Health insurance benefits questions

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Aychamo BanBan

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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

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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.
 
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Aychamo BanBan

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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

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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

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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

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Thanks Obama

This issue way predates Obama. Health Insurance: Premiums and Increases
1605989589832.png
 
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Aychamo BanBan

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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

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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.
 

Aychamo BanBan

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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

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$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

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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.
 
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Aychamo BanBan

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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

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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.
 
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Denamian

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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

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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.
 
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