Are you a small business? Do you have health coverage for your employees?
Group health insurance will help to retain your employees and lead to an overall increase in productivity due to an increase in the wellness of your employees.
But how much will employer-sponsored health insurance cost?
In 2017, the average annual premiums for employer-sponsored health insurance are $6,690 for single coverage and $18,764 for family coverage.
Most covered workers make a contribution toward the cost of the premium for their coverage. On average, covered workers contribute 18% of the premium for single coverage and 31% of the premium for family coverage. Workers in small firms contribute a higher average percentage of the premium for family coverage than workers in large firms (39% vs. 28%).
Covered workers in firms with a relatively high percentage of lower-wage workers (at least 35% of workers earn $24,000 a year or less) contribute higher percentages of the premium for single (23%) and family (37%) coverage than workers in firms with a smaller share of lower-wage workers (18% and 31%, respectively).
With regard to dollar amounts, the average annual premium contributions by covered workers for 2017 are $1,213 for single coverage and $5,714 for family coverage. Eight percent of covered workers contribute $12,000 or more a year for family coverage.
And how many businesses offer employer-sponsored health coverage?
Fifty-three percent of firms offer health benefits to at least some of their workers, similar to the percentage last year. Eighty-nine percent of workers are in a firm that offers health benefits to at least some of its workers.
With the knowledge of these findings, you can get a little more insight into choosing a group health plan that is right for your company. If you are interested in getting coverage for your company, contact Cosmo Insurance Agency’s health brokers in New Jersey. Cosmo’s brokers are experts in their field and will provide you with the guidance you need to choose a plan that is right for your business.