As your small business insurance estimates disease, understanding cost is 
important entrance. The cost of health insurance depends on several factors such as the type of health insurance purchased (eg, group health insurance and individual health insurance), the carrier and plan selected, your location, and your age (or employee census). This article breaks down the average cost of health insurance by the state for two different small business approaches 1) individual health insurance with a defined contribution, and 2) the group health insurance.
Note :. the data in this article is from our recent publication, "The Individual Health Insurance Annual Report Employer Funded 2016." To download the full resource, click here
Health Insurance Definitions
in the table below, the cost of health insurance by the state are divided into categories :. defined contribution and group health insurance
Here are simple definitions of these two options of small health benefits of the company:
- Defined Contribution : individual employees purchase an individual or family health insurance policy and the company reimburses employees for part of the premium. the policy is selected and managed by the employees. employers use a formal repayment plan in accordance to the tax-benefit and compliance
OR - Health Insurance Group :. The Company purchases a group health insurance policy and employees to reimburse the company for part of the premium. The policy is selected and managed by the company
Chart -. Cost of health insurance by the state
According to the recent annual report Zane Benefits, employers using a defined contribution solution of health benefits are realizing cost savings of 57 percent, on average, compared to group health insurance average costs.
The comparative value of a solution of defined contribution health benefits varies by employer and region. The following table provides a visual comparison of average savings by the state. The data takes into account the average employer-funded amounts for reimbursement by the state (Zane Benefits, 2015), as well as group health insurance average costs by the state (Kaiser / hRet, 2015) .
For a more detailed examination of the costs of health insurance by the state, download the full report here.
Conclusion
How much is the small business health insurance? The answer will depend largely on the health insurance type you or your employees are buying, and region. Nationwide, employers using health benefits defined contribution saving 57 percent on average compared to group health insurance average costs.
What questions do you have about the cost of health insurance? Leave a comment or question below.
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