One of the largest challenges companies face when choosing an employee benefits package — other than the astronomical cost– is deciding how much of that cost the company should bear.
The Kaiser Family Foundation Health Benefits Survey 2018 shows employees pay 17% towards employee-only coverage versus 28% for family medical coverage. The cost for the company is $5,711 for employee-only coverage versus $14,069 for family coverage.
When creating your company’s strategy, give careful thought to these questions:
There are several modeling approaches to benefits cost splitting:
Choosing the right employee benefits strategy is a complex process that requires time and a lot of patience. If you want to do it right, choosing the right advisor can make all the difference. Picking someone who asks the right questions and listens to the answers–can save your company money and, just as importantly, improve employee satisfaction, productivity, and retention.
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