The Kentucky 2023 Size and Industry State Report, a partnership project with United Benefit Advisors (UBA), is an indispensable resource for employers across Kentucky. The report compiles and analyzes responses from 164 employers, who collectively cover nearly 19,000 employees, providing a thorough overview of health plan trends within the state’s varied industrial landscape.
Industry-Wide Health Plan Analysis
The report offers detailed insights into the types of health plans prevalent among different employer sizes and industries within Kentucky. It examines the preferences for PPO, HDHP, POS, and HMO/EPO plans and delineates the implications of these preferences on the overall cost and coverage structure of health plans. This section aids employers in understanding the health plan landscape and identifying trends that could influence their benefits strategy.
Small Business vs. Large Corporation Preferences
There is a noticeable preference for PPO plans among smaller groups, while larger employers tend to favor HDHPs. This section explores the strategic shift towards consumer-directed healthcare, which is becoming more pronounced among larger businesses. This move reflects broader national trends in healthcare, positioning Kentucky’s businesses at the forefront of healthcare management innovation.
Premium Contributions and Deductibles
A core component of the report is the analysis of premium contributions and median deductibles. Employers can compare their contributions to the state’s median and evaluate their competitive edge in the employment market. The data showcases large Kentucky employers’ commitment to supporting their workforce’s healthcare needs, emphasizing the link between generous health benefits and employee retention.
Impact on Recruitment and Retention
The survey’s findings on premium settings demonstrate that larger businesses typically absorb a higher percentage of family plan premiums. This highlights a strategic focus on family healthcare, potentially affecting both talent acquisition and employee loyalty. Employers can use this information to align their benefits offerings with the needs and preferences of current and prospective employees.
The Kentucky 2023 Size and Industry State Report provides actionable data that is critical for businesses to strategize their health benefits offerings effectively. This comprehensive analysis serves as a guidepost for Kentucky employers in their pursuit of excellence in employee satisfaction and fiscal responsibility. With this report, employers are well-equipped to make informed decisions that will resonate positively with their workforce and echo through their industry.