A Look at Which States Have the Most Group Health Plan Enrollees

 

A Look at Which States Have the Most Group Health Plan Enrollees

A Look at Which States Have the Most Group Health Plan Enrollees

When it comes to offering group health insurance to their employees, one issue that small business owners may have is how many Americans are qualified. Employees at small businesses may wonder if it's typical for a tiny business to offer such insurance.

Believe it or not, Group health insurance is rather common, with around 157,000,000 million individuals (49 percent) receiving it. According to the Kaiser Family Foundation (KFF), the Northeast and Midwest have a higher percentage of employees paying for group health insurance coverage (also known as employer-sponsored health insurance).

Which states have the highest number of people enrolled in group health insurance?

The following states are among the top five in terms of the number of persons who have group health insurance through their workplace:

  • California – 47%
  • Texas – 48%
  • New York – 49%
  • Florida – 40%
  • Illinois – 53%

Nearly half or more of the inhabitants in several of the most economically prosperous and largest states have group health insurance.

Which states have the most residents? (Percentage-Wise) The following states have a higher percentage of persons who use a group health insurance plan.
  • Utah – 60%
  • North Dakota – 58%
  • Wisconsin, New Hampshire and Minnesota – 57%
  • Nebraska, New Jersey and Maryland – 56%
  • Kansas, Massachusetts and Iowa – 55%
This means that more than half of the people in the states are covered by some form of group health insurance.

Why Would a Small Business Offer Group Health Insurance?

While small firms with fewer than 50 full-time employees are not required to provide health insurance coverage, considering the trends and market in your state and neighboring states, you may choose to do so for a variety of reasons.
  • The number of people who use a group health insurance plan is something that small firms should consider.
  • If a large number of similar businesses do, small businesses may desire to offer group health insurance.
  • Prospective employees hunt for organizations that provide group health insurance, so it can help you stand out if you do.
  • If just a few firms in your area provide group health insurance, you can set yourself apart by providing it to prospective employees and ensuring that they stay with your company. People are usually on the lookout for jobs with perks like 401(k) plans and health insurance. Employees are more inclined to stay if there is no reason to leave because of the benefits.

Other Reasons To Offer A Health Insurance Policy To Your Employees

  • Tax incentives - Small firms that provide health insurance can deduct the premiums they pay on their federal taxes, potentially resulting in a tax credit.
  • Increased Productivity - Employees with health insurance are far more likely to seek medical attention when they become ill. There will be fewer sick days and call-ins as a result of this. It permits them to concentrate on the work they were paid to accomplish rather than the need to feel well as a result of their illness.
  • Satisfaction — Employees are more satisfied with their jobs when they believe their boss has gone to great measures to protect their safety. One method to show your employees that you care about them is to provide health insurance. This motivates them to work even more in order to assure your success.
  • Employee Benefit Before Taxes – When you provide health insurance to your employees, after taxes are deducted, you can give them more money. This is due to the fact that the premium is deducted before any taxes are deducted.
  • Employees generally discover that their insurance coverage via their employer is more affordable, and they are considerably more likely to sign up with your coverage than with an outside business.
These are just a few items to think about when determining whether or not your company can afford to provide group health insurance. Because every business and state is different, assess the benefits and drawbacks before determining whether or not to offer it.