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Medical benefits are an essential component of a complete compensation package. Providing high-quality, cost-effective medical insurance to employees is a crucial aspect of a total compensation package. In South Carolina, around 1,400,000 individuals are covered by healthcare, whether you work for Prisma Health or Milliken & Company.
The Affordable Care Act (ACA) requires that if an organization has fifty or more employees, it must provide health insurance to its staff. This may be done in a variety of ways. As a result, we've divided out what medical benefits look like for both small businesses (1-50 workers) and big businesses (51+ people).
There are 62,000 small employers across South Carolina, representing over 257,000 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of South Carolina employers provide access to medical benefits, with 64% taking advantage of the benefit. For small employers in South Carolina, the employer covers an average of 77% for single employees and 62% for families. This costs the small employer approximately $448 each month for an individual and $1072 for a family. The employee then has to pay a monthly amount as well, which comes out to be $133 for an individual and $652 for a family. To understand the ranges, a family's individual component can range from $388 at the 25th percentile to $828 at the 75th percentile.
For small businesses, 17% select a high deductible health plan, 9% choose an HMO, and 48% choose a PPO when selecting a plan design. Having several plan kinds to pick from allows for coverage options ranging from a restricted network with access to limited PCPs, specialists, and hospitals to an open network with access to a variety of physicians and hospitals.
Healthcare Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) can assist small employers in South Carolina to assist their workers in managing their expenses and pay effectively. 36% of South Carolina's small businesses have an HSA, while 44% offer an FSA. Both are fantastic methods to help employees manage medical costs without costing the employer much money.
34% of small businesses provide dental benefits and only 21% provide vision coverage, which is lower than large employers. When offered, 75% take advantage of dental coverage and 73% opt for vision benefits. Offering coverage for both types of health care may be a significant differentiator for employers when it comes to year-end benefits options.
Amongst 33,000 large employers in the state of South Carolina, medical coverage is provided to over 1,235,000 individuals. However, the monthly premium they cover varies. For individuals, large South Carolina employers cover 79% of the monthly premium while also paying 70% of the premium for families. Larger employers are generally able to provide most 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 approximately $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 South Carolina large employers, 9.0% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Employee demographics can affect the plan designs. FOr South Carolina companies, 55% of workers enrolled in PPO plans, 9% in HMO plans, and 29% in High Deductible Health Plans. The type of plan affects the scope of coverage available from physicians and hospitals as well as copays, deductibles, and other considerations.
It is critical that employers provide employees with tax-advantaged options for managing medical expenses. The Flexible Spending Account (FSA) and Health Savings Account (HSA) are two of the most popular methods, according to a survey by eHealth. 55% of large South Carolina businesses offer an HSA, while 67% provide an FSA to their workers.
Large companies generally have a greater variety of dental and vision plans than small businesses. Large South Carolina businesses provide dental plans to their employees 57% of the time, with 80% taking advantage of it, and 38% offer vision benefits, with 73% taking advantage of it.
If you want assistance selecting a top medical insurance broker in your area, contact Mployer Advisor now. Whether you're a small or large business in South Carolina, choosing a broker is a big decision.
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