June 1, 2020 (Indianapolis) – Nyhart, Indiana’s premier actuarial and employee benefits consulting firm, has released the results of its 11th annual Indiana Healthcare Benefit Survey. The 2020 survey reached 287 companies across the state and reflects data from approximately 530 benefit plans.
This study was conducted in partnership with First Person Benefit Advisors, Gregory & Appel Insurance, ONI Risk Partners, and MJ Insurance.
- The average cost for medical plans, based on reported premium rates, increased by approximately 3.2% from 2019 to 2020. On average, rates were higher for Southern region employers and the Healthcare industry.
- Employee contributions as a percentage of overall premium cost increased 0.1% for single coverage and 0.5% for family coverage since 2019. This is the first increase in three years of reported contributions as a percentage of premium.
- Survey results include detailed benchmarks of interest to self-insured plans including network discount, stop-loss reinsurance, and plan utilization information as well as the prevalence of captive-insurance arrangements and level funding.
While the executive summary of the survey is available for download to all businesses, the full 90-page report includes benchmarks by industry, geographic region, and employee count. Companies may purchase the survey or can commit to participate in the 2021 survey for a complimentary copy. Please email Megan Schomaker at email@example.com if interested in either obtaining the executive summary or purchasing the full survey.
“We would like to thank our survey partners and participating employers for once again making this a successful year,” said National Healthcare Director and Healthcare Actuary, Suraj Datta. “With the current pandemic ensuing and employers facing challenges from all angles, it is the hope of Nyhart and its survey partners that this information helps navigate these extremely difficult times. The combined efforts and flexibility of all partners and clients is critical to the success of achieving this goal. On behalf of the Nyhart team, it is our hope that everyone that this reaches is doing well and staying healthy.”
For more information, or to participate in next year’s survey, contact:
Megan Schomaker, Actuarial Analyst at 317-845-3681
Emily Clauss, ASA, MAAA, Actuarial Manager at 317-845-3548
Suraj Datta, ASA, MAAA, MBA, National Healthcare Director at 317-845-3594
Visit https://nyhart.com/healthcaresurvey for more information.
Nyhart is an award winning employee-benefit consulting, actuarial, and administration firm headquartered in Indianapolis, IN. Founded in 1943 by Howard E. Nyhart, the family business was purchased in 1979 by an ESOP company and was employee-owned for forty years. In December 2019, The Nyhart Company became part of FuturePlan by Ascensus based in Dresher, Pennsylvania. FuturePlan by Ascensus is the nation’s largest retirement third-party administrator, combining high-touch local service with the strength and security of an industry leader.
Nyhart’s satellite offices are located in Atlanta, Chicago, Denver, Houston, Kansas City, San Diego, and St. Louis to service our 2,000+ clients nationwide.