The companies assessing individual health insurance funded employer (aka? "defined contribution") often ask how much to offer as an advantage. an advantage of defined contribution employer may determine the amount of contribution to the health of employees. That said, most employers want that they offer employees a range of competitive benefits. So how many other companies provide?
According to a new annual report Zane benefits, the allocation of average monthly health care offered is $ 426 per month per employee. of course, that employers offer varies by region, industry, number of employees, and family status. this article examines trends in the design of the package benefits from a sample of 2,0 employers using Zane benefits contribution delivery solution defined in the 2015 calendar
Note -. To download the full study, "the individual employer-funded Health Insurance Report 2016 Annual", click here.
Trends in Employer-funded health benefits
With Medicare defined contribution plans, benefits are determined by the employer, so there is no minimum or maximum contribution requirements. This not only allows employers to control costs, but gives them the opportunity to adjust allocations according to needs and expectations of each employee.
Nationwide, the average allocation provided to employees is currently $ 426 per month. Average allocations also vary depending on the family situation, the region and the state
Allocations by family size
According to the annual report, the average allocations national employer according to family size are :.
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simple: $ 20 per month
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Single + Children: $ 367 per month
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married: $ 463 per month
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married + children: $ 581 per month
Source: Advantages Zane
allocations by region
according to the annual report, the average employer allocations by region (for all sizes of the family) are:
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Midwest: $ 415 per month
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North: $ 441 per month
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South: $ 383 per month
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West: $ 407 per month
Source: Zane Benefits
Tip: For medium allocations by state, download the full PDF here.
adoption by industry trends
solutions with defined contributions and individual health insurance are being adopted by companies nationally as a preferred alternative to the traditional employer health benefits. Zane Benefits The data, however, identifies key trends :.
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Employers using the defined contribution solution are mainly small employers, those with 1-49 employees
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the most important industries represented in the study are health care (16% of employers), manufacturing (13%), non-profit organizations (11%), consulting firms (8%), and construction (8%) .
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surveyed employers are spread across the country with 11% of the East, 21% in the Midwest, 38% of the South, and 30% of the West.
Tip :. For more detailed trends by industry and location, download the PDF version
Conclusion
As companies evaluate and implement a defined contribution benefits, identifying how much to offer employees is a key decision. Understanding national and regional trends can be a useful input, as can work with a provider determined contributions to supplement the budget and the plan design spreadsheets.
Why have you questions about the design of a benefits package defined contribution? Leave a comment below and we would be happy to help you answer.
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