Medical insurance is an important element of a comprehensive remuneration package. Providing high-quality, low-cost medical coverage for employees is a crucial aspect of a total compensation package. There are approximately 1,100,000 people covered by healthcare in Utah, whether you work for MountainStar Healthcare or Helpside.
The Affordable Care Act (ACA) requires employers with more than 50 workers to provide health insurance to their employees. This may be done in a variety of ways, according to the ACA. As a result, we've split small and big businesses into two separate categories based on their medical offerings (1-50 employees and 51+ employees).
Among Utah small employers, 69% provide access to medical benefits for their employees, and 70% of employees take full advantage of the offering. With 55,000 small employers in Utah representing over 190,000 employees, the employer covers an average of 77% for single employees and 65% for families. From this, the employer pays approximately $445 each month for an individual and $1098 for a family. The employee also has a monthly premium to pay, which costs $132 for a single and $588 for a family. The individual family component can cost anywhere from $351 at the 25th percentile to $765 at the 75th percentile.
For small businesses, 13% of employees select a high deductible health plan, 29% select an HMO, and 34% choose a PPO. These differing plan types provide a variety of coverage options based on network configurations ranging from a restricted network that includes only certain PCPs, specialists, and hospitals to an open network with access to many physicians and hospitals.
Utah small businesses might assist their workers in managing expenses and pay appropriately by providing tax-optimizing healthcare plans like Health Savings Accounts (HSAs) or Healthcare Flexible Spending Accounts (FSAs). Both an HSA and an FSA are excellent methods to help employees save money on medical costs while still saving money for the employer. An HSA plan is offered by 46% of Utah's small employers, while 43% offer an FSA.
45% of small organizations provide dental benefits, while only 25% offer vision, which is far less than large employers. This is a major sought-after perk because 78% use dental care and 82% take advantage of vision services. As a result, when employers select their comprehensive benefits package, both dental and vision are important offerings.
Amongst 21,000 large employers in the state of Utah, medical coverage is provided to over 978,000 individuals. However, the monthly premium they cover varies. For individuals, large Utah employers cover 79% of the monthly premium while also paying 73% of the premium for families. Larger employers are generally able to provide most comprehensive medical benefits, which is understandable, and 76% of individuals take advantage of this benefit when offered. With a large percentage of the monthly premium covered by the employer, this equates to an average of $505 per month for single employees and $1356 for families paid for by the employer. On the employee side, this will cost approximately $130 per month for individuals and $497 for families, with costs ranging anywhere from $65 each month for a family at the 25th percentile to $181 for a family at the 75th percentile. However, if you work for a few select Utah large employers, 9.0% cover all medical expenses for single individuals, and 4.5% cover all expenses for families.
Employee demographics have a significant impact on plan designs. PPO plans are chosen by 38% of employees across large Utah employers, whereas 31% select an HMO, and 22% choose a High Deductible Health Plan. The plan kind affects the range of coverage provided by physicians and clinics as well as costs, deductibles, and other factors.
When it comes to significant employers in Utah, 65% have a Health Savings Account (HSA) and 69% have a Flexible Spending Account (FSA). Both an FSA and an HSA are essential elements of any plan that allows employees to reduce their medical bills tax-free.
Larger businesses have a higher offering rate than smaller ones when it comes to dental and vision plans. According to Utah statistics, 69% of large employers provide dental insurance, and 83% utilize the benefit, whereas 41% offer vision coverage and 83% take advantage of that option.
If you need assistance selecting a top medical insurance broker that specializes in your area, contact Mployer Advisor right away. Whether you're a large or small employer in Utah, picking a broker is a major decision.
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