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Medical benefits are an important component of a well-rounded compensation package. In the state of Oregon, there are approximately 1,600,000 individuals with health insurance, whether you work for employers such as XPO Logistics or Adidas America.
The Affordable Care Act (also known as Obamacare) requires businesses with more than 50 staff in Oregon to provide healthcare to their workers. We've broken down what medical coverage looks like regardless of your company size, whether you're a small employer (1-50 employees) or a large employer (51+).
There are 89,000 small employers across Oregon, representing over 360,300 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 70% of Oregon employers provide access to medical benefits, with 68% taking advantage of the benefit. For small employers in Oregon, the employer covers an average of 79% for single employees and 67% for families. This costs the small employer approximately $458 each month for an individual and $1205 for a family. The employee then has to pay a monthly amount as well, which comes out to be $121 for an individual and $591 for a family. To understand the ranges, a family's individual component can range anywhere from $365 at the 25th percentile to $826 at the 75th percentile.
For small businesses, there are a variety of design options. 13% pick high deductible health plans, 29% select an HMO, and 34% choose a PPO. Having several plan types to select from allows for various levels of coverage. This may be found in a narrow network that restricts access to just a few PCPs, specialists, and hospitals or an open network that gives access to many physicians and hospitals.
In Oregon, 39% of employers provide a Health Savings Account (HSA) and 42% a healthcare Flexible Spending Account (FSA) to assist employees in saving money on medical care while still paying their bills in the most cost-effective way possible. With either option, businesses may help workers manage their medical expenditures in the most efficient manner with minimal expense to the employer.
When determining the value of your whole employee benefits package, it's important to consider dental and vision advantages. Dental coverage is provided by 52% of small employers, but only 42% provide vision care. This is considerably lower than that for major businesses (where dental benefits are available). 80% of employees use dental services, while 84% utilize vision services when they are accessible.
The 36,000 large employers in Oregon provide medical coverage to over 1,339,000 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 Oregon that take advantage of this benefit is 75%. Large Oregon employers cover approximately 81% of the monthly premium for single employees and 75% of the premium for families. This equates to an employer cost of $520 per month for a single person and $1488 for a family. For the employees, this equates to an average of $118 per month for single employees and $492 for families, with costs ranging from $80 each month for a family at the 25th percentile to $164 for a family at the 75th percentile. If you are lucky, 13.4% of large Oregon employers cover all medical expenses for single individuals and 5.4% for families.
Plan types are chosen by a variety of criteria, depending on the employee demographics. Oregon employees enrolled in PPO plans chose 38%, 31% opted for an HMO, and 22% enrolled in a High Deductible Health Plan. The difference in plan type determines the scope of coverage available from doctors and clinics. It also has an impact on copays, deductibles, and other factors.
When it comes to major employers in Oregon, 58% provide a Health Savings Account (HSA) and 68% provide a Flexible Spending Account (FSA). Both an FSA and HSA are vital components of any plan that assists employees with tax-advantaged medical spending.
Large employers, on average, provide dental and vision plans to their workers more frequently than small businesses. Employees at large Oregon businesses are covered by dental plans 76% of the time, with 85% who take advantage of that opportunity, while 58% offer vision coverage and 85% utilize it.
Contact Mployer Advisor immediately if you need assistance selecting a top medical insurance broker in your area. Whether you're a small or large business in Oregon, choosing an insurance broker is a big decision.
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