2024 Indiana Employee Benefits Benchmark
2024 INDIANA EMPLOYEE BENEFITS BENCHMARK Compare your plan designs, costs, and trends to other Indiana employers
About This Benchmark United Benefit Advisors® (UBA) has years of experience surveying thousands of employers nationwide regarding their group health plan offerings. Since 2005, UBA Partner Firms have studied plan design and cost trends among employers on a state, regional, 315 and national basis. Data in the 2024 UBA Employee Benefits Hoosier Employers Benchmarking Trends and State Reports are based on responses from 7,800 employers representing approximately one million employees nationwide—and more than $13.2 billion in healthcare 80,000 dollars spent. In Indiana, the survey includes employee benefits Hoosier Employees plans offered by 315 employers covering more than 80,000 employees to provide valuable benchmark data.
3.0% Plan Type 6.9% Which Health Plans Do Hoosiers Pick? 55.3% 34.8% Approximately 55.3% of plans in Indiana are High Deductible Health Plans (HDHPs), while about 34.8% of health plans in Indiana are Preferred Provider Organization (PPO) plans, ranking them second in prevalence. In Indiana, 74% of employees enroll in HDHPs and 22.4% of employees enroll in a PPO plan. PPO HDHP HMO/EPO POS
Plan Type PPO ($14,352) Annual Plan Cost Per Employee HDHP ($12,944) Health plans in Indiana are more expensive than national and regional averages. POS ($12,920) PPO plans cost $14,352 per employee annually, while HDHPs cost $12,944 per employee annually on average in Indiana. HMO/EPO ($12,105)
Plan Single Family 75% 64% Plan Type PPO 36% Splitting Premium 24% Contributions 71% 83% HDHP Indiana businesses offering HDHPs pick up 83% of 29% premiums for singles and 71% of family 17% premiums, compared to the national 82/63 single/family employer contributions for these 59% 75% plans. 41% HMO Groups offering PPO plans pay 76% of single and 25% 64% of family premiums, compared to the national 76/53 single/family employer contributions. Employee Cost Employer Cost
Plan Deductible OOP Max $5,000 Plan Type PPO $2,000 Deductibles & Out- of-Pocket Costs $5,000 $3,300 HDHP The median in-network deductible for singles on HDHPs in Indiana is $3,300, compared to $3,475 nationally and $3,000 in the North Central U.S. Indiana’s median in-network PPO plan deductible $5,750 for singles is $2,000, compared to $2,000 nationally and $1,500 regionally for these plans. HMO $2,000
Pharmacy (Rx) Copayments Generic Drugs Formulary Drugs $10 $35 Plan Type Average PPO Plan Non-Formulary Specialty Drugs Copayments $75 $250 Did you know? In Indiana, 74% of employees enroll in HDHPs, while only 22.4% of employees choose Physician Care Copayments PPO plans. Primary Care Specialty Care $25 $50
Size PPO HDHP HMO/EPO Group Size 48.9% Small Which Health Plans 30.6% 1-50 Employees Do Hoosiers Pick? 13.4% In Indiana, while all groups prefer HDHPs, the larger 52.2% 43.1% Mid-Size the group, the more prevalent these plans are. 51-500 Employees Small businesses in the state have considerable 3.3% interest in HMO/EPO plans. 69.7% Large 500+ Employees 26.9% 3.4%
Size Single Family 77% 63% Group Size Small 37% 1-50 Employees How Are PPO 23% Premiums Split? 76% 63% Mid-Size Groups offering PPO plans pay 76% of single and 37% 51-500 Employees 64% of family premiums, compared to the national 24% 76/53 single/family employer contributions. 71% 66% Large 500+ Employees 34% 29% Employee Cost Employer Cost
Size Single Family 80% Group Size 59% Small 41% 1-50 Employees How Are HDHP 20% Premiums Split? 83% 67% Mid-Size Indiana businesses offering HDHPs typically pick up 51-500 Employees 33% 83% of premiums for singles and 71% of family 17% premiums, compared to the national 82/63 single/family employer contributions for these 84% 78% plans. Large 500+ Employees The bigger the company in Indiana, the greater the 22% 16% percentage employers contribute toward monthly HDHP premiums for singles and families. Employee Cost Employer Cost
Size PPO HDHP $6,000 $5,000 Group Size $4,000 Small 1-50 Employees $2,500 Deductibles & Out- of-Pocket Costs $5,000 $5,000 Mid-Size Small businesses in Indiana have the highest $3,000 51-500 Employees HDHP deductibles. Large groups in the state $1,525 have the lowest PPO plan deductibles and out-of-pocket maximums compared to their smaller counterparts. $5,000 $4,500 Large $3,000 500+ Employees $1,125 Deductible Max OOP Cost
Why Our Clients Partner With LHD Royal United Mortgage DePauw University Audiochuck Noblesville Schools
Your Data + Our Benchmark = A Leg Up On Competitors As a partner firm of the United Benefit Advisors® (UBA), LHD Benefit Advisors has access to the Milliman Benefits benchmarking database -- a tool used to provide organizations an even more customized benefits benchmark. Contact us to set up a meeting to create a custom benchmark report using your organization's plan data. CONTACT US
