health insurance employer-sponsored looks very different for small businesses than for large companies. What do you mean?
Firstly, small businesses are much less likely to offer health insurance than large employers. In addition, small businesses have unique characteristics of health insurance costs, coverage and benefits.
The annual Foundation Kaiser Family (KFF) and Health Research & Education Trust (hRet) 2015 Employer Benefits Health Survey gives an overview on health insurance sponsored by employers in America. Here is a look at the key trends of the market specific to small businesses in America.
Only 54% of small businesses offer health insurance
According to the annual / hRet KFF survey, only 54 percent of small businesses (with three to 49 employees) offer health insurance traditional whereas 97 percent of the largest employers (with 100 employees) offer health insurance
chart source -. KFF Survey / hRet
The survey also found more now, they are less likely to offer health insurance. As shown in the graph below, only 47 per cent of micro-enterprises (with three to nine employees) Medicare supply
Source graphic -. KFF / hRet Survey
on average, small businesses pay $ 5.264 / year for individual coverage (85 percent)
for small and medium enterprises (three to 199 employees) offering coverage of health insurance, the average annual premium in 2015 is as follows:
- [19450066163] $ / year for individual coverage
- [16625
$ / year for family coverage
the premium amounts, of course, are shared between the employer and the employee. On average, small and medium enterprises pay $ 5,264 / year (85 percent) for individual coverage and $ 10,720 / year (65 percent) for family coverage.
Chart source - KFF / hRet Survey
BPP and HDHPs are the types of the most popular diets
what kind of shots health are the most popular with small and medium enterprises? According to the survey, BPP and HDHPs.
Forty-one (41) percent offer a PPO, 24 percent offer an HDHP (with or without an optional savings account), 19 percent offer a POS, the 15 percent offer an HMO, and only 2 percent offer a conventional plane
Related :. Four common types of health insurance plans
compared to large enterprises, small businesses are much more likely to offer an HDHP (19 percent compared to six percent more large employers)
chart source -. KFF / hRet
Survey63% of employees of small businesses have an annual deductible of $ 1,000 or more
Employees of small businesses are much more likely to have a high deductible . As the chart below, 63 percent of covered employees of small businesses have at least an annual deductible of $ 1,000, compared to only 39 percent of employees of large companies
Related :. Nightmare High Deductible - A health Changing Trends
Chart source - KFF / hRet Survey
34% of small business employees covered a free health plan acquired
the survey also found that employees of small businesses are more likely to be covered by a grandfathered health plan -. 34 percent compared to 22 percent for larger firms
Chart source - survey KFF / hRet
49% of small businesses offering program wellness
Finally, SMEs are adopting wellness programs? According to the survey - yes, but not as fast as larger companies. As shown in the chart below, 49 percent of employers with three to 199 employees offer at least one wellness program, compared to 81 percent of the largest employers
chart source -. KFF / Survey hRet
Conclusion
As the evolution of the health insurance market for small and large employers as well, this annual snapshot provides an overview of challenges and opportunities for small and medium enterprises.
Related: Super market opportunity for health insurance for small businesses
What stands out for you? What questions on health insurance small business do you have? Join the conversation below.
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