Medical benefits are an important component of a comprehensive employee compensation package. Healthcare is provided to roughly 100,000 people in Wyoming, whether you work for places like Wyoming Medical Center or Fremont Motor Company.
The ACA (Affordable Care Act) says that if an employer has more than 50 people, the company must provide health insurance to its workers. This may be accomplished in a variety of ways. As a result, we've divided the medical benefits available to both small and big businesses (1-50 employees and 51 or more employees).
There are 11,000 small employers across Wyoming, representing over 43,700 employees. Benefit plans range from the bare minimum to comprehensive employer coverage. 69% of Wyoming employers provide access to medical benefits, with 70% taking advantage of the benefit. For small employers in Wyoming, the employer covers an average of 77% for single employees and 65% for families. This costs the small employer approximately $445 each month for an individual and $1098 for a family. The employee then has to pay a monthly amount as well, which comes out to be $132 for individuals on average and $588 for families. To understand the ranges, a family's individual component can range from $351 at the 25th percentile to $765 at the 75th percentile.
High-deductible health plans are chosen by 13% of small company employees, 29% select an HMO, and 34% choose a PPO. These various plan types give diverse levels of coverage ranging from a narrow network limited to certain PCPs, specialists, and hospitals to an open network that includes access to a variety of doctors and hospitals.
Wyoming small businesses may assist and manage expenses by offering tax optimizing plans such as Health Savings Accounts (HSAs) or healthcare Flexible Spending Accounts (FSAs). HSAs are popular among small employers in Wyoming, with 46% choosing it. FSAs are also popular, with 43% of Wyoming companies employing them. Both are excellent ways to help employees save money on medical bills while minimally impacting the company financially.
45% of small businesses provide dental benefits, while only 25% offer vision care, which is far lower than that of major employers. This is a highly valued benefit since 78% use dental services and 82% utilize eye care. Because of this, both dentistry and vision are important offerings for businesses when choosing their comprehensive plan.
In the state of Wyoming, 4,000 large employers provide medical coverage to over 114,000 individuals, with 76% taking advantage of the benefit. Larger employers, compared to smaller ones, are generally able to provide most comprehensive medical benefits. On average, Wyoming employers cover 79% of the monthly premium for single employees and 73% of the premium for families. On the employer side, this equates to a monthly premium average of $505 per month for singles and $1356 for families. For employees, this costs approximately $130 per month for single employees and $497 for families, with costs ranging anywhere from $65 each month for a family at the 25th percentile to $181 for a family at the 75th percentile. However, if you’re lucky enough to work with a few select Wyoming large employers, 9.0% cover all medical expenses for single individuals, and 4.5% cover all expenses for families.
The types of plans that a company offers can differ depending on its employees' demographics. Across the largest Wyoming employers, 38% of workers participate in PPO plans, 31% in HMOs, and 22% in High Deductible Health Plans (HDHPs). The plan type has an impact on the range of coverage available from physicians and facilities, as well as copays, deductibles, and other elements.
It's critical for businesses to show employees how to manage their medical expenditures tax-wise. Two of the most popular methods are a Flexible Spending Account (FSA) and a Health Savings Account (HSA). Both are popular options among large Wyoming employers, with 65% offering an HSA and 69% providing an FSA.
Larger businesses have a higher offering rate than smaller ones when it comes to dental and vision plans. In Wyoming, 69% of large companies provide dental coverage, while 83% utilize the benefit, and 41% offer vision insurance, while 83% take advantage of the benefit.
Whether you're a small or big business in Wyoming, selecting a broker to create the benefits for your plan type is a crucial decision. Contact Mployer Advisor right now if you want a list of employers in your region who specialize in medical insurance.
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