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What is the employee contribution for health care on average for a family plan?
I'm doing an analysis on moving and it seems that health care is one of the biggest factors.
Do most medium and large business expect the employee to kick in half?
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Do most medium and large business expect the employee to kick in half?
I work for a company with 1,500 employees. Prior to 2020 - Employer paid 75% and Employee paid 25%. Due to rising health costs, in 2020 we changed this to Employer paid 70% and Employee paid 30%.
Here is the deal - most medium to large size companies are self insured which means if you think you have UHC - they are just the plan administrator (TPA) on behalf of your Employer. The Employer is actually paying all the costs. So when there is a 70/30 split. This is based on the actuary estimate of net costs. If those costs are higher than forecast, you employer picks up the difference. If they are lower, your employer gets the savings.
What is the employee contribution for health care on average for a family plan?
I'm doing an analysis on moving and it seems that health care is one of the biggest factors.
Do most medium and large business expect the employee to kick in half?
No way to answer that as companies can cover 60% or they can cover 100%. Some offer subsidized family pans, others provide no subsidies to family plans. Some contribute extra to non-smokers or BM appropriate employees while others surcharge smokers or BM inappropriate people. Non collective bargaining employees may have different subsides in different states, work locations or even job titles. You also can't tell the true subsidy rate due to overcharge rebates which goes back to the company, not you who paid the overcharge. And, unless you are actively studying your annual benefit information, how do you even know if the company is being truthful or feeding you one heck of a line of moose droppings like they did before?
Here's an example. The company next to mine has about the same number of employees. They subsidize the employee plan at 70% and additional family at 60%. I provided 99% subsidy to employees but zero towards family. Across from us that company subsidizes at 75% for all. Even that is all misleading because I also subsidize the executive members fully at 99% employee and family.
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Yeh, there is no set amount, it depends on the employer. Mine is about 2,000 employees and they offer us a choice of 3 different plans. Mine costs me about $80/payday (every 2 weeks)
And the annual out-of-pocket maximum is $2,000 plus $400 for prescriptions. Vision is $3/paycheck, dental $5.
The biggest concern for us is Health insurance, as we used to pay it on our own (hubby is self employed) and it was a lot.
Now I'm carrying the insurance. Generous coverage for about $500 for a family with dental and vision included.
So I guess as long as we can find something decent between 400-700 range in contributions it would be ok.
I have heard horror stories of folks shelling out like $1700 a month for their employee contributions. that's crazy.
The average annual premium on a fully funded employer provided health insurance plan is about $8,000 a year per employee. That means the maximum an employee should be paying for their individual health insurance would be only $700 a month if they paid all the premiums and the employer paid nothing. However, it's the family plan that causes the huge jump from an average of $8,000 a year to over $20,000 a year. Since many employers subsidize at a fairly uniformed rate, that means a disproportionate higher funding is being paid to cover employees' family. This is why employers are getting aggressive in kicking off those who have other available insurance through their own employer.
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