Health insurance is one of the most difficult components of a compensation package for practices to deal with due to the complexity of the offerings, the cost, and the regulatory environment surrounding it. This month’s Insiders’ Insights survey dives into various aspects of this benefit.
Eighty-six percent of respondents stated that their practice offers health insurance as part of their employment benefits plan. Sixty-four percent of the respondents said they offer health insurance because they care about their employee’s well-being, and 32% said they offer it to remain competitive. Fifty-one percent of respondents said they don’t provide health insurance because it is too expensive.
When asked Which employees are allowed to participate in your formal health insurance plan?, 82% stated full-time employees only.
Participation by full-time employers varies from practice-to-practice, with 15% of the respondents stating that 71-80% of their full-time employees participate in their plans. The vast majority, 85%, indicated that only 1-5% of part-time employees participated.
Most practices saw a cost increase at their last renewal, with 33% realizing a 5-10% increase and 29% seeing a 1-4% increase.
Most of the practices pay 50% or 75% of the premium for full-time employees. Eighty percent of the respondents said their practice pays 0% of the premium for part-time employees. Very few practices pay for family coverage.
When asked, Does your practice offer a health care insurance stipend to any employees as part of your employment benefits? Only 12% indicated that their practice does. Respondents indicated they are most commonly offered to DVMs, full-time employees, employees who get their insurance elsewhere, and the management team. Sixty-four percent of the respondents indicated that their stipend is $0-$200 monthly, and 30% offer $201-$400 monthly.
Most practices, 71%, do not offer a Health Savings Account (HAS) as part of their benefits package. But 40% do offer an Employee Assistance Program (EAP).
Review the full report, VHMA August 2020 Insiders’ Insight Report.
#PracticePulse#InsidersInsights-KPI