As businesses navigate the ever-evolving landscape of employee benefits, plan benchmarking has become more and more important. A valuable tool we use when advising our customers on benefit plan decisions is a comparison of what similar businesses are offering their employees. With the labor market becoming more and more competitive in the past few years, this information has been critical as our customers look at all ways to recruit and retain the best employees. The employee benefits being offered continue to be a key differentiator in the job market.
Compare Your Benefits Using the Benchmarking Trends Report
The 2024 UBA Employee Benefits Benchmarking Trends Report, compiled by United Benefit Advisors (UBA), offers a comprehensive analysis of current trends and strategic shifts in employee benefits across the country. Acadia Benefits is the only broker in Maine that has access to this data, which we use with our customers to discuss:
- Are your health care premiums above or below the norm?
- Are the levels of required employee contributions in line with competitors?
- Are plan co-pays, deductibles, coinsurance, and out-of-pocket maximums in line with averages for geography, industry, and size of the company?
- How do your annual premium increases compare with other businesses in the same area?
- How do your prescription drug benefits compare?
- Are cost-containment strategies in step with other companies in the same industry?
These conversations are vitally important and having the comparison data from companies of similar size, industry, and location allows us to have a baseline of what competitive benefits look like for each customer. Learn more about the 2024 trends and how we advise our customers using this data, in this overview video.
Maine Specific Data Now Available
The 2024 Maine State Trends Report provides important trend data and information for local businesses including:
A breakdown of plan type in Maine compared to national statistics:
- PPO Plans: 33.0% in Maine vs. 50.2% nationally
- HDHPs: 38.0% in Maine vs. 27.7% nationally
- HMO/EPO Plans: 18.5% in Maine vs. 17.1% nationally
- POS Plans: 10.5% in Maine vs. 4.9% nationally
A snapshot of the average total cost per employee per year in Maine vs. nationally:
- PPO Plans: $15,754 in Maine vs. $13,205 nationally
- HMO/EPO Plans: $14,553 in Maine vs. $12,765 nationally
- HDHPs: $11,677 in Maine vs. $11,805 nationally
Download the 2024 Maine State Trends Report for more detailed information about how area employers are meeting the evolving needs of our workforce.
How Acadia Benefits Can Help
Our team’s benchmarking tools offer vital insights for employers looking to make informed decisions about their employee benefits plans. By understanding these benchmarks, we can strategically manage plan renewals and develop competitive benefits packages that attract and retain top talent.
Are you looking to elevate your employee benefits offerings? Partnering with Acadia Benefits can provide the local and national expertise needed to navigate this complex landscape. Our team is happy to share a custom benchmarking study for your business and discuss trends we are seeing throughout Maine and Northern New England. Please email me directly and we can start this process together.
Scott McKee
207.822.4382
SMcKee@acadiabenefits.com
Top