Policies & Benefits Survey
Last fall, we participated in the National Policies & Benefits Survey for 2021-2022, conducted by the Employer Associations of America. Participants will receive a free copy of the results when it is released in March 2021. This survey will provide our members with valuable information from the WCI service area as well as nationally.
2020 Health Benefits Update
Since the National Policies & Benefits Survey, mentioned above, will not provide results until 2021, we decided to conduct a quick survey of our members about their health benefits. This was conducted in September 2020 and the results follow. There were 104 participants, representing every area within the WCI territory. 46% employ between 1 and 99 employees, 41% employ between 100 and 499 employees, and 13% employ 500 or more employees.
A slight majority of these employers are self-insured (52%), and a few less are fully-insured (45%), while only 3% offer no health insurance coverage.
Of the health plans provided, most of them (88%) are PPO plans, through a traditional provider network. Only a handful are flexible spending account plans (7%), and even fewer are health savings account plans (5%). None of these employers offer a health reimbursement account or a reference-based pricing plan..
Most employers (89%) contribute some, but not all, of the insurance cost. Only 8% pay the full employee premium. 64% of these companies contribute toward dependent coverage, while 36% do not.
Most employers (86%) offer plans with employee deductibles under $4000, and out-of-pocket maximums under $6500.
The total monthly cost of employee-only insurance, combining the employer and employee portions, is under $600 for 73% of our respondents.
Some insurance companies are minimizing rate increases this year, while they wait and see how much covid will impact them. Future rate increases will likely include some catching up. 89% of the latest renewal rate increases have been less than 20%.
We also asked under what conditions do you offer COBRA?
- 97% of employers offer COBRA after qualifying events, per the guidance of the Department of Labor
- 24% also offer it at the conclusion of FMLA
- 13% also offer it for a company approved leave of absence
- 71% only offer it for qualifying events
- 14% offer it for both qualifying events and at the conclusion of FMLA
- 9% offer it for qualifying events, at FMLA conclusion, and for company approved leaves of absence
- 3% offer it for both qualifying events and company approved leaves of absence