as well as copays, deductibles, and other features.

Tax Advantaged Accounts

It is critical for employers to offer their employees tax-advantaged methods to manage medical expenditures. Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are two of the most popular options. Employers in New Mexico offer an HSA to 65% of businesses, and 69% offer an FSA.

Dental & Vision

In general, larger businesses have a greater variety of dental and vision plans than small businesses. Large New Mexico employers offer dental coverage to staff 69% of the time, with 83% of those who use it. 41% provide vision coverage, and 83% take advantage of that choice.

Medical Benefits Considerations

Whether you're a small or larger business in New Mexico, choosing a benefit designer to construct your plan's benefits is a crucial decision. If you want a list of employers in your region that specialize in medical coverage, contact Mployer Advisor now.

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