The New Jersey Business and Industry Association has published their 2012 Employee Benefits Report. This is a great tool for large businesses (over 50 employees) to compare their current benefits portfolio with other large businesses in New Jersey.
Although the businesses that were sampled in this report are all domiciled in New Jersey, it is still a great way for out of state (e.g. New York) employers to assess their current employee benefits package offerings. Here are some of the report highlights:
-Employers pay about 70% of the employee cost and two-thirds of the cost of family coverage
-The percentage of companies offering FSAs, HRAs or HSAs has increased from 5.8% in 2007 to 15.6% in 2011
-About 50% of employers have either increased employee contributions or reduced benefits
-About 90% of employers have a three tiered RX co-pay plan
-The average HRA plan reimburses approximately $2,000 (single) and $3,300 (family)
-42% of employers offer a FSA
-31% of employers changed health insurers in the last two years
A link to the full report can be found here:
New Jersey Business & Industry Association – Employee Benefits Report
For more information about alternative benefits strategies for your organization, contact a New York health insurance broker.