employee benefits benchmarking report
Prescription drug plans are changing in many of the markets across the country in an attempt to combat the ever-rising cost of prescription medications. Our 2019 Employee Benefits Benchmarking Study reveals several noteworthy trends and developments that are vital for employers who are interested in making the most informed health care plan decisions possible. Companies offering an HDHP that also offered an HSA.
And in an industry crowded with so many different stakeholders and many differing opinions, it can be difficult for employers to clarify the best benefits strategy for their organization.
Generally, larger groups (those with 200 to 1,000+ employees) pay more than average per employee due to more generous benefit levels. It also summarizes information on the following statutory and supplementary employee benefits for the general industry. The benefits benchmarking reports will help you: Ensure that policies are in line with or above statutory requirement Understand how your benefits are positioned against the market (either all industries or against aspecific peer cut) The Northeast stands out as having the majority of its enrollments in the non-PPO/HMO category.
to enroll in their benefits in a timely manner? Welcome back to the annual PlanSource Benefits Benchmark Report. Average health plan costs continue to rise, with 2018 premium increases at the highest level in the last decade. For those who are interested in a custom-level report, comparing your specific health plans to those of companies in industries or geographies similar to and/or identical to yours, contact us . Plans that are considered to be grandmothered in the small group market experienced a drastic 91.7% decrease from 2017 (and down 207% from 2015).
yet. In addition, the sheer enormity of plans represented allows for a broader range of plan features to compare.
Our interactive benchmarking tool allows for a quick, yet incredibly insightful custom benchmarking analysis you can put to use right away.
In doing so, we’ve created the most comprehensive source of reliable benchmarking data for employers of all sizes. This report provides sound data to help mid- to large-sized employers benchmark themselves against other similar organizations. The average initial or proposed rate increase reported for 2018 was 13.9%, with final rate increases averaging 9.8% after negotiation. For the last few years, small groups obtained refuge from rate increases with grandmothering and plan design choices (reducing prescription drug coverage and turning to lower-cost CDHP and HMO plans). The health savings account (HSA) average single contributions rose to $763 in 2018, compared to $477 in 2017, a 60% increase. Please enjoy this free report, and feel free to contact us directly if you have any questions about the findings or about our platform. I am on leave due to no schooling for kids under the COVID-19 act. Our 2019 data indicates a slight increase in the percentage of employers that offer an HDHP and that most employers with a high deductible plan option also offer an HSA. When you know what the average employer’s benefits program looks like and how much they’re paying, you can make a real comparison of how your organization measures up and have something to base your strategy on. With qualitative and quantitative data from thousands of UK sources, this report provides thorough analysis and insight into the major business sectors across the country.
Recently, Tim has been focused on the ACA's impact, access to care behind new and unique health plan contracting and benefits technology. Survey data shows the majority of plans have either a three-, four- or five-tier benefit structure. The North Central U.S. experienced the largest increase of 5.8% in 2018 compared to the five other regions delineated in the survey.
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