About The Benefits Benchmark Report
Welcome to the first annual PlanSource Benefits Benchmark Report. I’m Nancy Sansom, Chief Commercial Officer here at PlanSource, and I am delighted to introduce our Benefits Benchmark report. In this detailed analysis, we’ll showcase this year’s top trends for employee benefits enrollment, benefit types offered, contribution amounts and more. We look forward to sharing our data with you. Please enjoy this free report, and feel free to contact us directly if you have any questions about the findings or about our platform.
Expanding Benefit Options and Plans
Medical plans and dental plans and vision plans—oh my! These core benefit plans are offered by most employers. But just how many options does the average employer offer?
Average number of total benefits offered by PlanSource customers
Average number of medical plans offered by PlanSource customers
The number of medical plans and total benefits offered varied greatly by group size, with the number of plans and benefits increasing with organization size.
Cost of Providing Medical Insurance
It’s no secret that the cost of health care is on the rise—we hear about it regularly in the news and see it on our paychecks. But just how much did the cost of health care increase in 2018?
Unfortunately for many, our data indicates alignment with the general consensus that health care costs are on the rise. We saw increases in employee and employer contributions for just about every plan type offered in 2018, and employers continue to carry most of the cost burden.
The average cost of single coverage in 2018
The average cost of family coverage in 2018
HDHP and HSA Trends
Peanut butter and jelly. Peas and carrots. HDHPs and HSAs? Our 2018 data indicates a slight increase in the percentage of employers that offer an HDHP and that most employers with a high deductible plan option also offer an HSA.
PlanSource customers that offer an HDHP
PlanSource HDHP customers that also offer an HSA
Open Enrollment Insight
Wouldn’t it be great if employees did their homework and logged in to enroll in their benefits in a timely manner?
Spoiler alert: they don’t. Over 40% of employees wait until the last minute to enroll!
Benefits Benchmark Webinar
Benefits are incredibly complex. And in an industry crowded with so many different stakeholders and many differing opinions, it can be difficult for employers to clarify the best benefits strategy for their organization. One of the best tools to make sense of it all is cold, hard data. Data is powerful. When you know what the average employer’s benefits program looks like and how much they’re paying, you can make a real comparison of how your organization measures up and have something to base your strategy on.
Chief Commercial Officer