(303) 369-3200

Friday, 17 January 2020 08:14

How Competitive is Your Benefits Package?

Written by
Rate this item
(1 Vote)

The Kaiser Family Foundation has released their 2019 Annual National Employer Benefits Survey. The survey has been tracking benefit statistics from private and non-federal public employers in the United States for the last 21 years. 

Annual Premiums

Employer-sponsored health insurance covers over half of the non-elderly population in the United States, with the average premiums in 2019 being $7,188 for single coverage (a 4% annual increase), and $20,576 for family coverage (a 5% annual increase). Covered workers contribute an average of 18% of their single coverage premiums and 30% of their family coverage premiums.

Employer Premium Contributions

Small firms with 3-199 workers tended to heavily subsidize workers that elected single coverage in 2019, as 31% of these workers did not contribute to their premium, compared to only 5% at large firms. However, small firms were less generous in helping with the cost of family coverage, with 35% of small firm workers having to contribute over 50% of their family premiums, compared to 6% of workers in large firms having to pay as much.

Types of plans employees selected in 2019

  • 44% enrolled in a PPO

  • 19% enrolled in an HMO

  • 30% enrolled in a HDHP

  • 7% enrolled in a POS

Employer-Sponsored Wellness

In 2019, 41% of small firms provided employees the opportunity to complete a Health Risk Assessment and 26% offered the opportunity to complete a biometric screening. Half of small firms also offered a program that focused on at least one of these areas: smoking cessation, weight management, and behavioral or lifestyle coaching.

If you’d like to review the entire report, please see this link: https://www.kff.org/report-section/ehbs-2019-summary-of-findings/.

Fall River uses this survey in combination with data specific to the Denver/Boulder metro area to to provide complimentary benchmarking consultations that help employers compete for talent.  These consultations offer insight into how your benefits stack up and give you an edge in your pursuit to attract and retain the top talent in your field.

Interested? Contact us to schedule your free benchmarking consultation today!

Read 385 times Last modified on Monday, 24 February 2020 12:17