
Learn about health benefits
Should I extend benefits to employees’ families?Monthly premiums -- the amount paid to the insurance company for coverage -- are typically shared by employer and employees, and how that cost is divvied up is an employer-controlled component.
Consider that an employer’s contribution does not need be the same for single and family coverage. When it comes to national averages, employers typically cover about 82% of single employee premiums and 71% of family premiums.1
Employees’ preference for things like deductibles or copay levels can be influenced by their age, family size and financial situation. Also consider the doctors and hospitals they want in their network, and gauge interest in offerings like prescription drug plans or wellness programs.
Our sample , opens new window can help identify what’s important to your employees.
Group health insurance includes many moving parts, such as premiums, copayments, deductibles and coinsurance, that all work together to contribute to the bottom line. A higher premium generally means a lower deductible, or the amount an employee must pay toward medical costs before insurance kicks in.
And don’t forget the co-payments that go along with medical visits – they can add up if employees see a doctor frequently. For the true picture, estimate what you will pay and what your employees might pay with each plan choice.
By offering dental and vision coverage employers can add choices to the benefits table without a corresponding increase in their expenses. How? Employees often pay the full cost of voluntary benefits, but enjoy the advantage of group rates for the benefits when offered through their workplace.
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Get details about wellness solutionsThis material provided is a general summary and does not address all your organization’s specific issues. This material is for informational purposes only. It is not intended or written to be used, and it cannot be used, as legal advice or a legal opinion. It should not be relied upon in lieu of consultation with your own legal advisors. Insurance and tax laws and interpretations of those laws are complex and subject to change. None of the information herein is intended or written to be used, and it cannot be used, for the purpose of avoiding taxes or penalties that may be imposed.