Providing cost-effective medical benefits for employees is an important component of a comprehensive employee compensation package. Healthcare insurance is available to around 2,200,000 individuals in Wisconsin, whether you work for companies like Johnson Controls or Lambeau Stadium.
The Affordable Care Act (ACA) requires employers with more than 50 employees to provide health insurance to their workers in the state of Wisconsin. Whether you're a small company (1-50 people) or a big company (51+), we've broken down what medical benefits look like, no matter your size.
Among Wisconsin small employers, 68% provide access to medical benefits for their employees, and 67% of employees take full advantage of the offering. With 73,300 small employers in Wisconsin representing over 320,000 employees, the employer covers an average of 77% for single employees and 70% for families. From this, the employer pays approximately $448 each month for an individual and $1210 for a family. The employee also has a monthly premium to pay, which costs $133 for a single and $514 for a family. The individual family component can cost anywhere from $321 at the 25th percentile to $734 at the 75th percentile.
When selecting a plan design, 27% of small business employees pick a high deductible health plan, 7% pick an HMO, and 39% select a PPO. Having several plan types to choose from allows you to decide between plans with a limited network that includes only certain PCPs, specialists, or hospitals, as well as open network options with access to many physicians and hospitals.
Small companies in Wisconsin may assist their staff in managing costs and pay accurately by providing tax-optimizing health savings accounts (HSAs) or healthcare flexible spending accounts (FSAs). Both an HSA and an FSA are excellent methods to help employees manage their medical expenses while minimizing costs to the employer. 40% of all businesses in Wisconsin provide an HSA as an option, and 44% offer an FSA.
When assessing your comprehensive employee benefits package, pay particular attention to dental and vision advantages. Only 29% of small businesses provide vision coverage, whereas 44% offer dental benefits. This is significantly lower than what we see among big businesses. Employees are most likely to utilize dental (78%) and vision (79%) when available.
Amongst 42,000 large employers in the state of Wisconsin, medical coverage is provided to over 1,876,000 individuals. However, the monthly premium they cover varies. For individuals, large Wisconsin employers cover 79% 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 74% 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 $509 per month for single employees and $1493 for families paid for by the employer. On the employee side, this will cost them approximately $131 per month for individuals and $416 for families, with costs ranging anywhere from $83 each month for a family at the 25th percentile to $161 for a family at the 75th percentile. However, if you work for a few select Wisconsin large employers, 8.2% cover all medical expenses for single individuals, and 5.4% cover all expenses for families.
Plan types vary depending on the employee demographics. 44% of employees enroll in PPO plans, 7% in HMO plans, and 46% in High Deductible Health Plans throughout large businesses in the state of Wisconsin. Each plan type influences coverage from doctors and hospitals as well as copays, deductibles, and other elements.
A well-rounded comprehensive benefits package that includes medical expense management tools is critical. What are some ways to do this? Flexible Spending Accounts (FSA) and a Health Savings Account (HSA) are popular options. An HSA is becoming more popular among businesses in Wisconsin, with 59% of large employers offering one, while 69% offer an FSA to their staff.
Large companies generally have a higher rate of dental and vision plan choices than small businesses. Large companies in Wisconsin offer dental plans to their workers 68% of the time, with 83% taking advantage of it, and 45% provide vision coverage, with 79% taking advantage of that benefit.
Whether you're a small or big business in Wisconsin, picking a broker to create the benefits for your plan type is crucial. If you want a list of businesses in your area that specialize in medical benefits, contact Mployer Advisor immediately.
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