The results are in for ASE’s 2018 Healthcare Insurance Benefits Survey. A total of 215 organizations participated in the latest study, which examines the premiums, deductibles, and co-pays for employer-sponsored health plans across Michigan. Highlights from the survey are listed below:
- Among non-unionized organizations, the most utilized plan type continues to be the Preferred Provider Organization Plans (PPO) with 88% of companies offering this option. This is up 4% from last year, but down slightly from 2016 (90%).
- An average annual premium increase of 4.4% for the 2018 plan year marked the lowest rate hike since 2015 when premiums rose just 3%. This increase also came in under the projected climb of 5% reported in the 2017 edition.
- The three-tiered price structure (generic, preferred brand, non-preferred brand) for prescription drug plans remains as the most popular among traditional PPOs with 59% of non-unionized organizations reporting this structure. Four-tiered price structures followed as the second most prevalent among Michigan employers.
- Median annual contributions to Health Savings Accounts (HSA) remained unchanged from the last two years with an employee only contribution totaling $500 and an employee + family contribution totaling $1,000 in non-unionized organizations.
Cost containment strategies were also addressed in the annual survey. Here are the highlights:
- The number one strategy that employers are planning on implementing in 2018 is increasing employee education regarding health plan features and costs. This was followed closely by plans to implement/expand wellness programs, which top the list of strategies that companies are considering, but have yet to set a timeline for.
- Three out of four organizations have no plans to limit a patient’s choice of physicians as a means of cost savings, which is in line with what has been reported in previous years. Eliminating spousal coverage is also unlikely to be a cost saving measure for many companies.
A variety of industries have been represented in the survey, with durable goods, manufacturing (40%) leading the pack. Trades and services (29%) were the second-largest industry representation. Organizations with 50 to 499 employees nationally made up 53% of the survey sample, while organizations with more than 500 employees comprised 34% of the sample.
To obtain a copy of ASE’s 2018 Healthcare Insurance Benefits Survey, contact ASE’s Survey Team at email@example.com or 248.223.8051. This survey is available free of charge to participating ASE members and is available for $1,350 for non-members.