Kansas City, Kan. – Sixty-eight percent of companies in Florida had a health insurance premium increase, according to the Compensation Data 2007 – Florida annual survey of 271 employers. When compared to 2006, this number has decreased from 73.3 percent. The newly released results reported the average premium increase was 11 percent for all plan types.
Health insurance premiums have continued to increase over the last three years. In 2006, the average premium increase was 10.7 percent and then, 11.6 percent the previous year in Florida. When comparing plans in 2007, 67.3 percent of organizations offering PPO plans saw an average increase of 10.6 percent, while HMO and POS plans had average premium increases of 11.4 and 10 percent respectively.
To contain rising costs, Florida organizations utilized a variety of methods. The most highly used were wellness programs at 61.4 percent in 2007, while coordination of benefits was employed by 57.1 percent. Use of a network of healthcare professionals was prevalent, as 56.8 percent of organizations used it to contain costs.
The results showed 34 percent of Florida companies increased the employee portion of the premium in their efforts to reduce costs. This is 5.5 percent lower than it was in 2006. Currently, 24.7 and 15.4 percent of organizations increased deductible levels and employee co-insurance levels respectively. On average, employers contribute 8.9 percent of payroll toward the cost of health benefits, which is nearly the same cost to provide all of the following benefits: dental, pension, life, disability and other non-mandated benefits.
"Health insurance continues to be a concern for both employers and employees across the United States," said Amy Kaminski, manager of marketing programs for Compdata Surveys. "And as the presidential election approaches, candidates’ health care plans will remain a primary focus of debate. However, most companies are concerned with how to contain costs now, and in response, some states are exploring legislative measures."
About the Survey
Compensation Data 2007 – Florida contains data on 509 job titles ranging from entry-level to top executives. Information was collected on more than 353,000 employees across the state. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2007.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Lyons Odle at (800) 300-9570 or lodle[at]compdatasurveys.com.
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