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Providing cost-effective medical benefits for employees is a key element of a well-rounded compensation package. There are roughly 500,000 people in West Virginia who have health coverage, whether you work for companies such as The Greenbrier or Wesbanco.
If you have more than 50 people in the state of West Virginia, the Affordable Care Act (ACA) requires that you provide health insurance to your staff. Because this may be achieved in a variety of ways, we've divided it up by size: small businesses with 1 to 50 employees and large enterprises with 51 or more employees.
Among the 19,000 small employers in West Virginia representing over 87,800 employees, 68% provide access to medical benefits, while 64% of employees take advantage of the benefit. On average, if you’re a small employer in West Virginia, the employer covers 77% for single employees and 62% for families, which costs the small employer approximately $448 each month for individuals and $1072 for families. The employee also has to pay a monthly amount which totals out to $133 for a single employee and $652 for a family on average. A family individual component can range from $388 at the 25th percentile to $828 at the 75th percentile.
For small businesses, 17% pick a high deductible health plan, 9% opt for an HMO, and 48% select a PPO. These various plan types allow for a variety of levels of coverage from restricted network access to certain PCPs, specialists, and hospitals to open network access with numerous doctors and hospitals.
Small companies in West Virginia can assist and manage expenses by providing tax-optimizing plans like Health Savings Accounts (HSAs) or healthcare Flexible Spending Accounts (FSAs). 36% of West Virginia's small businesses have an HSA, while 44% have an FSA. Both are excellent methods to help employees control medical costs at a minimal cost to the employer.
When evaluating your comprehensive employee benefits program, dental and vision advantages are important benefits. Dental insurance is provided by 34% of small companies, whereas just 21% provide vision care. This is considerably lower compared to big employers. Employees take advantage of dental and eye care when the benefits are accessible; 75% use dental services, while 73% use vision services.
Amongst 13,000 large employers in the state of West Virginia, medical coverage is provided to over 419,000 individuals. However, the monthly premium they cover varies. For individuals, large West Virginia 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 them 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 West Virginia large employers, 9.0% cover all medical expenses for single individuals, and 1.8% cover all expenses for families.
Employee demographics can have an impact on your organization's health plan designs. Among big businesses in West Virginia, 55% of employees opt for PPO plans, 9% select HMO plans, and 29% choose High Deductible Health Plans. The plan type determines the range of coverage available from physicians and healthcare providers, to copays, deductibles, and other details.
Employee savings accounts might be used to pay medical costs from a tax-advantaged standpoint, which is an important aspect of a well-rounded total benefits package. How can you do this? Popular plan options include a flexible spending account (FSA) and a Health Savings Account (HSA). An HSA is available in West Virginia through 55% of large businesses, while an FSA is accessible through 67% of employers.
Large employers generally have a greater variety of dental and vision plans than small businesses. Large companies in West Virginia provide dental coverage to their staff 57% of the time, with 80% utilizing it. 38% offer vision services, with 73% taking advantage of that option.
If you're a small or large employer in West Virginia, selecting a broker to design health benefits for your plan type is an important consideration. If you want a list of employers in your area that specialize in medical plans, contact Mployer Advisor now.
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