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Employee medical benefits are an essential element of overall employee compensation. Employer-sponsored healthcare is available to roughly 4,700,000 individuals in Ohio, across a variety of industries from Staffmark Group to Abercrombie & Fitch Co.
The ACA (Affordable Care Act) requires businesses with more than 50 employees in the state of Ohio to provide health insurance to their workers. We've broken down what medical coverage looks like, regardless of company size, whether you're a small employer (1-50 people) or a large employer (51+).
There are 155,000 small employers across Ohio, representing over 686,200 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of Ohio employers provide access to medical benefits, with 67% taking advantage of the benefit. For small employers in Ohio, the employer covers an average of 77% for single employees and 70% for families. This costs the small employer approximately $448 each month for an individual and $1210 for a family. The employee then has to pay a monthly amount as well, which comes out to be $133 for an individual and $514 for a family. To understand the ranges, a family's individual component can range from $321 at the 25th percentile to $734 at the 75th percentile.
For small businesses, 27% select a high deductible health plan, 7% pick an HMO, and 39% choose a PPO. These various plan kinds provide a variety of coverage options ranging from restricted networks limited to a broad network that includes many PCPs, specialists, and hospitals.
Small businesses in Ohio may assist and manage expenses by providing employees with tax-optimizing plans like Health Savings Accounts (HSAs) or healthcare Flexible Spending Accounts (FSAs). An HSA is offered by 40% of small employers in the state, whereas an FSA is accessible by 44%. Both are excellent tools for managing medical costs more efficiently while saving money for the employer.
Dental care is covered by 44% of small businesses, whereas vision coverage is only covered by 29%, which is significantly lower than big businesses. These are significantly desired benefits since 78% use dental services and 79% utilize eyesight services. As a result, when employers plan their comprehensive benefits package, both dental and vision are essential offerings to assess.
Amongst 97,000 large employers in the state of Ohio, medical coverage is provided to over 4,036,000 individuals. However, the monthly premium they cover varies. For individuals, large Ohio employers cover 79% 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 74% 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 $509 per month for single employees and $1493 for families paid for by the employer. On the employee side, this will cost an average of $131 per month for individuals and $416 for families, with costs ranging anywhere from $83 each month for a family at the 25th percentile to $161 for a family at the 75th percentile. However, if you work for a few select Ohio large employers, 8.2% cover all medical expenses for single individuals, and 5.4% cover all expenses for families.
Employee characteristics can affect the company's plan designs. 44% of workers at large Ohio businesses participate in EPO plans, 7% in HMOs, and 46% in HDHP plans. Each plan type has an impact on coverage across physicians and facilities, as well as copays, deductibles, and other details.
It's critical for businesses to provide their employees with tax-advantaged methods to manage medical expenditures. Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) are two of the most popular options. An HSA is available at 59% of large Ohio employers, whereas an FSA is accessible at 69%.
Larger enterprises have a higher offer rate than smaller ones when it comes to dental and vision plans. In Ohio, 68% of big businesses provide dental coverage, and 83% utilize the benefit, while 45% provide vision insurance and 79% take advantage of the opportunity.
If you want assistance selecting a top insurance broker who specializes in medical benefits in your region, contact Mployer Advisor now. Whether you're a small or big company in Ohio, choosing a broker is a significant decision.
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