Introduction to New Hampshire Health Plan Benchmarking
The “2023 New Hampshire Design and Cost State Report,” compiled by United Benefit Advisors in association with 1706 Advisors, offers an extensive review of health plan benchmarks across various sectors in New Hampshire. This analysis is pivotal for businesses to understand health plan costs and design trends within the state.
Benchmark Insights by Group Size
Small vs. Large Employers
In New Hampshire, the choice of health plans varies significantly between small and large employers. Small businesses (1-100 employees) predominantly opt for HMO/EPO plans, reflecting a preference for managed care structures. Conversely, large employers (101+ employees) favor High Deductible Health Plans (HDHPs), indicating a shift towards consumer-directed health plans. The report details that large employers are more likely to contribute a higher percentage of premiums for HMO/EPO plans compared to their smaller counterparts.
Industry-specific Health Plan Preferences
Top Industries in New Hampshire
The report identifies three main industries in New Hampshire: Wholesale/Retail, Construction/Agriculture/Mining/Transportation, and Health Care/Social Assistance. It highlights that while the Health Care/Social Assistance sector generally pays a higher percentage of single and family health plan premiums, the Construction/Agriculture/Mining/Transportation sector contributes the least towards premiums. This segmentation allows businesses to benchmark their health plan offerings against industry standards.
Deductibles and Out-of-Pocket Costs
The study also breaks down the median single in-network deductibles and out-of-pocket maximums, showing that large groups enjoy lower HDHP deductibles and out-of-pocket maximums compared to smaller groups across all health plans. This section provides critical data for employers considering plan adjustments based on deductible and out-of-pocket structures.
Conclusion and Next Steps
For New Hampshire businesses, aligning health plan offerings with industry and size-based benchmarks is essential for maintaining competitiveness and attractiveness as an employer. The “2023 New Hampshire Design and Cost State Report” serves as a comprehensive resource for making informed decisions about employee benefits.