Health insurance benefits questions

Falxy-US

Ahn'Qiraj Raider
3,866
5,785
Question:

If you get health insurance through your employer, how much of the premium do they pay versus what you pay? Family or single?
 

whoo

<Silver Donator>
542
1,581
69d 9h 40m
That's totally up to the employer and can range from zero to 100%.

It's typical for a large company employer to pay 50 - 70 % of the total premium. These days the average PPO or POS plan is about $1400/mo for employee only and $2k/mo family. You'll end up paying $300 to $1000 of that.

No easy answer, and healthcare costs have gone WAY up in the last 8-10 years.
 

Falxy-US

Ahn'Qiraj Raider
3,866
5,785
That's totally up to the employer and can range from zero to 100%.

It's typical for a large company employer to pay 50 - 70 % of the total premium. These days the average PPO or POS plan is about $1400/mo for employee only and $2k/mo family. You'll end up paying $300 to $1000 of that.

No easy answer, and healthcare costs have gone WAY up in the last 8-10 years.

Thank you, I was wondering how that works. I mean if someone makes $3500/month, and the employer is being asked to pay $500-$1000, that's a significant portion of their salary they want extra. Yikes.
 

whoo

<Silver Donator>
542
1,581
69d 9h 40m
Yes it's a giant expense for employers and one that many employees take for granted. In my business, the loaded cost average per employee is 1.47. This means for every 100,000 in gross pay, there's another 47,000 of cost in benefits, taxes, etc. to keep that person employed.

It's very difficult for very small businesses (<20 ppl) to offer these kinds of things due to economy of scale.
 

Borzak

Karazhan Raider
20,501
23,655
178d 10h 34m
Be self employed for a while. Not only health insurance you pay the other approx 7.5% for social security and medicare your employer picks up. It's more than 1.5 in the industry I work in but mostly because 3/4 of the company is working in the shop and not in an office and such.
 

Unidin

Golden Knight of the Realm
589
181
17d 5h 8m
Thanks Obama

This issue way predates Obama. Health Insurance: Premiums and Increases
1605989589832.png
 
  • 1Like
Reactions: Poster

Falxy-US

Ahn'Qiraj Raider
3,866
5,785
Well let me rephrase this question... what would be enticing for you, as an employee?

I've been reading about QSEHRA, and basically it's like if you work for me, I give you $500 pre-tax money to buy whatever insurance you want. And like the way it can be setup is like I would pay 90% of a good single person plan. Let's say that comes out to $500, then I would give you $500 "pre-tax" every month for that, and you buy the plan you want. The employee covers the extra amount for however many extra dependents are on their plan.

At some point, it's insane to think that just because I want to hire you for a $15/hour job, that I have to pay insurance for your husband and 4 kids.
 

yamikazo

Trakanon Raider
1,349
537
34d 11h 51m
Well let me rephrase this question... what would be enticing for you, as an employee?

I've been reading about QSEHRA, and basically it's like if you work for me, I give you $500 pre-tax money to buy whatever insurance you want. And like the way it can be setup is like I would pay 90% of a good single person plan. Let's say that comes out to $500, then I would give you $500 "pre-tax" every month for that, and you buy the plan you want. The employee covers the extra amount for however many extra dependents are on their plan.

At some point, it's insane to think that just because I want to hire you for a $15/hour job, that I have to pay insurance for your husband and 4 kids.

What is the market value benefits package for $15/hour full time workers in your field in your area?

It's completely possible you pay your minimum wage workers more in benefits than in wages. Such is the cost of doing business.
 

Falxy-US

Ahn'Qiraj Raider
3,866
5,785
What is the market value benefits package for $15/hour full time workers in your field in your area?

It's completely possible you pay your minimum wage workers more in benefits than in wages. Such is the cost of doing business.

I don't know how to answer that question. What do you mean?
 

yamikazo

Trakanon Raider
1,349
537
34d 11h 51m
$15/hour worker is making $30,000 per year salary.

If you're only offering $6,000 per year benefits package, that may not be competitive.

What do your competitors offer for those same employees?
 

moonarchia

The Scientific Shitlord
13,486
23,080
73d 16h 51m
My current and previous employer pay 90% of the premium for health/dental/vision, so I end up paying $130ish per month with max out of pocket annually $3k. Definitely a worthwhile benefit, and not one I would be willing to lose changing jobs etc.
 
  • 1Solidarity
Reactions: yamikazo

Falxy-US

Ahn'Qiraj Raider
3,866
5,785
My current and previous employer pay 90% of the premium for health/dental/vision, so I end up paying $130ish per month with max out of pocket annually $3k. Definitely a worthwhile benefit, and not one I would be willing to lose changing jobs etc.

Is that a family plan or single person plan?
 

alavaz

Molten Core Raider
1,881
648
17d 7h 58m
Feeling like you are personally covering someone's family is the wrong way to look at it. It's just money, what's competitive in your industry?

small business unfortunately can't compete as well with health insurance because they don't get the big bulk discounts. Id just check out the Obama Care exchange in your state and see what a plan for a family of four costs and plan on contributing some percentage of that as a benefit.
 
  • 1Solidarity
Reactions: yamikazo

Denamian

Night Janitor For Life
<Nazi Janitors>
4,610
8,313
145d 1h 47m
small business unfortunately can't compete as well with health insurance because they don't get the big bulk discounts.

The company I work for is pretty damn small, but we manage to get a good plan by working with one of our clients and getting the same plan they have for their employees.
 

Borzak

Karazhan Raider
20,501
23,655
178d 10h 34m
It's nowhere 90% in my industry. Average age is high and drives up the insurance cost. I'm 49 and I'm almost always the youngest person in the office. The shop is not far behind. Last place I worked before I got sick average retention was over 20 years.
 
  • 1Like
Reactions: Pilforgod