A question was recently posted on the Construction Financial Management Association (CFMA) message board requesting input as to the amount of health insurance coverage that other employers pay on behalf of their employees.
Given the impact that health insurance costs have on every employer, the question generated a significant amount of responses. While the responses were concentrated in the construction industry, the amount of employer coverage varied somewhat significantly; so I was curious as to the average amount of health insurance coverage that’s funded by the employer in the construction industry, as well as other industries.
Based upon information provided by a premier national health management firm, the following table may assist you in benchmarking the amount of health insurance coverage that your company provides. Due to restrictions on the length of this article, and to simplify the analysis, the following chart only provides the 2017 averages for Preferred Provider Organization (PPO) plans.
If you would like to discuss the impact of health insurance costs on your construction company, do not hesitate to contact a member of the Schneider Downs Construction Industry Group. For more construction industry articles, please visit the Our Thoughts On...blog.