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Providing high-quality, low-cost medical benefits to employees is an important aspect of total compensation. Employer-sponsored healthcare covers around 100,000 people in Vermont state, including those working in Casella Waste Systems and Southwestern Vermont Health Care.
The Affordable Care Act (ACA) requires that employers with 50 or more full-time employees in the state of Vermont provide health insurance to their employees. Because this may be achieved in a variety of ways, we've divided it out for small businesses (1-50 people) and large enterprises (51+ people).
There are 9,000 small employers across Vermont representing over 36,800 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 68% of Vermont employers provide access to medical benefits, with 65% taking advantage of the benefit. For small employers in Vermont, the employer covers an average of 75% for single employees and 70% for families. This costs the small employer approximately $483 each month for an individual and $1321 for a family. The employee then has to pay a monthly amount as well, which comes out to be $160 for an individual and $561 for a family. To understand the ranges, a family's individual component can range from $366 at the 25th percentile to $721 at the 75th percentile.
For small businesses, there are a variety of ways to develop plans. 21% of employees select high deductible health plans, 18% choose an HMO, and 38% opt for a PPO. Having several plan varieties to pick from allows for a variety of levels of coverage. This may be obtained through a limited network that includes only certain PCPs, specialists, and hospitals or an open network with access to many physicians and hospitals.
Small businesses in Vermont can assist their staff in managing costs and pay efficiently 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 in the most cost-effective way possible while remaining compliant with IRS rules. 33% of small companies in Vermont offer an HSA, whereas 44% provide a healthcare Flexible Spending Account.
Approximately 40% of small businesses provide dental coverage, whereas only 14% provide vision benefits, which is significantly lower than large employers. When available, 76% of employees utilize dental care, and 78% take advantage of vision care. As a result of this, employers should include both dentistry and vision in their comprehensive insurance plan when deciding what to offer.
Amongst 3,000 large employers in the state of Vermont, medical coverage is provided to over 129,000 individuals. However, the monthly premium they cover varies. For individuals, large Vermont employers cover 78% 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 71% 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 $547 per month for single employees and $1630 for families paid for by the employer. On the employee side, this will cost approximately $158 per month for individuals and $454 for families, with costs ranging anywhere from $105 each month for a family at the 25th percentile to $193 for a family at the 75th percentile. However, if you work for a few select Vermont large employers, 5.7% cover all medical expenses for individuals, and 3.6% cover all expenses for families.
Plan designs vary depending on employee demographics. Across Vermont's major employers, 43% of people enroll in PPO plans, 19% in HMOs, and 35% in High Deductible Health Plans. The plan type influences the scope of coverage from doctors and hospitals as well as copays, deductibles, and other details.
When it comes to major employers in Vermont, 53% have a Health Savings Account (HSA), and 71% have a Flexible Spending Account (FSA). Both an FSA and HSA are vital elements of tax-advantaged medical expense management for employees.
Larger businesses, as a whole, have a greater variety of dental and vision insurance plans available to their workers when compared to smaller employers. Large Vermont employers provide dental coverage to their workers 64% of the time, with 81% taking advantage of it, and 31% offer vision coverage, with 78% utilizing that option.
If you're looking for assistance in selecting a top medical benefits insurance broker in your region, contact Mployer Advisor right away. Whether you're a small or large business in Vermont, choosing a broker is a major decision.
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