North Carolina businesses that want to know how their benefits plan design and premium costs match up to other area businesses can quell their curiosity with the N.C. Healthcare Benefits & Cost Survey. The survey, which is co-developed by CAI and HCW, shares local benchmark data from N.C. employers. Unlike most benchmark surveys that focus on national data, this annual survey offers N.C. employers specific information for managing employee benefits from their local peers.
Nearly 700 organizations from across the state provided data for the survey. More than half of the companies that participated are located in the Research Triangle Region and are small to mid-size employers with less than 1,000 employees nationwide. To capture a good picture of what benefits look like at N.C. companies, the survey includes data from 15 different industries. The top 5 industries represented include:
2) Durable Manufacturing
3) Healthcare and Social Assistance
4) Finance/Insurance/Real Estate/Rental/Leasing
5) Non-Durable Manufacturing
Survey participants gave plan data for their traditional plan with the highest enrollment or consumer driven health plan with the highest enrollment, or both if applicable. Approximately 72 percent of employers gave data for a traditional plan, 11 percent gave data for a consumer driven plan and 17 percent provided data for both types of plans. Data revealed that most employers have a fully insured plan, while 26 percent have self-funded plans.
Review the key insights for traditional and consumer driven plans below:
- 21 percent of employers with traditional plans offer a non-rollover Health Reimbursement Account (HRA)
- 80 percent of employers with traditional plans have a PPO plan ,16 percent have a POS plan and 2 percent have an HMO plan
- Average health plan premium for single coverage is $464.39 per month
- Average health plan premium for family coverage is $1,335.03 per month
- Employer contributes to 83 percent of single-coverage premium costs
- Employer contributes to 55 percent of family-coverage premium costs
Consumer Driven Health Plans (CDHP)
- 78 percent of employers with a CDHP offer a Health Reimbursement Account (HRA)
- 22 percent of employers with a CDHP have a rollover HRA
- Average health plan premium for single coverage is $401.03 per month
- Average health plan premium for family coverage is $1,145 per month
- Employer contributes to 82 percent of single-coverage premium costs
- Employer contributes to 57 percent of family-coverage premium costs
Please find more information on N.C. healthcare benefits and costs from the local survey here.