Medical benefits are an important part of a total compensation package. Providing high-quality, low-cost medical insurance to employees is a crucial component of a total compensation package. There are approximately 3,600,000 people insured in North Carolina, whether you work at Hillcrest Convalescent Center or Old Dominion Freight Line.
The Affordable Care Act (ACA) requires businesses with more than 50 workers to provide health insurance to their employees in North Carolina. Whether you're a small employer (1-50 people) or a big business (51+), we've outlined what medical benefits look like regardless of your size.
Among North Carolina small employers, 68% provide access to medical benefits for their employees, and 64% of employees take full advantage of the offering. With 148,200 small employers in North Carolina representing over 580,000 employees, the employer covers an average of 77% for single employees and 62% for families. Based on this, the employer pays approximately $448 each month for an individual and $1072 for a family. The employee also has a monthly premium to pay, which costs $133 for a single and $652 for a family. The individual family component can range from $388 at the 25th percentile to $828 at the 75th percentile.
For small businesses, 17% pick a high deductible health plan, 9% choose an HMO, and 48% select a PPO. These various plans present varying levels of coverage through a restricted network that includes only certain PCPs, specialists, and hospitals to an open network that allows access to a variety of doctors and hospitals.
In North Carolina, 36% of businesses provide a Health Savings Account (HSA) and 44% provide a healthcare Flexible Spending Account (FSA) to assist employees in controlling their spending while still receiving the most coverage. This is an excellent method for employers to help personnel manage their medical expenses in the most cost-effective manner.
When it comes to comparing your complete employee benefits package, dental and vision advantages are key elements to consider. Dental insurance is provided by 34% of small businesses while only 21% offer vision care. This is considerably lower than the number for large employers (75% dental, 73% vision).
Amongst 76,000 large employers in the state of North Carolina, medical coverage is provided to over 3,044,000 individuals. However, the monthly premium they cover varies. For individuals, large North Carolina employers cover 79% of the monthly premium while also paying 70% of the premium for families. Larger employers are generally able to provide many comprehensive medical benefits, which is understandable, and 70% 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 $508 per month for single employees and $1323 for families paid for by the employer. On the employee side, this will cost an average of $131 per month for individuals and $562 for families, with costs ranging anywhere from $84 each month for a family at the 25th percentile to $163 for a family at the 75th percentile. However, if you work for a few select North Carolina large employers, 9.0% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Employees' needs and expectations change over time, so plan designs vary by demographic. 55% of employees enroll in PPO plans, 9% in HMO plans, and 29% in High Deductible Health Plans for North Carolina-based businesses. The plan kind dictates the breadth of coverage available from doctors and hospitals, as well as copays, deductibles, and other elements.
In regards to major employers in North Carolina, 55% offer a Health Savings Account (HSA) and 67% provide a Flexible Spending Account (FSA). Both an FSA and an HSA are crucial components for employers who wish to help their workers manage their medical expenditures tax-free.
Large organizations, on average, have a greater number of dental and vision plan alternatives compared to small businesses. Dental plans are available to employees of large North Carolina employers 57% of the time, with 80% who take advantage of the opportunity, and 38% provide vision services with 73% utilization.
If you want assistance in selecting a top medical insurance broker that specializes in your region, contact Mployer Advisor right now. Whether you're a small or big company in North Carolina, choosing a broker is a significant decision.
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