Do Your Small Business Benefits Stack Up?
Monday, November 30, 2020
Nationally, about 56% of small firms offer health benefits to at least some of their workers. Rhode Island bests that figure, with a recent survey showing that 70% offer health benefits, an offer rate that increases with the number of employees. Specifically, 65% of firms with 3-9 workers offer health benefits compared to 88% for those with 25-49.
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- Few offer health benefits to part-time workers. Just 18% of small firms that have or hire part-time workers offer health benefits to these employees.
- A PPO remains the most common plan type offered, followed by an HMO.
- For 39% of small companies, their largest, or only, plan is a high deductible plan with a savings option.
- The average deductible among firms whose plan has a deductible is $1,867.
- The average monthly premium for single coverage is $732, with employees paying on average $240 a month for their coverage.
- For family coverage, the average premium a month is $1,834, with employees contributing an average of $792 for the coverage.
- Just 14% have implemented a limited or tiered network plan.
Small businesses make up over 98% of businesses in Rhode Island, according to the US SBA. And while those with less than 50 full-time workers aren’t required to offer health insurance under the Affordable Care Act, many choose to in order to better attract and retain employees, build a healthier workforce and boost productivity.
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