.svg)
Medical benefits are an important component of a well-rounded employee compensation package. New York state has around 10,500,000 people covered by healthcare, whether you work for The Burke Group in Rochester or a local NYC deli.
The ACA (Affordable Care Act) requires businesses with 50 or more workers to provide healthcare to their employees. This may be achieved in a variety of ways. As a result, we've divided small and big businesses into two categories: those with 1-50 employees and those with 51 or more workers.
There are 546,000 small employers across New York, representing over 2,007,500 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 66% of New York employers provide access to medical benefits, with 66% taking advantage of the benefit. For small employers in New York, the employer covers an average of 79% for single employees and 73% for families. This costs the small employer approximately $478 each month for an individual and $1273 for a family. The employee then has to pay a monthly amount as well, which comes out to be $126 for an individual and $464 for a family on average. To understand the ranges, a family's individual component can range from $307 at the 25th percentile to $684 at the 75th percentile.
When choosing a plan, 21% of small employers' employees select a high deductible health insurance policy, 18% opt for an HMO, and 38% choose a PPO. Having various plan types to pick from enables you to purchase coverage from a restricted network that includes only certain PCPs, specialists, and hospitals to an open network with access to many doctors and hospitals.
Small businesses in New York can assist their workers in managing money 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 mechanisms for allowing staff to spend money on medical care in the most efficient way possible while saving the business money. 29% of all small employers in New York provide an HSA, while 44% offer an FSA.
When looking at your complete employee benefits program, dental and vision perks are two of the most important features to consider. Only 32% of small businesses provide vision care, whereas 43% provide dental coverage. This is considerably lower than what we see among large companies. Dental coverage is taken advantage of by 77% of workers, while vision insurance is utilized by 75%.
The 170,000 large employers in New York provide medical coverage to over 8,575,000 individuals across the state. Larger employers, in general, are able to provide most comprehensive medical coverage for their employees. The percentage of employees at large employers in New York that take advantage of this benefit is 73%. Prominent New York employers cover an average of 81% of the monthly premium for single employees and 81% of the premium for families. This equates to an employer cost of $542 per month for a single employee and $1572 for a family. For the employees, this equates to approximately $123 per month for single employees and $361 for families, with cost ranging from $88 each month for a family at the 25th percentile and $176 for a family at the 75th percentile. If you are lucky, 14.5% of large New York employers cover all medical expenses for single individuals and 11.4% for families.
Plan designs vary depending on employee characteristics. When available, 43% enroll in PPO plans, 19% in HMO plans, and 35% in High Deductible Health Plans. The plan type influences the extent of coverage provided by doctors and hospitals as well as copays, deductibles, and other aspects.
Many employers choose to provide their workers with the tools they need to manage their medical expenditures from a tax-advantaged standpoint as part of a well-rounded, comprehensive benefits package. What are your options? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular options. An HSA is available in New York, where 49% of large businesses offer one, and 68% provide an FSA to their employees.
Large organizations, on average, have a greater number of dental and vision plan options than small businesses. New York employers provide dental plans to their workers 67% of the time, with 82% taking advantage of it, and 48% offer vision benefits, with 75% utilizing that option.
If you're a small or large employer in New York, selecting a benefit design company is a crucial choice. Mployer Advisor can provide you with a list of companies based in your region that specialize in medical benefits.
.png){kind=small}
.png){kind=small}
%20(1).png){kind=small}
.png)
.png){kind=small}
.png){kind=small}
.png){kind=small}
.svg)
.svg)