If you’re thinking about offering group health insurance to your employees, you probably want to know how much it will cost. The Kaiser Family Foundation did a study about group health insurance costs in 2017. Here’s what they found.
The Kaiser Family Foundation found that annual group health insurance premiums for business with less than 200 employees were $6,486 for single coverage and $17,615 for family coverage.
Group health insurance premiums also vary by plan type.
Health Maintenance Organization (HMO): Single Coverage – $6,700; Family Coverage – $17,282
Preferred Provider Organization (PPO): Single Coverage – $6,590; Family Coverage – $18,137
Point of Service (POS): Single Coverage – $6,136; Family Coverage – $17,561
High-Deductible Health Plan (HDHP): Single Coverage – $6,215; Family Coverage – $16,809
Group health insurance premiums are also different by region. They tend to be more expensive in the Northeast and less expensive in the south.
Northeast: Single Coverage – $7,001; Family Coverage – $20,092
Midwest: Single Coverage – $6,792; Family Coverage – $19,101
South: Single Coverage – $6,372; Family Coverage – $18,038
West: Single Coverage – $6,861; Family Coverage – $18,536
On average, employers that provide group health insurance coverage pay about $521 per employee per month for single coverage and about $1,462 per employee with family coverage. Most small businesses have their employees contribute to the monthly cost, instead of paying all of it themselves. It’s pretty typical for employees to pay half of the premium per month.
At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting group health insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an insurance quote to get started.