Choice Stories

November 18, 2019

The Most Common Employee Benefits

The unemployment rate is the lowest it's been in 50 years. Offering competitive compensation and employee benefits packages is key to recruiting and retaining top talent. Knowing what benefits other companies offer their employees is important when defining your budget and the benefits options for your business.

Health Benefits

Health insurance is among the most-popular employee benefits offered today. The Bureau of Labor Statistics at the U.S. Department of Labor said in September 2019 that the national access rate to medical care benefits for full-time workers was 87 percent and the take-up rate was 74 percent.

The 2019 Kaiser Family Foundation (KFF) Employer Health Benefits Survey also found 82 percent of workers with a medical plan have a deductible – similar to a 2018 survey and up from 63 percent a decade ago. More than one-quarter (28%) of workers – including nearly half (45%) of those at firms with fewer than 200 workers – are in plans with a deductible of at least $2,000, up nearly four times the number from 10 years ago.

According to the Employee Benefits 2019 study by the Society of Human Resource Management (SHRM), 70 percent of organizations maintained health care benefits at existing levels in 2019, while 20 percent increased them and three percent decreased them. Eighty-five percent of organizations offered a Preferred Provider Organization (PPO) health insurance plan. High Deductible Health Plans (HDHPs) paired with a Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA) were offered by 59 percent of organizations taking part in the SHRM study.

Dental and Vision Insurance

KFF’s 2019 survey found 60 percent of firms (including 92 percent of large firms) offer separate dental coverage, while 46 percent (including 83 percent of large firms) offer separate vision insurance. Employers sometimes contribute to the cost of this coverage, but it is often voluntary – with employees paying the full cost of insurance.

Other Coverage

SHRM found the vast majority (83%) of employers taking part in their 2019 study offer Accidental Death & Dismemberment (AD&D) insurance, 71 percent offer long-term disability, 61 percent offer short-term disability (STD), and 27 percent offer accident insurance. Accident insurance was down by nearly half from 2015, when 51 percent of employers offered coverage.

Benefits Bundle Options

With a multi-carrier, private exchange like CaliforniaChoice, your employees can choose from eight different health plans for the medical coverage that best meets their unique needs. One employee might choose a PPO or Exclusive Provider Organization (EPO) plan from Anthem Blue Cross because of a particular doctor or hospital in their network. Another employee who rarely visits the doctor might choose an HMO from Kaiser Permanente. A third employee might choose an HSA-compatible plan from UnitedHealthcare because of cost and tax considerations. An added plus, all of these different health plans -- and others -- available through CaliforniaChoice are billed together, and you have just one monthly bill for all of your employees' coverage.

In addition, CaliforniaChoice offers you and your employees access to value-added extras through the Member Value Suite at no cost. That includes discount dental services, savings on vision care, employee discounts on entertainment (like movies, theme parks, sporting events, travel, and more), hearing services savings, and a prescription drug card that can reduce your cost to less than your Rx co-pay with insurance.

You can learn more from your employee benefits agent. If you don’t have an agent, you can find one here.

Your Beginner's Guide to Choosing a Small Business Employee Benefits Program

Do you need help choosing the right health benefits for your employees?
This guide can help!