Providing high-quality, low-cost medical benefits is an essential component of a complete compensation package. In Oklahoma, there are approximately 1,100,000 individuals covered by healthcare, whether you work for Love's Travel Stops & Country Stores or the Chickasaw Nation.
The Affordable Care Act (ACA) requires employers with more than 50 workers to provide medical insurance to their employees. This can be done in a variety of ways, as per the ACA. As a result, we've divided up the various forms of medical benefits for both small businesses (1-50 people) and large companies (51+).
Among Oklahoma small employers, 68% provide access to medical benefits for their employees, and 64% of employees take full advantage of the offering. With 54,500 small employers in Oklahoma representing over 210,000 employees, the employer covers an average of 76% for single employees and 59% for families. From this, the employer pays approximately $420 each month for an individual and $994 for a family. The employee also has a monthly premium to pay, which costs $132 for an individual and $685 for a family. The individual family component can cost $423 at the 25th percentile to $983 at the 75th percentile.
When it comes to plan design, 17% of small businesses have a high deductible health insurance plan, 9% an HMO, and 48% a PPO. When choosing a plan design, having several plan types to pick from gives you access to a variety of coverage choices, including narrow network plans that allow you to choose your own doctors and hospitals, as well as open networks with access to many physicians and hospitals.
Small companies might assist their employees in managing expenses and paying appropriately by providing tax-optimizing plans like Health Savings Accounts (HSAs) or Healthcare Flexible Spending Accounts (FSAs). Both an HSA and an FSA are fantastic methods for employees to manage their medical expenditures while minimizing the cost to the employer. Both an HSA and an FSA are popular among Oklahoma's small employers, with 39% offering HSAs and 40% offering FSAs.
Only 31% of small businesses provide dental benefits, and 20% offer vision, which is lower than large companies. When given the option, 75% utilize dental services and 72% enroll in eye care. Offering dental and vision coverage may be an important benefit for employers when making their year-end benefits selections.
In the state of Oklahoma, 26,000 large employers provide medical coverage to over 970,000 individuals, with 70% taking advantage of the benefit. Larger employers, compared to smaller ones, are generally able to provide most comprehensive medical benefits. On average, Oklahoma employers cover 78% of the monthly premium for single employees and 67% of the premium for families. On the employer side, this equates to a monthly premium average of $476 per month for singles and $1227 for families. For employees, this costs an average of $130 per month for single employees and $598 for families, with costs ranging anywhere from $86 each month for a family at the 25th percentile to $179 for a family at the 75th percentile. However, if you’re lucky enough to work with a few select Oklahoma large employers, 11.4% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Plan types can differ depending on employee demographics. Among Oklahoma's major businesses, 55% enroll in PPO plans, 9% in HMO plans, and 29% in High Deductible Health Plans. The plan type determines the range of coverage available from physicians and facilities, as well as copays, deductibles, and other aspects.
It's critical for employers to provide employees with methods to manage their medical costs from a tax standpoint. The Flexible Spending Account (FSA) and the Health Savings Account (HSA) are two of the most popular options. An HSA is available at roughly 58% of big Oklahoma businesses, while an FSA is accessible at 65% of them.
Larger employers have a higher offering rate than smaller businesses when it comes to dental and vision plans. In Oklahoma, 54% of major organizations provide dental insurance, while 80% utilize the benefit, whereas 37% offer vision coverage and 72% utilize the service.
Whether you're a small or large company in Oklahoma, picking a benefits consultant to create your plan's benefits is an important selection. If you want a list of businesses in your region that specialize in medical plans, contact Mployer Advisor now.
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