Many employers benchmark their health plans against other employers with the same carrier or using nationally available data. But the benchmarking best practice is to compare your plan with others based on plan type, region, employee size, and industry. Without this more granular data, you could be missing key data on exactly how your plan stacks up against your competitors’ plans—and opportunities to more effectively negotiate rates and communicate the value of your benefits to your employees.
Consider a design firm in Georgia that offers a consumer-driven health plan (CDHP). Their premium cost for single coverage is $409 per month.